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Risks involved in running a POS Business

As lucrative as POS Business looks, one might think that there are little or no risk involved in running it.

Truth be told, entrepreneurs that set up POS Businesses at strategic Business areas are making profits that can build an empire.

But have you ever stopped to ponder over the risk involved?

POS Business is one of the high risked businesses because of the:

1. Money is involved

2. Security is often neglected

3. High level of fraud

Risk involved

1. Security negligence:

a) Environment: Most people tend to set up their POS shops or kiosks in areas with little or no commercial activities striving at that area Or in Estates that lack security personnel. Most times the area feels lonely and deserted.

Setting up a POS Business in those kind of areas, Keeps you at the risk of being robbed at broad day light.

b) Secrecy: When the cash is finished, without being security conscious. One might track your movements while going to get the cash either from the bank or wherever the source might be.

It can be through your phone calls, text messages or even spoken words.

Also, the sales girl/boy might reveal the source/particular bank you get your cash from to customers who might be out to rob you.

c. POS code: Most pos machine can only transactions to be carried out when a secret code is imputed. If this code is exposed indirectly to the eyes of hackers or fraudsters. That means, once the get hold of the machine, they can have access to your wallet and every other financial benefits affiliated with the machine.

Note: Hoodlums also steal POS machines, not just phones and laptops.

2. Network Issues

Certain times, Network especially in banking system can misbehave. Transactions can be held up in the clouds, while the customers are being debited.

Most time customers get debit alerts, while the pos manager doesn't get credited. Most times the transaction is reversed by the bank, other times it just stays in the clouds.

Network issues originating from the banks and service provider of the POS can lead to either discouraging the customers from patronising or even to the extent of receiving arrest threats by customers.

3. Integrity of the employed sales boy or girl.

The honesty and integrity of the person you employ to run this business matters a lot because these set of people can either mare or make your business.

Most times its better to employ a family, other times it better to go for an honest stranger. But in all, honesty matters.

We hear stories of how sales boys, make way with money entrusted to them, that backs up the reason why, people prefer employing sales girl.

The ball still lies in the court of the employee or owner. Ensure you employ a trust worthy person (boy/girl). Make sure you don't get fooled by the first time impression.

4. Fraudsters

They are every where and they come up with new strategies every day.

Here are some tips to detect a fraudster:

*They are always in a hurry.

*They always act like they are too rich, feels irritated and always put up a drama when their card doesn't pay.

*There are some that are gentle but they always have a story to tell.

*They distract you with empty credit cards just to monitor your environment and where you drop the money.

*Most of them actually withdraw but still stay back to see how the cash is being dispensed.

*They make fake transfers and claim that it has successfully sent by showing you a fake debit alert.

* Some make use of cloned cards that just hacks your machine once it is slotted in.

These are just ways these fraudsters operate, its left for you to look out for these traits.

Note: Fraudsters can be detected if you are security conscious and smart.

Never feel over comfortable or over relaxed with some strangers who come under the disguise of friendship because most of them are wolves in sheep clothing.

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Content created and supplied by: KwinExtar (via Opera News )

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