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<\/p>\nPOS machines are designed to make the collection of card payments easier for businesses and merchants. With them, you can carry out quick and easy transactions by pressing a few buttons. It also helps with better accounting in businesses. Using a POS machine is very easy and you won’t have to go through any long processes to get a POS machine for your business.<\/p>\n
In this post, we are going to go into the details of how to use a POS machine and the requirements and steps you will have to follow to get one for your business.<\/p>\n
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A POS machine or Point of Sale terminal machine is a portable electronic device that allows businesses and merchants to accept card payments for goods and services from customers at a physical store location. The machine also allows mobile money agents to perform all bank services for customers and earn a certain commission for each transaction.<\/p>\n
When powered on, the buyer will be able to slot in their ATM or debit card to make a payment using their PIN. The merchant account will get credited and there will be a notification of debit on the payer’s account. The machine is powered by a battery that needs to be recharged to keep it working. The POS machine work just like a phone and will require a special SIM for connectivity, however, the processing is facilitated by inter-bank transfer systems such as Etranzact or InterSwitch.<\/p>\n
To get a POS machine, you will have to meet some requirements. It is important to get a POS machine from a bank you already have an account with as this makes the entire process a lot easier. To get a POS machine at most banks, you will have to open a current account with the bank. Banks like Union Bank, GTBank, and Zenith bank will request that you open a current bank account with them and make a deposit into that account to be eligible. You will have to fill the current account opening form and provide two referees who are current account holders with the same bank.<\/p>\n
While you may be allowed to get two referees that are current account holders of a different bank, you should find those from the same bank to speed up the process. Banks like Union Bank will require a minimum of N2,500 to be deposited into the account upon activation.<\/p>\n
While this goes for many banks, you won’t have to open a current account with all banks as long as you have a savings account with them. Firstbank, Access bank, UBA will not require that you open a current account if you already have a savings account with them.<\/p>\n
When you have fulfilled all the account requirements, you will be given the POS agent registration form to open your agent account. When entering your details in the POS agent registration form. Take your time to read the terms and conditions of the partnership with the bank before you start filing the form and go ahead to sign.<\/p>\n
With your agent account open, you will receive an SMS message from your bank stating that you’re now a mobile POS agent and you can now download their agent banking app or mobile POS app.<\/p>\n
You could download the Mobile POS app from your mobile device’s play store and activate it to start carrying out transactions with it. You could also activate your bank’s mobile banking POS USSD code to start transacting. The USSD code will be sent to your mobile device via text message after you’ve completed your POS agent registration. With the POS USSD code, you will be able to perform all transactions just like the mobile POS app does.<\/p>\n
With your mobile POS app or the USSD code, you will have to carry out bank-related.<\/p>\n
OPay POS Machine<\/strong><\/p>\n OPay is one of the leading mobile money agents in Nigeria. OPay is a Chinese company that owns the opera mini browser and opera news. To get an OPay POS machine, you will have to register an OPay agent account. You will have to visit the Google play store to download and install the OPay app. Once successfully installed, register an account, and upgrade to agent level.<\/p>\n As an OPay agent, you will be able to help your customers withdraw and transfer money as well as pay their Utility bills. Getting a POS machine from OPay will take a while unlike getting one from regular banks. You will have to execute a few transactions on your account before you can apply for the OPay POS machine.<\/p>\n You will have to also fill the OPay POS application and provide the following information;<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" POS machines are designed to make the collection of card payments easier for businesses and merchants. With them, you can … <\/p>\n\n