Dubai has become a global business and tourist hub, attracting thousands of business travellers and tourists monthly. For a city that has a dynamic business and tourist environment, it becomes essential to adopt modern payment solutions to cater to international travellers and one such system is the POS system which enables businesses to have online and secure business transactions with their customers. A Point of Sale (POS) machine is a tool that is designed to handle sales, manage inventory and streamline business operations by integrating various hardware and software components of a business into the machine, thus helping business operations increase the efficiency and accuracy of business transactions and improving customer experience. There are some challenges associated with the implementation and use of POS machines but the advantages they provide to a business often outweigh the setbacks. The evolution of POS technology has transformed the way businesses operate today. The cash registers of yesteryears have made way for the sophisticated digital systems or POS of today that offer a wide range of capabilities and functionalities to businesses. With the rise of cloud-based POS solutions and mobile technology, businesses are able to further expand their operations thus enabling them to operate with more flexibility and efficiency. With the daily advancement of technology, POS systems will continue to become more user-friendly with time and will continue to offer businesses even more features and capabilities.
It might be difficult for many businesses in Dubai to acquire a POS machine as it is an expensive investment. To overcome this difficulty, banks offer businesses in Dubai POS machine loans as a feasible option to acquire payment processing capabilities through a POS machine without taking capital out of their cash flow.
Banks in Dubai have designed POS loans to help businesses obtain a POS system without any upfront capital expenditure. The repayment terms, low interest rates and quick approvals offered by the banks help businesses that are small-scale and lack cash flow or cash surplus get a POS system easily. In a competitive market like Dubai, a POS machine loan offers an opportunity for a business to invest in a technology that helps it flourish and grow.
We at ‘GrowBiz’ help our clients install POS machines to enhance their business processes and improve efficiency by helping them get the right loan from a bank or a financial institution. Our professionals make sure to analyze every process of the business thoroughly and then sit with the client’s team to suggest a specific POS system to install that would benefit the business the most. Our professional relations with all the leading suppliers of POS systems and the banks offering POS machine loans in Dubai ensure that our client gets a POS loan without any problems from the bank and hassle-free service / after-sales service from the supplier.
Key Features of POS Machine Loans
- Repayment Terms: The repayment terms of a POS machine loan are usually flexible. A business can choose a repayment plan according to its cash flow.
- Low Rate of Interest: To make POS machines affordable for small businesses in Dubai, banks and other financial institutions offer very competitive rates on their loans for POS machines.
- Approval Process: Banks offer a streamlined application process for POS machine loans to businesses, making it easier for them to apply for the loan and get its approval in a short period of time.
- Documentation: To reduce the time for loan application processing and its approval, banks try to make the documentation required for a POS machine loan less extensive than for other types of loans.
- Cash Flow Management: A POS machine loan allows businesses to avoid putting their capital into buying a POS machine with cash thus allowing adequate funds available to them for their operations, helping them maintain their cash flow.
Application Process
- Bank Research:To get the best loan terms, it is advisable for borrowers to research banks offering the best terms on a POS machine loan before finalizing the bank.
- Application:The borrower should complete the loan application thoroughly and submit it to the bank along with the relevant documents as required by the bank such as cash flow statements, balance sheet and all the details of the POS system the borrower wants to buy.
- Loan Approval: Once the bank processes the loan application and approves the loan, the loan amount is disbursed to the borrower’s account for him to buy the approved POS machine.
- Repayment: The POS machine loans are usually offered to borrowers in Dubai at very competitive interest rates and as a result, the scheduled monthly repayment installments, which typically range from 1 to 5 years, do not become a burden for the business.