How to Use a POS Machine in Nigeria

A POS machine is a modern, widely used device for receiving payments. It provides receipts and accepts a variety of credit and debit card payments. Over the years, POS devices have improved, and the ones available now are more sophisticated and user-friendly. Some employ an automated sensor, while others need you to enter your PIN as confirmation before approving the payment. I’ll discuss how to use POS machines in Nigeria for payments in this post. Point of sale is another name for POS.

What occurs when you make a purchase using your debit card? Your savings or current account is deducted when you use your card to make a purchase at a POS.

Businesses and merchants can accept card payments more easily thanks to POS equipment. By tapping a few buttons, you can quickly and easily complete transactions with them. Additionally, it aids in improved accounting for enterprises. There are no complicated procedures to go through in order to obtain a POS machine for your company, and using one is fairly simple.

We’ll go into more detail about using a POS machine in this piece, along with the requirements and procedures you’ll need to follow to get one for your company.

You must meet certain requirements to obtain a POS machine. It is critical to obtain a POS machine from a bank with which you already have an account because it simplifies the entire process. Most banks require you to open a current account before you can obtain a POS machine. To be eligible, banks such as Union Bank, GTBank, and Zenith Bank will require you to open a current bank account with them and deposit funds into that account. You must complete the current account opening form and provide two referees who are current account holders with the same bank.

While you may be permitted to obtain two referees from a different bank, you should seek those from 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 many banks, you are not required to open a current account with all banks if you have a savings account with them. If you already have a savings account with Firstbank, Access Bank, or UBA, you will not be required to open a current account.

You will be given the POS agent registration form to open your agent account once you have met all of the account requirements. When filling out the POS agent registration form with your information. Take your time reading the terms and conditions of the partnership with the bank before beginning to fill out the form and signing.

Your bank will send you an SMS once your agent account is open letting you know that you are now a mobile POS agent and that you can download their agent banking app or mobile POS app.

To begin using the Mobile POS app to conduct transactions, you might download it from the play store on your mobile device and activate it. To begin transacting, you could also activate the POS USSD code for your bank’s mobile banking service. Once you have finished registering as a POS agent, a text message including the USSD code will be sent to your mobile device. You can conduct all transactions with the POS USSD code just like you do with the POS mobile app.

With your mobile POS app or the USSD code, you will have to carry out bank-related.

OPay POS System

One of the top mobile money providers in Nigeria is OPay. Opera News and the Opera Mini browser are owned by a Chinese firm called OPay. You must set up an OPay agent account in order to purchase an OPay POS device. The OPay app must be downloaded and installed from the Google Play store. Once the installation has been completed, create an account and go to the agent level.

As an OPay agent, you will be able to assist your clients with utility bill payments, money transfers, and withdrawals. In contrast to traditional banks, OPay will take some time to deliver a POS equipment. Before you may apply for a loan, you must complete a few transactions on your account.

You will have to also fill the OPay POS application and provide the following information;

• BVN number
• Utility bill
• Passport photographs
• Valid identity card
• First name and surname
• Shop or company address.
• Once provided and when you meet the threshold, you will be given a free OPay POS machine.

Final observations

POS businesses are an additional source of revenue in addition to your current business or job.

But before you start, you must conduct adequate research. Hopefully, after reading the aforementioned instructions, you can now decide how to go about creating your own POS firm. We have articles on more business concepts that don’t cost anything.