Online Payments vs POS: Which Is Safer for Small Businesses in Nigeria
This blog post examines the security and efficiency of online payments versus Point of Sale (POS) systems for small and medium-sized enterprises (SMEs) in Nigeria. While POS machines are traditional, they face increasing security concerns like physical fraud and unreliable network service. Online payments, driven by fintech innovations and online banks, offer enhanced security through encryption, OTP, and two-factor authentication. They also provide better transaction proof, easier reconciliation, and often lower costs. The article concludes that while POS still has a role, online payments are becoming the safer and more flexible option for tech-savvy Nigerian small business owners, especially for receiving payments for goods, services, or even loan repayments.posted by Admin on 15 Apr, 2025