Like other posters have said, you need either a current account or a business account. There are also variants of the machine, the normal pos, the mpos, but ulyou can also request the mmoney, which requires the payee to pay you using the ussd

your questions are best answered e relevant bank.

...and everyone is just missing the most important one: Average Turnover. N1.5 million for Classic Saving for most banks. N2 million for Corporate account.

damosade:
For first bank, walk in to any branch. Ask for the retail dept .any relationship manager or marketing associate will do the work. Make sure you have any account the pos will be linked with. Sign agreement form week later you go and get it....that's all.. Note : 0.75 % on transactionshw was ur day, hope all is well? I just want to let u knw that there is something I want to ask u now which I,ve been hiding from u for a very long time, infact from the first day i met u,sometimes when I want to tell u i feel discouraged and nervous cos i don't knw if u re gona respond negatively, or if u will look at me somehow, but I just want to let u knw dat what i,m about to tell you has been a burden to me for a very long time and i just can't keep it in my mind any longer, it has been so heavy in my mind, so pls don't feel upset when i say dis to you, am begging u, just knw dat it's from the bottom of my heart and it's real, pls pls pls be sincere and tell me the truth "How much is cabin biscuit in your Area"?.... send it to ur true friends n make dem gaga.....free for filling stations. You can also use your pos as agency banking in your area.

WTF

sassygal:
Once u have a business account with Gtbank, you fill an application form and they bring to your business address in a week or two. They also do maintenance

No payment for the POS??

This post took 2.5 years to reach front page

If you have an account that is, at least, six months old and with a monthly turnover that is not less than N500k with Sterling Bank, you can apply for a POS terminal. The terminal is free but the bank gets 0.75% commission on every purchase to a maximum of N1200.

Ok

Ogetogeo:
Good evening house, I would like to know the criteria or requirements for getting a POS machine from our financial institutions.

I am aware that different banks have different criterion, so I would like to know if possible the different requirements for each bank, so as to make a firm decision on which to go with. I think some other people on the forum might also be interested to know being that the economy is moving cashless and soon most businesses would have need for a POS as a means of payment for flexibility sake.

So, I plead with those in the know and insiders to tell us what to expect and how it works with their banks and all.


Hoping to get firm feedbacks

Shalom!

This is 2017

Who still uses a POS machine ??

I swear, many people still live under the rocks

Atmmachine:
This is 2017
Who still uses a POS machine ??
I swear, many people still live under the rocks

What do you mean please? Is it out of place?

Atmmachine:
This is 2017
Who still uses a POS machine ??
I swear, many people still live under the rocks

So, what's in vogue now and what do you use

cyif2003:
not yet. I am thinking of opening a current account with diamond bank.. kus I need d Pos asap

Diamond bank is the worst, I tried getting one from them January this year uptill now nothing has been done.
Last I went there they were telling me soon POS won't be advisable for business owners like me that there is an app that will be given to me all I need is to fill another form then a code for the operation will be released to me.
According to them the app runs on every smartphone and can use for any transaction.
My dear I have done everything required of me but am yet to see either POS nor any code from them.

eleojo23:


What do you mean please? Is it out of place?

is not

So banks accept them red land ladies as biz outfit. Issorite.

maduka001:
If you already have an account with a bank, either savings, current or corporate. Just let your account officer know that you need a POS machine, for example in Skye Bank, all you need to do is to fill an application form and within a week, your machine will be delivered to your shop/retail outlet. They also offer routine after installation maintenance services (all @ no cost to the merchant). All you have to do is to make sure that your customers continue to use the terminal. Skye Bank is there is expand your world.

.................savings account?itaught a savings account cant hold up to N1000,000 without killing someone with charges.the other day my friend did some transaction with his savings account and was charged 14k because his account balance exceeded 2M.but it was Diamond bank though

ol2012:


Bros me,
I get POS oh!
I get two(2) sef
I've sent you a PM

You need to be mindful of what your POS is used for because you'll be held responsible if a stolen debit card is used on it. Imagine if the card was taking at gun point, that is armed robbery which attracts death penalty!

For businesses with POS it is a good practice to have CCTV installed in their business premises.

