You will agree with me that Guaranty Trust Bank, GTBank is one of the major banks in Nigeria with millions of customers. So, most businesses are looking to get a POS Machine from GTBank. In this post, I will show you just how to do that.
The introduction of the POS Machine by the Central Bank of Nigeria has brought a great sense of relief and ease to carry out transactions for many businesses and it has also been a source of income for many hustlers.
What is a POS Machine? A POS (Point Of Sale) Machine is a portable electronic device that allows businesses to accept bank card payments for transactions.
A lot of small business owners find the use of POS terminals as a payment option preferable to cash. This option eliminates the problem of not having the exact change for customers during transactions, and it also minimises employee and bandit theft.
Initially, this payment solution was introduced to the Nigerian business space by the Central Bank as a way of reducing the volume of cash transactions, as well as managing the risks associated with handling cash. In addition, it also encouraged the spread of electronic payment systems across the board.
The POS Machine has become very common that it is being used even in the smallest supermarkets.
Benefits of a POS Machine for Your Business
- It is a faster and quicker way of completing transactions
- It reduces the risk of robbery and theft
- It removes the quest and struggles for “change” because the exact amount is charged from the customers’ account.
- It reduces bank congestion as your money is credited directly yo your bank account without any rush to go and deposit cash in the bank.
- Collections management
- Receive instant value for payments made
- Reduced cash handling charges
- Improved account reconciliation
- Eliminates the hassles of clearing & confirming cheques
POS Machines are issued by Banks. Here is a list of banks and companies that issue POS Machines for businesses
How to get Pos Machine from GTBank
To get a POS Machine from GTBank, you must do the following:
- You will need a Business Current Account. You can download a brochure here to see what the requirements are.
- You then need to either e-mail [email protected], go to your branch or speak to your account officer. You should get a specific POS request form as well as an agreement document to sign.
- Following all checks and approval of the account, you should receive your POS in about 14 days, delivered to your business address. Please note that POS terminals are offered for free, however, for each payment you accept, a fee of 0.75% is deducted for the services provided which include routine free maintenance of the units.
List of Other Banks and Companies that Offer POS Business in Nigeria
2. Access Bank or Diamond Bank
4. Zenith Bank
6. Fidelity Bank.
7. Polaris Bank
10. Mtn MoMo
12. Kudi e.t.c.
How to Keep your POS Machine working Perfectly Well
To keep your Pos Machine in perfect condition, there are a few little but important things you must do regularly. These are
- Back it up: Even though you’d like like to think that your servers are immune to the catastrophes others have experienced, you absolutely must back up your data regularly. Create a regular system for backing up your data, and make sure you have an employee who is accountable for ensuring that the process is completed each day
- Keep your hardware clean: Don’t underestimate the damage that can be caused by mistreating POS hardware. The hardware gets heavy use and is dropped and spilt on with some regularity. By taking the time to clean and maintain the equipment, you can avoid service interruptions.
- Purge old data: Just like your personal computer, your POS system can get bogged down when its full of old, useless information. Help it perform its best by regularly purging the data that’s no longer needed. This could include customer information, reports, items, receivables, or products.