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POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? - Business (3) - Nairaland

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Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by Nymeria247(m): 1:37pm On Jun 14, 2018
G8Arthur:

Sorry is this charge per transaction?

The charge is not per transaction.

The merchant is charged 0.75% for every transaction but the charge amount cannot exceed N1,200 per transaction. For instance if 0.75% of a purchased item = N5,000; the merchant would be charged N1,200.
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by Kapose: 2:14pm On Jun 14, 2018
gift01:
Finally what I've been waiting for. Stanbic told me to bring loads of documents like company registration, tax receipt and so on. Just left them for good and I need it so badly


Contact me, i will make POS available to you
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by Hardebayo(m): 2:50pm On Jun 14, 2018
My advise to anyone who wants POS for his or her business, kindly to to bank or become agent to one of mobile money companies like Paga e.t.c. Don't call anyone to arrange one for you so that you don't have to tell stories that touch the heart.

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Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by Hardebayo(m): 2:55pm On Jun 14, 2018
The easiest way to get POS is to have a business registered. This can be done under or at most 30k, with banks will easily get you POS. Though some banks give POS if you just have savings account with them, banks like WEMA, Unity bank.
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by BerryBlaster: 3:04pm On Jun 14, 2018
petsam11:


I created this topic because I want to know. Because one of the banks that I applied to, for the POS said it is free of charge but that they will continue to deduct 0.75% for each/every transaction and so many other things.
But while going through the whole terms and conditions, it appeared too stringent and annoying. E come be like Greek gift...

One other conditions that I find very annoying and stressful is the one of coming every week to the bank to submit payment/sales slips that was done via the POS... Like how can I be doing that every week when one of the major reasons of me wanting to get this POS is to cut my movement in and out of the bank?
Again, why should they always be requesting for a payment slip every week when every transaction made with the POS must reflect in their system? Or are they trying to tell me that the POS machine is a manual/ledger stuff? Cos I don't understand. Or that the POS is always prone to malfunction which they still disclaimed that they will have nothing to do with it if it happens?
That's why I am here to get more information as regards everything that concerns POS. And to know if I can acquire it outside a bank and how much it may cost...
Pls bankers and ppl that know about the POS machine should please inform me better.
Thanks!

The only reason why you are asked for a sales receipt is when your customer makes a charge back claim at his bank that he didnot receive value for the debit on your terminal. Discuss with your bank on alternatives. Your bank can be sending you mails for charge back claims and all you need to do is reply with the go ahead to debit or take a picture of the transaction receipt evidencing the transaction was succesful and send to your bank. The cost of a POS terminal is about 65,000.

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Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by kabtee(m): 3:04pm On Jun 14, 2018
petsam11:
Please, for those using POS in their businesses, how do you cope with the bank's stringent conditions of exempting themselves from any form of problem or penalty that might arise while using the POS machine, but push the goal post and always kick the ball to the customer who needs the POS?

Do you always go to the bank every week to submit your payment/sales slips? Which I think is very annoying and "blood-sucking".

What other stressful and stringent conditions do you find annoying and tiring about/with the bank?

Which bank has very good customer friendly conditions when it comes to POS machine?

Again, are there other ways to get POS machines (cheaper) rather than from the bank, that won't require you going to the bank every week for submission of your sales slips and other stressful conditions?

To start with, acquiring and deploying a POS terminal comes at a high cost to the any bank which necessitate the cost being passed to the merchant it's been deployed to. Although POS is freely deployed to the customers/merchants at the expense of the bank, but there are transaction fees which is charged per transaction.

There are 4 major stakeholders in d POS business: the vendor, interswitch, the bank and the merchant (customer). The vendor is paid off (by the bank) for terminal acquisition and for maintenance; for every transaction, interswitch and the bank shares the transaction fee ranging from 0.2 - 0.75% of each transaction(there's a maximum regulatory cap per transaction tho); in an instance when u use a different bank's card on a different bank's terminal, each of the bank also gets to share out of the transaction fee.
However, you can always negotiate with your bank to as low as 0.25%, where ur own bank is ready to sacrifice transaction fees for ur deposit volume...based on a justifiable cost-benefit analysis.

