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How to Use a POS Machine in Nigeria

How to Use a POS Machine in Nigeria? POS machines are meant to make it easier for businesses and merchants to collect card payments. They let you conduct transactions quickly and easily by hitting a few buttons. Additionally, it aids in the improvement of business bookkeeping. Utilizing a POS system is really simple, and you will not be required to go through any lengthy formalities in order to obtain one for your business.

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In this post, we’ll discuss how to operate a point-of-sale machine and the requirements and actions necessary to obtain one for your business.

How to Operate a Point-of-Sale Machine in Nigeria

WHAT IS A POS MACHINE?

A POS machine, also known as a point of sale terminal, is a portable electronic device that enables businesses and merchants to accept card payments from customers for goods and services in a real store location. Additionally, the machine enables mobile money agents to conduct all banking functions on behalf of consumers and receive a commission on each transaction.

HOW DOES THE POS MACHINE WORK IN REALITY?

When powered on, the buyer can insert their ATM or debit card and use their PIN to make a payment. The merchant account will be credited, and the payer’s account will receive notification of the debit. The machine is powered by a rechargeable battery.

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While the POS machine operates similarly to a phone and will require a unique SIM card for connectivity, the processing is enabled through inter-bank transfer services such as Etranzact or InterSwitch.

HOW TO USE A POS Machine IN NIGERIA

  • By hitting the power button, you can turn it on. The point-of-sale machine will activate with a beep.
  • Enter your password when prompted.
  • Ascertain if the machine contains a SIM card capable of providing connectivity. If there is, the point-of-sale system will connect and be prepared to collect payments.
  • The purchaser will place their debit card into the card slot.
  • You’ll enter both the amount the buyer intends to withdraw and the associated fees.
  • Allow the purchaser to enter and confirm their pin by pressing the enter button.
  • The request will be processed by the POS machine.
  • If the transaction is successful, the buyer’s account will be deducted and yours credited. There will be two receipts printed.
  • Distribute the buyer’s copy to the customer and retain the merchant’s copy for your records.

HOW TO OBTAIN A POS MACHINE FROM A Bank IN NIGERIA

To obtain a point-of-sale machine, certain standards must be met. It is critical to obtain a POS machine from a bank with which you already have an account, as this simplifies the entire process. To obtain a POS machine from the majority of banks, you must first create a current account with them. To be eligible, banks such as Union Bank, GTBank, and Zenith Bank will require you to open a current bank account with them and make a deposit into it. You must complete a current account application and give two references who are also current account holders with the same bank.

While you may be permitted to obtain two referees who are current account holders with a different bank, you should seek out those who are current account holders with the same bank to expedite the process. Banks such as Union Bank will require a minimum deposit of N2,500 to activate the account.

While this is true for the majority of banks, you are not required to create a current account with every bank if you already have a savings account with them. If you currently have a savings account with Firstbank, Access Bank, or UBA, they will not ask you to register a current account.

COMPLETE THE REGISTRATION FORM FOR POSITION AGENT

After you’ve met all account requirements, you’ll be sent the POS agent registration form to complete in order to open your agent account. When you complete the POS agent registration form. Before you begin submitting the form and signing, take the time to study the terms and conditions of the cooperation with the bank.

DOWNLOAD THE POINT OF SALE APP

After you’ve established your agent account, you’ll receive an SMS message from your bank informing you that you’ve been designated as a mobile POS agent and can now download their agent banking or mobile POS app.

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You can download the Mobile POS app from the play store on your mobile device and activate it to begin doing transactions. You could also begin transacting by activating your bank’s mobile banking POS USSD code. After completing your POS agent registration, the USSD code will be delivered to your mobile device through text message. You will be able to conduct all transactions using the POS USSD code, exactly as you would with the mobile POS app.

COMPLETE 25 TRANSACTIONS AS AN AGENT IN ORDER TO OBTAIN THE POS MACHINE

You will be required to conduct bank-related transactions via your mobile POS app or the USSD code.

OTHER POINT OF SALE MACHINES USED BY NON-BANKS IN NIGERIA

OPay Point of Sale Machine

OPay is one of Nigeria’s biggest mobile money agents. OPay is a Chinese technology company that owns the opera mini and opera news browsers. To obtain an OPay point-of-sale machine, you must first create an OPay agent account. To download and install the OPay app, navigate to the Google Play store. Once installed successfully, create an account and upgrade to the agent level.

As an OPay agent, you will be able to assist your customers with money withdrawals and transfers, as well as utility bill payments. Obtaining a POS machine through OPay will take longer than obtaining one from a traditional bank. Before you may apply for the OPay POS machine, you must complete a few transactions on your account.

Additionally, you must complete the OPay Point of Sale application and give the following information:

  • Utility bill with BVN number
  • Photographs of passports
  • A valid identification card
  • Initials and surname Address of the shop or company.
  • Once delivered and upon meeting the threshold, you will receive a complimentary OPay point-of-sale machine.

So far so good, we were able to give a detailed explanation on how to use a pos machine in Nigeria along with how the machine work and how we can easily obtain a pos machine from a bank.

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