Since the introduction of cashless policy in Nigeria, the Point Of Sale[POS] business is unarguably one of the best thriving businesses in Nigeria. The POS business has continued to witness unprecedented surge due to the constant patronage from Nigerians who want seamless financial transactions. However, you can get a POS machine from Fintech companies or commercial banks but for the purpose of this article, we’re going to focus on the best commercial banks that offer POS machines.
Hence if you’ve made up your mind that you want to get a POS machine from a commercial bank, it is best to opt for a commercial bank that offers best POS services. And we’re glad to inform you that at the end of this write up, you will be able to choose the commercial bank that suits the kind of POS machine you want.
Factors To Consider While Choosing Banks For POS Business
Before we conclude that some banks are best for POS business there are some factors that stand them out among their contemporaries. Hence, before you opt for a POS from a commercial bank it will make sense if you take some factors into consideration. The factors to consider include:
1. Transaction Fee: Commercial banks with low transaction fees are ideal for POS business.
2. Network Coverage: Commercial banks with wide network coverage is a perfect option to consider when going for a POS machine.
3. Transaction Processing: When going to get a POS machine from a commercial bank, it is best to consider the rate at which the process their financial transaction, the higher the processing speed, the better it becomes for POS business.
4. Agent Commission: It is better to get your POS machine from a commercial bank that pays higher agent commission to their agents/representative because this will directly translate to your gain as their agent.
5. Customer Service: Before you get a POS machine from a commercial bank, it is best to ascertain how the banks relate with their customer.
Which Bank Is Best For POS Business?
Which bank is best for POS business? This is a pressing question that we are going to be tackling in this section. This question is important because most people that want to venture into the POS business don’t really know the best POS machine to opt for, but be rest assured that after going through this section thoroughly you will be able to choose the one that is best for you. Without further ado, we have listed the best commercial banks for POS business starting from the least to the best.
1. Polaris Bank
Perhaps you may have heard about SurePadi POS, it is a POS machine that is issued by Polaris bank to their POS agents. It is one of the best POS machines and it falls as the least POS machine in our best POS list. It has a comparatively low withdrawal charge.
Polaris SurePadi POS Charges
The SurePadi POS charges are summarized below:
- All fund transfers, Polaris bank charges a flat rate of N40.
- Cash withdrawals, they charge 0.75% of the amount withdrawn.
- Bill payment, Polaris charges N100 fees for all bill payment.
- Polaris to Polaris deposit, they charge 0.5% of the amount deposited.
2. Stanbic IBTC Bank
Stanbic IBTC Bank is renowned for its commitment to technology-driven solutions. As such, their POS services are tailored to cater to the needs of modern businesses. The bank’s POS terminals are EMV compliant which ensures the highest level of security for each transaction. Stanbic IBTC Bank’s competitive transaction fees and reliable support services make them an attractive option for businesses focused on efficiency and growth.
3. Access Bank
This is also a good commercial bank that has a good POS machine that an intending POS agent can opt for. The Access bank owns and issues an Access Closa Agent POS machine. Their charges are comparatively low and they also offer good services too.
Access Bank POS Machine Charges
- Access bank charges N400 for withdrawal between N16,000 to N20,00.
- You will also be charged N300 for withdrawal between N11,000 to N15,000.
- Access will charge N200 for withdrawal between N6,000 to N10,000.
- Access bank charges N100 for withdrawal between N1 to N5,000.
4. United Bank Of Africa [UBA]
This is another commercial bank that has a good POS machine. The United Bank of Africa mobile banking agency is called UBA Moni. UBA is one of the commercial banks that offers the best POS machine to its agent because of its low transaction fees.
Apart from the fact that the UBA POS fees are relatively cheap, its daily target is achievable most especially if you’re located at a financial hub. In the real term, all the POS agents at UBA are given a monthly target of N1,000,000 which is achievable if your POS center is located in a city where people carry out transactions daily.
Advantages Of Using UBA POS Machine
From the foregoing, you’ll agree with me that there a numerous benefits accruing from using UBA POS, they include:
- UBA will give you a free card reader immediately after registration
- There are no additional or hidden fees for using the card reader.
- You can access tens of different commercial banks across Nigeria with a single account number.
- It has internet banking which fastens the POS service.
United Bank of Africa POS Machine charges
UBA POS machine fees range from N50 and above. Their agent enjoys 70% commission which depends on the kind of transaction done. The table below summarizes it.
|Type of Transaction||Fee||Agent’s Commission||UBA’s Commission|
|Interbank TransferN5001 – N50,000||100||70.53||29.47|
5. First City Monument Bank [FCMB]
This is also a good commercial bank that has a good POS machine that is worth giving a trial if you intend to get a POS machine because of its cheap transaction rate. However, before you can get a POS machine from FCMB, you’re expected to meet some eligibility criteria like having a functional FCMB account, an existing business in good shape, you’ll also be required to provide your residential address, a valid means of identification etc.
First City Monument Bank POS Charges
FCMB POS charges is totally dependent on the kind of business you’re doing, having said that, the charges are listed below:
- FCMB charges 0.75% for all kinds of retailing businesses.
- FCMB charges 0.2% for wholesale businesses.
- They also charge 1.25% for hotels
6. Zenith Bank
Zenith bank is one of the leading commercial banks in Nigeria and the good news is that they have a very good POS machine that is among the best in the country. Their charges are relatively low with a wide customer base. The Zenith bank POS agents can make lots of profits because of the bank’s good services.
Zenith Bank POS Charges
- The least commission that a Zenith bank POS agent can get is about 45% of the amount transacted.
- For withdrawals between N1 to N100,000, the agents are required to charge fees between N50 to N300.
- For deposits between N1 to N100,000, the agents are required to charge fees between N50 to N300.
- Their agents are required to charge 1.2% for transactions that are above N2,000.
Firstbank is the second best POS machine in our list. Their digital banking system is called Firstmonie. However, before you can acquire a POS machine from Firstbank you are expected to have a current account with at least N500,000 monthly transaction. Not only that, corporate accounts are not accepted but they may accept personal current accounts.
Firstbank POS Machine Charges
Their charges is relatively friendly, hence you may have been seeing their POS agent[Firstmonie] within your locality, their charges are enumerated below:
- It charges N200 flat rate for transactions above N100,000
- Firstbank charges N100 for transactions between N5001 to N 30,000
- It charges N50 for transactions between N1 to N5,000.
- Firstbank also charges N150 for transactions between N30,001 to N100,000.
8. Wema Bank
In our list, Wema bank is the commercial bank with the best POS machine. Their online banking system is known as WemaPay. Because of their friendly charges and their relationship with its customers, many intending POS agents are opting for it.
Wema Bank Charges
Interestingly, Wema bank charges very little fees when you withdraw a small amount of money, but may not even charge you a dime if you transact with a big amount depending on the kind of transaction you carry out.
- Wema bank charges N30 fee for withdrawals between N1,000 – N5,000
- They also charge N50 fee for withdrawals between N5,100 – N10,000.
Which POS Machine Is Best?
From our check, the best POS machine is WemaPay from Wema bank because of their friendly charges but it’s setback is that it has a low customer base.