POS transactions are the best! This is basically because payments are made easily and it relieves you of the stress of having to carry cash around. Banks have different POS charges, and they also don’t just give out POS to individuals, some things are required, let’s check out some of the requirements for a FirstBank POS.
Requirements For a FirstBank POS Machine
Getting a FirstBank POS machine requires you to have an account officer that will put you through the whole process. It’s not compulsory that you meet up with an account officer, you can also visit any FirstBank branch closest to you and make your inquiry. FirstBank officials are very welcoming and ready to give sufficient information at any time.
Below are some requirements for a FirstBank POS machine:
- 2 recent passport photographs
- Utility bill
- Certificate of business registration
- An active current account
- An average monthly turnover of about NGN 900,000 or above
- A proximal business location (close to commercial centers)
You really don’t have to provide all of these for a FirstBank POS machine, two of all the items listed below are enough as they will help you find a way around the rest.
What is FirstBank’s POS Charge?
Business owners seeking POS tend to ask this question. Well, FirstBank’s POS charges are quite affordable, and here is what they look like:
● For Cash deposit between N1 – >N100,000
The fee to customers here ranges between NGN50 – NGN200 and the agent commission is about 45%.
● For cash withdrawal between N1 – >N100,000
The fee to customers here ranges between NGN100 – NGN300 and the agent commission is about 50%.
● For intrabank Transfers between NGN1 – >NGN 100,000
The fee to customers for this kind of transaction ranges between NGN 100 – NGN 200. The agent commission is also about 45%.
● For Interbank Transfers between NGN1 – >NGN 100,000
The fee to customers here ranges between NGN100 – NGN250, and the agent commission is about 50%.
No doubts, standing in a queue to withdraw is quite herculean. Sometimes, the ATM can be faulty so it will require a little time before it activates.
Nigerians naturally, are not patient people, no one likes delay. So, finding a way to meet their wants on time gives you more opportunities to acquire more cash!
The POS business is quite lucrative especially when you have a good location. Discuss briefly the POS business? Yes!
What is POS Business?
This is basically an extension of the services offered by banks or other financial institutions/service providers to their consumers. It’s a comfortable means by which customers can carry out bank transactions without having to go to a bank branch some of these transactions include: cash payment, transfer, withdrawal, and lots more.
With POS, one can also pay for online subscriptions like GOTv, DSTv, Tax payment, Utility bills, Startimes, and lots more.
In Nigeria, a POS business is that strong link between consumers and financial institutions. You’ve probably been wondering what POS stands for well, it represents POINT OF SALE. Let’s check out some of the benefits of POS businesses in Nigeria.
Benefits of POS Business in Nigeria
There are several benefits of the POS business. Some of these benefits include:
- Better business opportunities for the young and old
- Reduces congestion of customers in financial institutions
- More job opportunities
- Cost-effectiveness
- Maximum customer satisfaction
- Adequate extension of bank services
Not only the first bank offers POS services, but other banks that offer POS businesses in Nigeria include:
- FCMB
- UBA
- Zenith Bank
- First Bank
- Polaris Bank
- Fidelity Bank
- Paga
- Quickteller
- Kudi
- Opay, and lots more
