A UBA POS machine is a device that allows for considerably more convenient payment of products and services. In general, point of sale (POS) terminals have become increasingly popular in recent years, and various commercial, microfinance, and fintech firms have hopped on the bandwagon. The UBA POS machine is still one of the most popular today, and we’ll go over all you need to know about it in this post.
What exactly is a point-of-sale (POS) machine?
A point-of-sale (POS) machine is a gadget that has aided in the achievement of cashless banking aims. They are, in essence, a means of conducting business, receiving payments, and performing other banking-related transactions. The following are some of the features of a POS machine:
After you’ve made a purchase, you’ll need to make payments.
It accepts all major credit cards, including Verve, MasterCard, and Visa.
Online transaction history is available.
Other value-added services, such as airtime and utility bills, are also transacted.
What are the advantages of employing a point-of-sale machine?
The following are some of the advantages of using a POS machine:
- Increased sales as customers are now able to spend more because they are paying with their credit cards.
- Customer satisfaction would be improved if payment options were more flexible.
- A POS machine speeds up checkout and eliminates long lines, bill counting, and waiting to write a check.
- It enables clients to travel around without having to carry cash, so increasing their safety.
- Some POS devices generate revenue through cashback transactions, providing a source of additional revenue for the merchant.
What are the services provided by a UBA POS Machine agent?
A UBA money or banking agent is sometimes known as a UBA POS machine agent. Essentially, the individual serves as an extension of UBA banking transactions, mostly to the area’s unbanked or underbanked. As a result, your role as an agent is to deliver the following services:
- Account opening
- Customer care services
- Cash deposit and withdrawal
- Money transfer
What are the prerequisites for becoming a merchant with a UBA POS machine?
To be considered a merchant, you and your company must meet the following criteria:
- It’s reserved for established enterprises and store owners who routinely trade goods and services.
- As a merchant, you can operate as a one-man operation or as part of a larger network, such as a store, a small business, a trader, a retail chain, or a significant distributor chain for large organizations.
- Hospitals, organized transportation, hotels, airlines, and other service providers qualify.
- Petroleum, gas stations, and oil stations are all eligible for a POS.
- Schools, mosques, professional groups, churches, and embassies are examples of institutions.
- You must have a permanent business address, a POS account set up for direct deposit, and fill out a KYC form.
It’s worth noting that a POS machine is quite costly. As a result, UBA prefers merchants having a monthly turnover of N1,000,000 or N35,00 every day. Access to the POS terminal should also be restricted by the company.
What is the procedure for obtaining a UBA POS machine?
The following is a step-by-step guide to getting a UBA POS machine:
Step 1: choose a merchant and fill out the enrollment form. This information is available on the internet.
Step 2: Have your company’s top decision-maker fill out the form.
Step 3: Scan the form. After that, take it to the local business office and deliver it there.
Step 4: Log in to the e-Banking help desk (first step to request for a POS)
Step 5: Create a new log and pick e-banking from the drop-down menu. Please wait for the page to load.
Step 6: Select request from the request type drop-down menu. A pop up would appear after selecting the request.
Step 7: Select POS from the class menu.
Step 8: Select POS – TAMS (POS multi-card acceptance) as the request type. This is a subcategory of POS.
Step 9: complete all of the required fields on the page and click continue.
Step 10: Attach the requested scanned mandates to the new page that appears and click submit. Your application will not be complete without the scanned papers.
Step 11: Your application will be assigned a tracking number in the form of IT23534XXXXXX
Step 12: After that, e-banking assistance will contact you to arrange a deployment date. It differs based on where you live.
Step 13: The TAT for Lagos is around three working days, whereas the TAT for locations outside of Lagos is five to seven working days.
One of the advocates of cashless banking are point-of-sale machines. In essence, they benefit all parties involved, including the customer, the business owner, and the bank, making transactions easier. As a result, depending on the size of your business, you might opt to become a UBA POS machine agent right now.