As a business owner, collecting payments is the most important aspect of your business.
Why? Because the more payment options you have, the more money your business can make. Usually, customers pay with their cards if they don’t bring enough cash to buy everything they need.
However, if they don’t have any cash or didn’t bring along their card, you could always receive a transfer from them rather than lose the chance to make money. This is why it is important to have multiple options, that allow you to accept cash, card or transfer etc
This makes business owners sceptical about receiving transfers altogether from their customers, no matter who they are. But what if a customer didn’t bring along their card or have any cash on them and genuinely sees transferring money as the most convenient way to pay you? Would you send them away and miss out on getting paid?
Now, this is where most business owners have a problem. If you’ve ever received a fake alert, you’ll understand why. A fake alert happens when a customer sends a fabricated receipt or bank notification stating they’ve sent the money needed to complete a transaction. In reality, you can spend ten years and never receive that money. That’s why we came up with the latest update for our Moniepoint POS terminals. With the new update, you can receive transfers from your customers without worrying about any form of fraud. Let’s show you how:
Make sure your POS terminal is upgraded to the latest version. If you don’t have a POS, learn how to get a Moniepoint POS terminal
Once the update is complete, you’ll now see the option to accept POS transfers is available.
Next, share your POS terminal’s account number with the customer willing to make a transfer.
Once that’s done, you will be required to accept each transfer on your POS terminal that the customer has made.
Next, you’ll see the transaction details along with the customer’s image
Your POS terminal will print a receipt immediately, and your account gets credited in no time.
It’s that easy. When a customer asks you for your account number and needs to do a transfer, you can call it out with a smile because you know we have you covered at Moniepoint. If you haven’t already, open a Moniepoint account today and get more secure payment options for your business.
- It reduces fraud and fraud liability - as transactions and the senders are validated through the BVN image to protect business owners from receiving fraudulent transfers.
- Business owners can delegate to their staff or salesperson and confirm transfer inflows conveniently, even when they are not around or when the transactions are processed by their staff.
- Receipts can be printed for transfer payments.
- Business owners can instantly initiate a refund for any transfer they want to reject, where value was not given, or the identity of the sender is in doubt.
- As a cardless transaction, business owners can now render services to customers that do not have their cards.
A dedicated account is created for each terminal specifically to receive POS Transfers before the settlement is processed instantly to the business owner's account.
The dedicated account number is displayed on the POS under POS Transfer, and business owners or their staff can easily share with customers to receive funds. It is specifically for customers that are physically present so it is easy to
validate their image for due diligence/KYC).
The transaction fees is 0.5% capped at N100, however, select business owners with massive transaction volume will get an optional fee concession soon.
The existing cashback on withdrawal will also be extended to POS Transfers soon.
Business owners with full KYC will enjoy the same limit they currently have on their profile for the normal transfers and have up to a N25 million cumulative daily limit.
Business owners with pending KYC have N900,000 as the maximum limit per POS Transfer and N5 million daily cumulative.