Sochimaobim:
The only 'problem' I have with mine is the small percentage they take from each transaction. Which if u look at the gain, it is not a problem really. There is nothing like submission of slips, it is only advisable to keep the slips incase any of the transactions fails to drop into ur account the next working day,u can go to the bank to make such a complain. Though I ve n'er experienced such.
I also advise that u ask customers to make transfer first, as this will enable u get ur money immediately and in full, whereby transfer fails, u can then go for POS

Please which bank supplied yours

kennosklint:
Banks POS are rubbish just go for inter switch POS that one is instant debit and crediting.with just 85k.

It doesn't accept Visa Card

lilfreezy:
0.75% you say 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

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

TroubleMaker47:

Who makes POS sales of over 2million?
By the 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

Oh, OK thanks

But I think it doesn't make any difference. If the bank gets its cut from a daily max transaction of 2million, or its still gets the same percentage on the same amount cut across everyday of the month.

Yeah!!!your head dey there...have u heard of interswitch....to get their POS is 85k nd is good n u are free from bank wahala or good to go...so join d circle n be okaY...Banks POS are rubbish just go for inter switch POS that one is instant debit and crediting.with just 85k.[/quote]

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!

My bank charges me 0.5% per transaction not 0.75%.
Also it has a max commission cap of 2k, no matter the size of amount recieved per transaction, the max the bank can take is 2k.
Also, my bank doesn't require any weekly submmision of reciepts, infact the only time the bank calls u is if y dnt make any transaction on the POS for more than a month.
Also i prefer not to print my merchant copy, this system saves me POS paper. I just record.
My bank is FCMB and i have been using it for 3yrs running.

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

Ologogoro:


It doesn't accept Visa Card

true though

OP when requesting for a POS, don't use restaurant, hotel or supermarket as type of business(even if it is)
Use regular shop or wholesale warehouse as type of business,
Hotels and Co have a .75% charge, regular shops have a .5% charge while wholesale warehouse has a .2% charge.
The petrol filling stations have a 0% charge.

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

1%
Wow that is broad day fraud!!!.
BTW does GTB charge u for issuing POS?
I taught it's supposed to be free even the initial 5rolls of paper.

mofresh:
Yeah!!!your head dey there...have u heard of interswitch....to get their POS is 85k nd is good n u are free from bank wahala or good to go...so join d circle n be okaY...Banks POS are rubbish just go for inter switch POS that one is instant debit and crediting.with just 85k.

85k.
So what's their commission like?

lilfreezy:

Oh, OK thanks

But I think it doesn't make any difference. If the bank gets its cut from a daily max transaction of 2million, or its still gets the same percentage on the same amount cut across everyday of the month.

U dnt get.
It's per transaction. Not daily.
This is to prevent the banks from collecting overly outrageous sums per transaction.

TroubleMaker47:

1%
Wow that is broad day fraud!!!.
BTW does GTB charge u for issuing POS?
I taught it's supposed to be free even the initial 5rolls of paper.

my account officer I guess got mine from gtb there are some who run the business and has access and fcmb pos the % is outrageous but still it will be the customer who will pay for the value deducted cos on a norms on 5k I shouldn't charge more than #100 but instead I charge #200

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!

I am surprised to see this post because just this week I started using POS from my bank. Wen the marketer was selling the dea, I totally she meant 0.75%which is like 0.0075. Wen I saw payment of 3k deducting by 22.5 naira (meaning 0.75), I shouted. Most annoyingly, the part is dat u will wait till the nxt day before it reflects i n alerts.

However, they didn't tell me to be bringing the slips, them no fit try am. Otherwise, I will tell the marketer to come and be collecting it her self.

Please others share ur experiences. I dnt know why u are not mentioneing ur bank names. Pls I want the best service, say ur bank names me am gt bank.

Am even cosidrin microfinance banks that can issue pos if there plan is better. Because I dnt see y I keep making money for this ppl am wen I need a loan dey will start to sharpen their knives and shears....

lilfreezy:
0.75% you say 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

Actually FCMB have a commission cap per transaction of 2k so if recieve a 20million payment u still get a 2k commission deduction

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!

if u want, I can get u 100 Android POS for #75,000 each and link it for u

haryorbarmie83:
How much does it take to get a pos.

80k

lawrence35:
I think phone transfer is far better than this POS thing, but bigger businesses with staffs need it Sha.


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Phone transfer is far more risky and frustrating.
1) some alerts takes hours to come,

Also i hv been in a situation where i make a trasfer of 250k and due to the fact that alert takes times, i quickly showed him my debit alert which he confirmed himself(he is my customer).
After leaving the place i got a reversal of the transferred money back to my account!!.
It came something like dis..
" Debit alert. -250,000 dr from ac 52****012, new balance; ..."
It got me wondering, what if it happened to a dishonest person?
Leave oo. This country is a pool hole!

me sef no understand anything here. I come read comments but no body dey talk sense wey I go understand.

