Do you need POB processing for your MMJ dispensary delivery service? What is POB? How can you get POB payment processing for your business? Read this article to get answers to these questions.
POB and Regular Payment Processing
POB is short for “Point of Banking.” POB is a payment card processing system. It requires a small convenience fee from the cardholder. This is being added to the approved transaction amount. Thanks to POB payment processing, retail merchants get an opportunity to accept card payments for free. The reason is that the small convenience fee paid by the cardholder covers the costs of each transaction.
Using POB, merchants get an alternative credit card processing solution that can solve some of their most important issues. First of all, it can save them some technical difficulties associated with chargebacks and revenue lost on transaction fees.
So, Point of Banking (POB) is great for high risk merchant. It can be an ideal credit card payment processing service for high risk merchants indeed. Well, what’s the difference between POB and regular credit card processing? With POB, the customer shoulders the transaction fee as opposed to the merchant. Merchants get an opportunity to aggregate savings on each sale as opposed to paying a percentage fee
Credit card terminals run transactions that’re signature based. These are for exact dollar amounts, but merchants must pay a processing fee of around 3% of each sale amount or more. As a result, merchants get charged thousands of dollars each year. Quite naturally, this reduces merchants’ profits earned each month. In fact, the larger the business is, the greater the processing cost is.
POB Payment Processing
POB operates like a standard ATM machine. Only there isn’t any cash inside. Using a POB machine, customers swipe their card and enter their personal identification number or PIN as they normally would. However, the machine prints out a transaction receipt and not dispensing cash. Then, the customer gives the receipt to the cashier to pay for rendered products/services.
Point of Banking or POB terminals run PIN-based for dollar amounts in increments of $5 or $10. The maximum amount is $300. A lower maximum is also available for merchants if they can’t afford that.
When it comes to monthly fees, the processor requires a monthly maintenance/batch fee. The later makes up $7.00 per month. It covers the direct deposit cost, as well as provides monthly hard copy statements. The total monthly fee makes up $12 together with the optional warranty/paper supply.
There’s nothing challenging about the POB setup and use. All you need is to have a place to plug into a power source and a place to plug into the phone line you’re currently using. When a customer is ready for transaction processing through your POB machine, he/she just needs to swipe his/her card, enter his/her PIN number, and pick the withdrawal amount.
As for the security, as soon as the transactions get approved, you get your funds deposited into the Federal Reserve banking system. Then, the processing is completed just like with any other type of bankcard payment processing terminal.
Need POB for a Dispensary Delivery Service?
Are you a merchant on the lookout for a high-risk merchant account provider to get POB for a dispensary delivery service? Why not turn to eMerchantBroker.com? EMB is voted the #1 high risk payment processing company in the US and has an A rating with Card Payment Options.
EMB’s offers secure credit card processing for online businesses, as well as offshore merchants from all over the world. If your business is considered a speculative one by banks, turn to eMerchantBroker.com to get the best deal for your high risk business. With EMB, you can enjoy quick, affordable and safe transactions.
By the way, one of the reasons eMerchantBroker.com has been named the #1 processor by Top Credit Card Processors 5 times is because EMB prides itself on being there for our its customers when they need EMB most. As a BBB Accredited Business with an A+ rating, merchants also feel confident working with eMerchantBroker.com.
Remember that EMB specializes in payment processing solutions for businesses requiring high-risk merchant accounts to complete credit card payment processing.
