In response to growing demand for speedy and secure processing of payment in Nigeria, Tingo Mobile, a Nigerian fintech company, has launched Tingo ePOS.
The innovative electronic point-of-sale system, a cardless or contactless point-of-sale system will revolutionise financial transactions in the country.
The Tingo Mobile Plc's CEO, Auwal Muade, said that the creative solution aligns with the company’s mission to give businesses the tools they need to prosper in the digital era.
He explained how the Mobile ePOS technology will enable businesses across the country expand and succeed, making transactions easier, and redefine human connection.
“At Tingo Mobile, our commitment goes beyond transactions; we are on a mission to redefine the very fabric of how people connect, interact, and transact with a simple tap."
Addressing security concerns that come with the ePOS, the company assured that security will continue to be a top priority and a pillar of its product offerings.
Understanding ePOS
ePOS, which stands for Electronic Point of Sale, is a system where electronic devices, such as mobile phone or computer, are used to conduct sales and payment transactions. It typically involves hardware like barcode scanners, receipt printers, and card readers, along with software that manages inventory, sales, and customer data. ePOS systems are employed to streamline mobile payments, sales process, enhance efficiency, and provide real-time data for better business management.
Advantages of ePOS
Efficiency
ePOS systems streamline the checkout process, reducing transaction times and increasing overall operational efficiency.
Accuracy
Automated calculations and inventory tracking minimize human errors, ensuring accurate financial records and inventory management.
Real-time Reporting
ePOS provides real-time access to sales data, allowing businesses to make informed decisions and quickly respond to market trends.
Inventory Management
Automated tracking helps businesses maintain optimal stock levels, reducing the risk of stockouts or overstock situations.
Customer Insights
ePOS systems often include customer relationship management features, enabling businesses to gather valuable customer data for personalized marketing strategies.
Integration with other Systems
ePOS can seamlessly integrate with accounting, CRM, and other business systems, streamlining overall operations and data management.
Cost effective
ePOS app can operate in same device especially Mobil phone that is used for other purposes. You do not necessarily need a new device to be able to use ePOS.
Disadvantages of ePOS
Technical Issue
Like any technology, ePOS systems can experience technical glitches, leading to downtime and potential disruptions in business operations.
Security Concern
Cybersecurity threats can compromise sensitive customer data and financial information if the ePOS system is not adequately secured.
Dependency on Internet
Many ePOS systems rely on internet connectivity; if the internet goes down, it can hinder transaction processing and overall system functionality.
How to Make Payment and Transfer on ePOS
An Electronic Point of Sale (ePOS) system facilitates payment and transfer transactions by digitizing the traditional point of sale processes.
Here is Steps in making payments using ePOS:
Transaction Initiation: The process starts when a customer makes a purchase or initiates a transfer. The cashier, POS agent, or user enters the transaction details into the ePOS system, including the amount and type of transaction.
Payment Options: ePOS systems support various payment methods, such as credit/debit cards, mobile wallets, or contactless payments. Customers can choose their preferred payment method.
Card or Payment Device Interaction: If the payment involves a card, the customer swipes, or taps their card on the ePOS terminal. The ePOS will request the customer to input their card PIN for Authorization. “At Tingo Mobile, our commitment goes beyond transactions; we are on a mission to redefine the very fabric of how people connect, interact, and transact with a simple tap."
Transaction Authorization: The ePOS system communicates with the payment processor to verify the transaction details and ensure the customer has sufficient funds or credit. Authorization is typically swift, and if approved, the transaction proceeds.
Receipt Generation: Once the transaction is approved, the ePOS system generates a receipt. This receipt is topically in digital but can be printed if the ePOS is connected to a printer, which also depends on the preferences of the customer and the business.
How to Make Transfer on ePOS
Transfer Transactions: In the case of transfer transactions, the ePOS system may prompt the user to input recipient details, such as account information or contact details. The system then facilitates the transfer based on the provided information.
Record-Keeping: ePOS system will maintain a record of transactions, which is useful for both the business and the customer. This record-keeping helps in tracking sales, managing inventory, and providing receipts for proof of purchase.
Integration with Accounting Systems: Tingo Mobile ePOS systems can be integrated with accounting software to streamline financial processes. This integration ensures that transaction data is accurately recorded in the business's financial records.
Tingo Mobile ePOS is determined to simplify and expedite payment and transfer transactions by leveraging digital technologies, enhancing efficiency, and providing a seamless experience for both businesses and customers.