When you are into a business, you will be making use of specific payment system, either cash payments, electronic payment or digital payment. The electronic payment system is what I want to discuss here for now. This payment system involves making use of banking electronics facilities to pay for goods and services or to receive sales proceeds from customers. This facilities are as follows: ATM, Bank Mobile App, Point of sales terminal as well as internet banking website. To be honest this good services from banks has done a lot of goods than harm. It is a convenient mode of settlement, very fast and secured but it has its own challenges such as error dispensed, declined but debiting without immediate reversal, transfer failure but debiting the source account and so on. The above challenges has caused a lot of emotional issues, stress, financial losses and embarrassment for many users of electronic payment system. Have you ever faced any issues in using any of the online banking facilities? If yes, kindly share your experience so others can learn from it.
Credit Card Bank ATM is good for businesses or not?
IamDozzy
Active member
It's very important for businesses especially retail outlet to have a POS machine on standby at all times in order to deal with the issue of failed online transactions between the business and customers. Having an ATM is always good for business because it reduces the amount of time one would spend inside the banking hall carrying out one transaction or the other.
Haypril
Active member
Owning a private point of sales (pos) machine is far better than using the property of any bank irrespective of the daily or monthly commission that will be paid at the end of your transactions. With your own point of sales machine, you can make more money charging customers as deem fit and no bank charges will be taken or deducted from your account at the end of the day. All you have to do is walk into any bank or pos selling point and purchase a pos machine then activate it in the bank.
Daykas
Active member
It a good mode of transacting business though if you go through the stress of the so call online banking you might prefer hand to hand transactions.
My experience with it has been much but the one that pain me most was three days ago when I want to make a payment to purchase a coin which I know it has the tendency of rising fees from that day.
I made the transfer from the bank mobile app and the funniest part is that the cash is my last card but the prove me wrong by deducting the money from my account but never send it till now and the coin has rise with more than 45% of what I expected.
Can you imagine, technical fault on the part of bank now cost you to loose close to forty five percent profits. I think it is high time the government looks into the causes of all this bank transactions failure and provide a last solutions to the problem or else, the innocent customer will just be loosing due to negligence of fault or failure from the part of the bank
Tinaconcept
Member
The ATM machine has helped many people not only businesses, in fact it has also helped the bank itself. With the introduction of internet mobile app and ATM machine people have reduced the act of queuing up in the bank and also stopped business person from leaving their businesses and spending the whole time in the bank
Yes it is a good innovation but what about the side effects or disadvantages of this automated teller machine. I was a victim of error dispensed sometimes ago, I wanted to withdraw my last card from a first generation bank ATM to buy food stuff on Friday evening. The machine was processing my withdrawal, and I was hearing the sound of the machine rolling, suddenly it display "out of service" l was debited and it took me two weeks before I could get my money back. Am sure same things might have been happening to many people.
Whatever means of payment you use for your business is okay in as much as the service is from your bank. You just have to be conscious of how you operate your payment systems by not disclosing your passwords or secret pins to your account. Be careful about online fraudsters and don't reveal your ATM card pin to anyone. If you are security conscious of your account, then I can say you are safe with it.
Victor001
Active member
Bank Atm is one of the good things I have benefitted from opening an account, one could imagine the stress to queue up just to get attended to customer services who is in a bad mood, sometimes your request can be pending approval. While focusing on atm other provision like finger print withdrawal should also be worked on, because even the ATM is not all secured.
Ozigba Richard Lamai
Active member
Bank ATM is good for business because it encourage and also make the customer to get money easily to pay for goods that he or she has bought from your place.most customers do not come out with cash why all the customers must have spent all the cash with them but you have an ATM in your business to encourage them to buy what they want to buy because they will be able to withdraw the amount of money they need without having challenges.
Samuel72
Verified member
according to my own point of view as a well experienced businessman how we say yes Bank ATM is good for business but still it depends on your choice if you wish is to use the Bank ATM or you wish to do direct transfer or pay in cash but I will say ATM is a better means when it comes to business this is because you don't have to wait long at the bank but still paying directly inside the bank is also better this is because you will receive your deposit slip in your hand for confirmation
Alexandoy
VIP Contributor
A cousin who is into furniture business still uses the check (bank cheque) for payments because that is the most convenient for the recording. Using an ATM card for payments will make it complicated when it comes to recording the transactions. However, the ATM is good if it is a single proprietorship and a small scale business.
Mellorando
Banned
The ATM mechanism has held many traders and and household to easily withdraw money from bank account through the help of the ATM machine rather than going into the bank to place a withdrawal which might take a lot of time to process so using the ATM card you can easily have access to your money without delay
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