As regards, the weekly reconciliation....I do advise people to always find out who their account officers are and have their contacts. This way u save ursef a lot of stress... Banks send automatic daily POS statement on your request at zero cost to the merchant.
Customer service in banks is all dependent on relationships.

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Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by BerryBlaster: 3:07pm On Jun 14, 2018
lilfreezy:
0.75% you say undecided so if I make let's say 20million, the bank will get 150k. Mehn that's too much. Nawa o. After I pay tax, pay rent, pay electricity bills for the business and buy fuel for lack of power.

Running a business is this country is frustrating

There is actually a cap charge of 2000 naira. Your bank cannot charge you more than 2k per transaction. And the POS limit is 3million daily
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by javalady(f): 4:06pm On Jun 14, 2018
TroubleMaker47:

Who makes POS sales of over 2million?
By the way POS has a max cap of 2k on commission,
Ie whether u recieve payment of 1million or 2 million or even 10milllion, the bank gets a flat commission of 2k
I make more than 20m POS sales in a month so what are you saying.

I took a pic of today's sales but I'm unable to uplaod it here.

1 Like

Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by javalady(f): 4:07pm On Jun 14, 2018
BerryBlaster:


There is actually a cap charge of 2000 naira. Your bank cannot charge you more than 2k per transaction. And the POS limit is 3million daily

Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by aguiyi2: 4:12pm On Jun 14, 2018
TroubleMaker47:

Who makes POS sales of over 2million?
By the way POS has a max cap of 2k on commission,
Ie whether u recieve payment of 1million or 2 million or even 10milllion, the bank gets a flat commission of 2k
Lie from hells pit.
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by javalady(f): 4:15pm On Jun 14, 2018
aguiyi2:
Lie from hells pit.
Better lie. Check the last post before yours, I uploaded today's POS sales.
Some people just sabi lie.

1 Like

Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by yakson123: 4:19pm On Jun 14, 2018
am a banker i work with one of the best in terms of payment and other financial transactions firstly i will tell you the truth is a nice business if you have the best channel i can guarantee you of a free pos and our other payment platforms ours is called HACKMAN PAY you can download it from play store we places premium on our esteemed agents network. this is reflected not only in agents relationship and complaints management, but more importantly in the commission structure.

hackmanpay realizes the important of boosting agents productivity via returns on business, and goes further to implement a sharing structure that benefits agents even more for more information call me on 08139750651 for more info
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by TroubleMaker47(m): 5:22pm On Jun 14, 2018
javalady:
I make more than 20m POS sales in a month so what are you saying.

I took a pic of today's sales but I'm unable to uplaod it here.

I said in a single transaction!
Like a single customer comes and purchase of over 2million den pay via POS.
Most times customers prefer to do a transfer!
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by murphyonline(m): 5:53pm On Jun 14, 2018
Am an agent banking operator with heritage bank and there service has been awesome to me because av been using it for the past 1 yr. Heritage Bank charge a flat rate of #50 on every transaction irrespective of the amount and they also give u a branded well secure qiosk built like atm for ur busniess purpose. I think heritage is d best.

Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by luvablesam(m): 7:45pm On Jun 14, 2018
What are the requirements to be an agent with heritage bank?
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by javalady(f): 8:13pm On Jun 14, 2018
TroubleMaker47:

I said in a single transaction!
Like a single customer comes and purchase of over 2million den pay via POS.
Most times customers prefer to do a transfer!
Oh, okay.
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by emeijeh(m): 8:22pm On Jun 14, 2018
Agentone1:
You can easily get POS ...

Very cute Android POS devices with fingerprints, Camera, Iris scanners, RFID reader, bar code scanners,fix or swipe card, interface with color screen and can host multiple applications etc...