If POS machines are assigned to businesses alone then that means Churches are businesses...

[quote author=deniguy01 post=55397108]
bro, if u got one, I got a business for you. .its gonna generate a lot of cash hmmm. Malaysia connection. Too bad

cyif2003:
same thin I was told last yr. useless bank

Here'a why u need a turnover agreement before we deploy a POS terminal.

1. The bank buys the terminal. Between 100 to 150k depending on type and model
2. The bank pays the service provider. For network or cos
3. The bank pays for routine maintenance, b/w 10k to 20k mostly.
3. They also provide paper from time to time.

Can u bear all these cost??

JohnNgene:
When I visited Fidelity Bank here in Agbani last week, they told me my business will qualify for a P.O.S when it generates a minimum of N1million per month. Imagine that! Lol.

I really need detailed information on this P.O.S issue. Nigerian banks, where are you? Come and give us answers.

cyif2003:
same thin I was told last yr. useless bank

Here'a why u need a turnover agreement before we deploy a POS terminal.

1. The bank buys the terminal. Between 100 to 150k depending on type and model
2. The bank pays the service provider. For network or cos
3. The bank pays for routine maintenance, b/w 10k to 20k mostly.
3. They also provide paper from time to time.

Can u bear all these cost??

[quote author=chukwudi3 post=56313539][/quote]
E no pass malaysian things

Ogetogeo:
Good evening house, I would like to know the criteria or requirements for getting a POS machine from our financial institutions.

I am aware that different banks have different criterion, so I would like to know if possible the different requirements for each bank, so as to make a firm decision on which to go with. I think some other people on the forum might also be interested to know being that the economy is moving cashless and soon most businesses would have need for a POS as a means of payment for flexibility sake.

So, I plead with those in the know and insiders to tell us what to expect and how it works with their banks and all.


Hoping to get firm feedbacks

Shalom!

I rather you go for MCASH. Thank me later.

@ op if u are resident in Abuja I can get you a union bank Nexgo pos with either mtn or etisalat as the network provider. All you need is to meet the requirements as stipulated earlier. A registered business name, traceable business address, business account number and able to pay the monthly bank charge for the pos.

Pm me if interested

maduka001:
If you already have an account with a bank, either savings, current or corporate. Just let your account officer know that you need a POS machine, for example in Skye Bank, all you need to do is to fill an application form and within a week, your machine will be delivered to your shop/retail outlet. They also offer routine after installation maintenance services (all @ no cost to the merchant). All you have to do is to make sure that your customers continue to use the terminal. Skye Bank is there is expand your world.

IT MUST BE BUSINESS ACCOUNT IN EVERY BANK

Ogetogeo:


Thank you for your response,you mean a savings account is ok too with skye bank? And can new savings account customers apply for that or need to meet a new requirement before they can?

It MUST be a Business Account in every Bank

ayusco85:


I rather you go for MCASH. Thank me later.

I've been looking for someone to put me through on the MCASH stuff, I heard its an instant value Pos.

Please how do I get that ?

deniguy01:

bro, if u got one, I got a business for you. .its gonna generate a lot of cash

19 boy.

eleojo23:
This post took 2.5 years to reach front page

everything causing delay should die by fire

When I visited my bank, UBA@Acme road, Lagos, recently, I was told that that my business must be turning over one million naira(1,000,000) every month. I just ran away. Then I went to first bank on the same road, they told me I must guarantee or be sure that at least 20 customers will use it in a day. Because that is the condition they (marketers)can use to convince the management for approval. But allocation is free sha! And for every transaction, there will be a charge. (I have forgotten that) may be 0.75 or 0.25 sha!

Some banks accept savings account while others do not allow savings account holder. But purely current account

My experience is different, sterling bank promised me ten days but now I am into the second month. All they do is tell me to keep putting money in the account besides I don't v access to withdraw from the account yet.

My business is just a month old. And the want me to put money there without withdrawal till it gets to 500k.

For U.B.A: you must have a business or corporate account with them,

you will be required to submit all your certificate of incorporation and registration papers.

Your business must have a minimum turnover of one million naira monthly.