A POS(Point Of Sale) terminal, more commonly called “POS machine” in Nigeria, is a portable device that allows businesses accept bank card payments for transactions.
POS terminals play a key role in the actualization of the cashless banking objectives as they become a more popular means of receiving payments and transacting business.
Payments for purchase
Accepts all Cards (Visa, MasterCard, Verve)
Other Value Added Services (Bill Payments, Air time vending)
Merchant has access to view transactions online real
Increased Sales: Buyers spend more with cards
Customer Satisfaction: Cardholders will flexibility of payment
Speed of Checkout: No more queues, no more counting of bills giving change or waiting to write cheques
Safety: With less cash, you are less vulnerable to theft and pilfering
Earn revenue on ‘Cash-back’ transactions: Buy goods, buy cash
Who are the target merchants?
Any established businesses or stores where there is trade of goods and service.
The merchants must have a permanent address of business, complete a KYC form and have an account for direct deposit by the assigned PoS.
Merchants could be one man business such as traders, stores, SME, retail chain of stores, distribution chain large corporates.
Traders/stores: Supermarkets, Pharmacies, Computer/IT & Allied, Electronics, etc.
Services: Courier companies, hospitals, dry-cleaning, organized transportation, restaurants, fast-food outlets, beauty shops, Hotels, Airlines, Stores at Airports, Travel Agency, Car Rental, etc.
Petroleum: Filling stations, Oil Marketers, Diesel delivery services, Gas refill stations, etc.
Wholesale: GSM dealers and shops, organized car dealers and repair outlets, FMCG distribution chain, etc.
Institutions: Embassies, Churches, Mosques, Schools, professional organization, etc.
What is the minimum size of merchant business to qualify for POS?
POS equipment is expensive. Therefore, we target merchants that do a minimum of N1,000,000 turnover per month, or N35,000 per day. The business should also have controlled access to the POS terminals.
Can a merchant have multiple POS machines?
Yes, a merchant with large area coverage or many cashier outlets with high turnover that is in multiples of N1,000,000 can have multiple PoS Machine.