Thanks for this post, I use Heritage bank and they charge 1% per transaction, their network coverage is too poor.

please! Can you suggest a better bank and how do we go about it.

TroubleMaker47:
When OP when requesting for a POS, don't use restaurant, hotel or supermarket as type of business(even if it is)
Use regular shop or wholesale warehouse as type of business,
Hotels and Co have a .75% charge, regular shops have a .5% charge while wholesale warehouse has a .2% charge.
The petrol filling stations have a 0% charge.

The policy has been revised, it's now 1% across board for every type of business.

Seems like cbn policies on tariffs are generally rigged in favour of the banks since the bank ceos fund the lifestyles of the cbn top dogs. Why should they charge any commission for transactions when they are collecting cot already? The fair deal is to amortize the pos terminal cost over a period, and then charge reasonable management fee either per quarter or per annum. You charge on money coming in, then you charge on the same money going out. That's just fraud. Nigerian banks are ripping-off their customers on an incredible scale

Dear OP,

Only an analogue bank would require a POS Merchant to come to the bank with sales receipts when a serious digital bank like Fidelity bank Plc sets up their POS merchants on a portal called OLYMPOS where transaction reports are viewed, and downloaded by their POS merchants in real-time.

POS Models:

Below are approved POS models for your business needs.

1. XGD G2 (GPRS) (Global Accelerex Terminal)@ Unit cost of N67,000.
2. Orange Box 7210 (GPRS and Wi-Fi) @ Unit cost of N65,000.
3. Pax S90 (GPRS)@ Unit cost of N71,000.

Note that POS transaction fee is 0.75% capped at N1,200. (the maximum charge for POS transactions is N1,200)

You may want to go to CBN website and read up the full details yourself.

lizarazus:
Good Morning, 1st of all, u don't have to go to the bank for reconciliation. u can do that on your own. what you should ask from your bank is your POS TRANSACTION STATEMENT. it depends on how frequently you would like to get it. u can then reconcile with your bank statement. you can also negotiate the charge on POS depending on the volume of transaction. some banks will still go as low as 0.2%. Good Luck.

Bro, show me the way naa. If u know any bank that can do that I will open acct with them.

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? I want pos that can scan qr code information and stamp it with time and date on a database. csv or xls. Pls if u understand, pm me. But am not in for an exorbitant price. Give ur quotation to zerisoftacademy@gmail.com

lilfreezy:
0.75% you say 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

The way you stated...”if I make..”, make it sound as if the 0.75% is taken from your profit.

It is coming from your revenue, which includes the cost of the goods.

TroubleMaker47:

U dnt get.
It's per transaction. Not daily.
This is to prevent the banks from collect overly outrageous sums per transaction.

Doesn't make the difference mathematically

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

Oga I disagree with u. If the pay is coming in 3k, 5k, 2k etc, they will make the money in months so 20m still 150k

Who has any experience with that of Access Bank Please?

I'm also looking for a pos software that can process and record our transactions, upc/ean barcode information and can be accessed online if required.

GidiWoodsMan:


The policy has been revised, it's now 1% across board for every type of business.

Seems like cbn policies on tariffs are generally rigged in favour of the banks since the bank ceos fund the lifestyles of the cbn top dogs. Why should they charge any commission for transactions when they are collecting cot already? The fair deal is to amortize the pos terminal cost over a period, and then charge reasonable management fee either per quarter or per annum. You charge on money coming in, then you charge on the same money going out. That's just fraud. Nigerian banks are ripping-off their customers on an incredible scale

1% since when?
Cuz as at last week when i did my check and balances, it was still 0.5%

Nymeria247:
Dear OP,

Only an analogue bank would require a POS Merchant to come to the bank with sales receipts when a serious digital bank like Fidelity bank Plc sets up their POS merchants on a portal called OLYMPOS where transaction reports are viewed, and downloaded by their POS merchants in real-time.

POS Models:

Below are approved POS models for your business needs.

1. XGD G2 (GPRS) (Global Accelerex Terminal)@ Unit cost of N67,000.
2. Orange Box 7210 (GPRS and Wi-Fi) @ Unit cost of N65,000.
3. Pax S90 (GPRS)@ Unit cost of N71,000.

Note that POS transaction fee is 0.75% capped at N1,200. (the maximum charge for POS transactions is N1,200)

You may want to go to CBN website and read up the full details yourself.

Sorry is this charge per transaction?

Please house, I feel this topic is actually meant for me coz I wanted to start an agency bank but still looking for the best means of getting POS machine, I will appreciate it if someone can really enlighten me on the best way to get it started with little cost. Thanks