New Update: Receive Transfer payments with your POS

August 10, 2022

It’s not enough for Moniepoint to have a POS that is popular across Nigeria for delivering the most reliable network to transfer money, accept payments and pay bills. We have to work hard every day to learn about your needs and add new features that improve the experience of running your business. That’s why our latest update is something we believe you’d be excited to hear.

A new way to transfer

The new update allows business owners to receive transfers with their POS. In our opinion, this is one of the most secure ways to receive money directly to your business bank account. 

What is so special about POS transfers?

  1. Business owners get tamper-proof records of all money transferred to their business account.
  2. Business owners never have to deal with fake alert fraud.
  3. Business owners are protected from fraud cases as they are able to validate the client through the BVN image.
  4. Business owners automate refunds when they reject a transfer.
  5. You get to print receipts for all transfers

How do you get this update?

  • Close the app market (if open) and then relaunch it,
  • Swipe left on the homepage until you get to the ‘Manager tab’,
  • Click on ‘installation packages,
  • Then click ‘delete all’ at the bottom, and,
  • Go back to the homepage tab and download the new version.

To stay updated on all the amazing features we have planned to empower business owners, stick with us at Moniepoint. 

What are the unique benefits of POS Transfer?

  • 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.

What account number is used for POS Transfer?

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).

What is the transaction fee?

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.

What is the transaction limit?

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.

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