How to get a GTBank POS terminal in Nigeria

For business people wanting to accept card payments, here is how to get a POS for your business.

First of all, a POS terminal (point of sale terminal) is a portable device that allows you as a retailer or merchant collect payment from your customers using only their debit cards. So basically, instead of customers saying “Sorry, I don’t have cash today – come tomorrow”, you just take your terminal to them, they check and verify the amount on the screen, enter their PIN number and that’s it.

You also get more sales because where you were previously only able to cater to just customers carrying cash, you can now cater for customers who have no cash with them as well, plus you don’t have to wait for days for cheques to clear.

Various banks offer this service, and I am not partial in my reviews but for this post I will be concentrating on GTBank.

1. You will need a Business Current Account. You can download a brochure here to see what the requirements are. If the link doesn’t work, here is a back up copy: sme brochure-web

2. You then need to either e-mail sme@gtbank.com, 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.

3. 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 includes routine free maintenance of the units.

Hope this helps.

 

 

 

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