Mail: support@agentone.ng if interested



How much for this special POS?
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by unearthed(m): 9:11pm On Jun 14, 2018
Howdy people....


If you are in benin and interested in Agency banking or POS acquisition with First Bank contact me on 07032506698.
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by dotun365: 10:15pm On Jun 14, 2018
gift01:
Finally what I've been waiting for. Stanbic told me to bring loads of documents like company registration, tax receipt and so on. Just left them for good and I need it so badly
You can't really blame them for the thorough KYC requirments. we've heard of one chance guys with POS machines lately

1 Like

Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by mikeeze(m): 10:20pm On Jun 14, 2018
murphyonline:
Am an agent banking operator with heritage bank and there service has been awesome to me because av been using it for the past 1 yr. Heritage Bank charge a flat rate of #50 on every transaction irrespective of the amount and they also give u a branded well secure qiosk built like atm for ur busniess purpose. I think heritage is d best.
pls sir, how do i go about this.. I'm really interested in this.could i reach you via whatsapp or email
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by mikeeze(m): 10:22pm On Jun 14, 2018
idris4eva:
I'm a registered paga agent and I got my pos for 85k with 10wraps of paper roll (gtb) but it was link to the paga account

And they are charging 1% on every transaction like if a customer withdraw 5k they deduct 50 and I charge #200 that's still cool at least you still have a #150 gain
pls how do I go about it . I Really need info on this,pls could you drop your contact or email?
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by Sochimaobim(m): 11:25pm On Jun 14, 2018
babane2016:
Please which bank supplied yours

Sterling Bank
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by lekanjeremiah(m): 11:42pm On Jun 14, 2018
Just go for Citiserve limited pos terminal which cost 50k.... Which will be link to your own prefer bank account........ If needed kindly call me on this number for verification 07066213135 - Ayo Citiserve limited.....
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by justjentle(m): 12:07am On Jun 15, 2018
Contact unified payment. Pos is free of charge
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by LaudableXX: 12:50am On Jun 15, 2018
TroubleMaker47:
Who makes POS sales of over 2million?
By the way POS has a max cap of 2k on commission,
Ie whether u recieve payment of 1million or 2 million or even 10milllion, the bank gets a flat commission of 2k
Car dealers, hypermarkets that sell high-end electronic items, dealers in construction equipment & building materials etc.

4 Likes 1 Share

Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by fados4sure(m): 4:11am On Jun 15, 2018
gift01:
Finally what I've been waiting for. Stanbic told me to bring loads of documents like company registration, tax receipt and so on. Just left them for good and I need it so badly
Na Elephant bank worse pass
You know wetin then talk?
Dem say make I bring Company registration letter from CAC, TAX, Concept from Pastor & Imam, Concept from community leader, two guarantors with Current account and so on
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by Agentone1: 6:28am On Jun 15, 2018
emeijeh:


How much for this special POS?
Thank you for your interest, Kindly send a mail to support@agentone.ng
Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by LaudableXX: 9:39am On Jun 15, 2018
lekanjeremiah:
Just go for Citiserve limited pos terminal which cost 50k.... Which will be link to your own prefer bank account........ If needed kindly call me on this number for verification 07066213135 - Ayo Citiserve limited.....
What about after-sales support/service & upgrades for the POS device? Who provides it?

3 Likes

Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by LaudableXX: 9:40am On Jun 15, 2018
justjentle:
Contact unified payment. Pos is free of charge
Unified payment is known for all sorts of hidden charges. undecided

1 Like 1 Share

Re: POS For Business: How Stringent Is Your Bank's Conditions? How Else To Get POS? by Felimore: 10:29am On Jun 15, 2018
mikeeze:
pls sir, how do i go about this.. I'm really interested in this.could i reach you via whatsapp or email
Please, I'm interested in ds Heritage Bank POS How do I go about it? Thanks

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