23 Minutes to Obtain a POS Terminal: Raiffeisen Bank Launches Fast Service for Entrepreneurs

Today, the speed of service for small and medium-sized businesses has evolved from being merely an operational advantage to a critical factor that directly impacts the profitability of entrepreneurs. This is particularly true at the moment sales begin: every day without the ability to accept cashless payments translates to a loss of potential customers, which can significantly affect financial outcomes. In response to this pressing need, Raiffeisen Bank, with the support of Mastercard, has launched a new service that enables entrepreneurs to receive a fully operational POS terminal in just 23 minutes—either at a bank branch or remotely through the MyRaif application.

Just a few years ago, the process of connecting to acquiring services was perceived as a separate stage in launching a business. It involved submitting an application, document verification, waiting for approval, and the delivery and installation of equipment. On average, this process could take up to 72 hours. However, today such delays are seen as a significant operational loss for many businesses eager to respond quickly to market changes.

The speed of connecting POS terminals is directly linked to shifts in consumer behavior. According to the National Bank of Ukraine, 9 out of 10 payment card transactions in Ukraine are cashless. Mastercard statistics reveal an even deeper level of digitalization: over 97% of Mastercard card payments at physical retail locations are contactless, and more than 60% of all card payments in stores are made via smartphones and NFC devices.

Research from Mastercard's MasterIndex indicates that 69% of Ukrainians consciously choose cashless payments in physical stores, and one in ten shoppers avoids retail locations where card payments are not accepted. This highlights that for businesses, the issue of cashless payments is no longer merely a matter of convenience. According to the Mastercard SME Index 2025, 93% of entrepreneurs accept cashless payments, and for 72% of businesses, these payments are the primary source of income.

Entrepreneurs can now obtain a POS terminal in two ways: at a bank branch or online through the MyRaif application. In the case of a bank branch, the entire process takes only up to 23 minutes—from the initial request to receiving the ready-to-use payment acceptance equipment. This signifies that acquiring services are no longer a separate administrative process but an integral part of quickly launching a business, which is critically important in today's conditions.

In addition to speed, the functionality of the solution itself is also a crucial aspect. For Pavlo Donetsky, the owner of a grocery store in Drohobych, Lviv region, the rapid connection of the POS terminal has been essential for the uninterrupted operation of his business. He notes that it was necessary to quickly adjust to accepting cashless payments without pauses in sales. According to him, the most impressive factor was the speed: from the application process to the installation of the equipment, minimal time elapsed, allowing him to immediately resume operations as usual.

For his business, the POS terminal is critically important every day—each time a customer chooses to pay by card or phone. The speed of financial services is gradually shifting from being an added convenience to a basic expectation for businesses. Whereas previously entrepreneurs assessed banks based on fees or branch networks, increasingly, the key question has become: how quickly can the service resolve a specific business challenge?

Thus, new comprehensive solutions like express acquiring can become an effective tool for business development, as they address current market needs and assist businesses in adapting to new conditions.