UBA POS machine is one way of giving financial inclusions to individuals in rural areas. The UBA POS machine is used in shopping malls and could also be used to clear instant bills payment.
The UBA POS machine is designed to allow individuals to provide financial services and banking options to one another in situations where banking facilities are not available.
Through the UBA POS machine, individuals will be able to enjoy a convenient banking experience with adequate customer support, and this will be due to the closeness of the POS machine to their homes or businesses. Let’s walk through the basics of a POS machine.
What Is A POS machine?
POS simply stands for Point of Sale. The POS machine is portable and capable of facilitating payments of all kinds of goods and services at any merchant outlet using bank cards.
No doubt, a POS machine plays an important role in the enforcement of the cashless policy of different banking sectors. The use of POS machines has simply become a major means of funds withdrawal, and payment for business transactions.
Features of a POS Machine
Here are some of the features of POS machines:
- Bills payment
- Account balance enquiry
- Accepts all kinds of bank cards
- Airtime vending
What Are the Functions of the UBA POS machine?
A UBA POS machine is capable of carrying out the following functions:
● Cash withdrawal
Individuals can withdraw money from their bank accounts using the POS machine, but this will be dependent on how much the agent has.
● Cash deposit
With the UBA POS machine, individuals will also be able to deposit cash into other bank accounts, just as they could do at their banks.
● Fund transfers
Fund transfers can also be initiated using the UBA POS machine. Transfers are completed within minutes.
What Are UBA POS Charges Like?
The UBA POS machine is highly expensive. Therefore, merchants of the POS machines run a minimum of N1,000,000 monthly or about N35,000 daily. Charges on POS transactions range between NGN50 and NGN300, that’s about 45% commission.
Benefits of the UBA POS Machines
Some of the benefits of the UBA POS machines include:
- Increased sales as transactions will be easier to execute.
- Better customer satisfaction because payment method is flexible.
- Increased speed of checkout time.
- Safety is guaranteed as cash isn’t really needed.
How to Acquire a UBA POS Machine
You can easily acquire a UBA POS machine by simply following these stepwise procedures:
As a merchant, the first step is printing an enrollment form from UBA’s main website
Get the principal decision-maker of your business to fill up the POS request form
Scan through the mandate thoroughly, and submit the form to the nearest UBA branch
Proceed to the e-banking helpdesk on the UBA official page. Select new login and the electronic banking option.
The request type, class, and title will be demanded, select request for the request type, POS for the class, and TAMS for the title. After providing this information, click the “Continue” tab.
On the new page that pops up, click the “Browse” tab to attach a copy of the scanned mandate, submit it afterward.
You’ll be given a unique issue number for tracking your application, check your email for this issue number. This ends the application process.
There are several POS deployment dates available, UBA will contact you on yours via email.