Withdrawal/transfer Business Using P.o.s.pls Advice Me - Business - Nairaland
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| Withdrawal/transfer Business Using P.o.s.pls Advice Me by Titusolufemi(m): 9:07pm On Aug 10, 2015 |
There Is No Single Bank In My Area.Goin To The Nearest One Will Cost #300 To N Fro.I Sees It As An Opportunity For Me To Start Up Withdrawal/transfer Business Usin P.O.S Machine With Charges Of #150 Per Transaction (half Of The Tfare)but My Latest Finding Reveals That Bank Charges 1.25% Of Every Transaction Made Per Day. If I Start With #50,000 And With At Least Ten Customer Per Day. Pls I Need Advice,am Confused |
| Re: Withdrawal/transfer Business Using P.o.s.pls Advice Me by needinfo: 8:12am On Aug 11, 2015 |
Titusolufemi:not a bad ideal.is the charges per transaction or whole transaction made per day.do they charge monthly fee or any other charges aside the daily transaction charges.i guess the pos only allows one to withdraw and transfer to another bank account but don't allow deposit to ones account. Are they charging the 1.25 on customers account or you will bear the cost.how much are they selling the pos machine and which of the bank pos do you intend using. |
| Re: Withdrawal/transfer Business Using P.o.s.pls Advice Me by lordtech(m): 8:43am On Aug 11, 2015 |
Titusolufemi:U Just made me remember my camping experience last year @ Kwara State NYSC camp Yikpata. Its a cool Biz. That was how we withdrew money in camp. We were Charged 10% per transaction. I will advise u Survey & do your analysis about your area very well. 10% per transaction might look too big for them depending on the amount they want to withdraw & a flat rate of #150 might mean bad/slow business for you if they are withdrawing #6000 & above considering the 1.25% charge. As for P.O.S machine from your bank, its free to get one from them. Your Company or Business name needs to be registered with CAC in other to qualify to have the POS. You're charged 1.25% per transaction. Good luck in your new endeavour. Wishing u all the best U might be interested in the thread below to add up to your bright idea https://www.nairaland.com/2015776/making-money-mobile-internet-banking |
| Re: Withdrawal/transfer Business Using P.o.s.pls Advice Me by Pavore9: 10:22am On Aug 11, 2015 |
Titusolufemi: It is a good idea which is very operational in Kenya as one get to see shops in neighbourhoods offering such services. One can easily withdraw and make deposits there without going to the bank. The operators work with several POS machines of different banks though charge a flat rate of N200 for every transaction, you need to work out a rate that would keep you in profit and also being okay with your clients. |
| Re: Withdrawal/transfer Business Using P.o.s.pls Advice Me by Titusolufemi(m): 8:20pm On Aug 11, 2015 |
[quote author=lordtech post=36834773]U Just made me remember my camping experience last year @ Kwara State NYSC camp Yikpata. Its a cool Biz. That was how we withdrew money in camp. We were Charged 10% per transaction. I will advise u Survey & do your analysis about your area very well. 10% per transaction might look too big for them depending on the amount they want to withdraw & a flat rate of #150 might mean bad/slow business for you if they are withdrawing #6000 & above considering the 1.25% charge. As for P.O.S machine from your bank, its free to get one from them. Your Company or Business name needs to be registered with CAC in other to qualify to have the POS. You're charged 1.25% per transaction. Good luck in your new endeavour. U Mean I Will Have To Register My Business First Before I Can Be Given A P.O.S Machine? But I Thought I Have To Start It First Before Registering It. |
| Re: Withdrawal/transfer Business Using P.o.s.pls Advice Me by Titusolufemi(m): 8:22pm On Aug 11, 2015 |
lordtech: |
| Re: Withdrawal/transfer Business Using P.o.s.pls Advice Me by lordtech(m): 8:47pm On Aug 11, 2015 |
[quote author=Titusolufemi post=36857022][/quote] Yes, you will need to. Last time I enquiried @ Access Bank, that was what I was told. I dont think its given to individuals with Personal account but Corporate(Business) account holders only on request. You can't open a corporate account in any bank of your choice without having your business name or company registered with CAC & bringing the Certificate to the bank as proof. So as you can see, It goes hand in hand & I will advise you go register your business name ASAP if you really mean business. It cost roughly #11,000 - #15,000 Goodluck |
| Re: Withdrawal/transfer Business Using P.o.s.pls Advice Me by Titusolufemi(m): 9:07pm On Aug 11, 2015 |
@ Lordtech Thanks So Much.I Will Do Just That But I Will Like To Make Enquiry From Skye Bank. 1 Like |
| Re: Withdrawal/transfer Business Using P.o.s.pls Advice Me by iMerchant: 10:51pm On Aug 11, 2015 |
Titusolufemi: Visit your Bank and apply for POS terminal. What most banks required is a Current Account either Individual or Corporate. POS charges is 0.75% with a fee cap of #1,200. Meaning you will be charged 0.75% transaction but the charges will not exceed #1,200. Also let them know, your area and the best network in that area. POS terminals are powered by sim cards, so it better you have a good network to enjoy the service. Regards |
| Re: Withdrawal/transfer Business Using P.o.s.pls Advice Me by needinfo: 11:07pm On Aug 11, 2015 |
iMerchant:does it mean only those with registered name can apply for it. Also, can some one use it to withdraw, if yes how can the person be charged for the withdrawal since you will be the one to pay him.if some one make use of the pos to withdraw from you, does it enters your account while you pay the person or your bank will debit the persons account directly. can one transfer cash to another bank and also pay bills via pos. Is it via atm card that one can be able to use it with or without atm card |
| Re: Withdrawal/transfer Business Using P.o.s.pls Advice Me by iMerchant: 11:25pm On Aug 11, 2015 |
needinfo: POS terminals doesn't pay Cash. It is configured with your bank account. When your customers used it, it will debit their account via their ATM card and credit your account. Cardholder (Your customer) is debited immediately, if the transaction is successful, the POS terminal will print 2 receipts - Customer & Merchant Copy for all approved transactions. The cardholder takes the "Customer Copy" whereas you keep the "Merchant Copy". Thanks |
| Re: Withdrawal/transfer Business Using P.o.s.pls Advice Me by needinfo: 9:03am On Aug 12, 2015 |
iMerchant:now i get it.can one use it to pay bills like dstv,gotv, nepa bill. Also, can one deposit into their own account.as for withdrawal, maybe i give them cash while i use the pos to get the cash in my account.can i do that without having issues with govt since i am using it to offer withdrawal service |
| Re: Withdrawal/transfer Business Using P.o.s.pls Advice Me by iMerchant: 5:38pm On Aug 13, 2015 |
needinfo: Depending on the application running on the POS terminal. Yes, you can pay bills on some pos terminal. |
| Re: Withdrawal/transfer Business Using P.o.s.pls Advice Me by Titusolufemi(m): 6:35pm On Aug 13, 2015 |
i went to make enquiry at my bank (skye bank) today, i was told that i have to register my business and open another acct with it. Mehn! The registration fee cost die, 23,000 naira only.i will try and look for that money |
| Re: Withdrawal/transfer Business Using P.o.s.pls Advice Me by Bamidele539: 11:48pm On Sep 16, 2016 |
It is roughly a year due to the lifespan of this thread on POS terminal stuff so can you kindly tell us if you have started with the business  |
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