If you run a shop, a store, a shopping mall, or provide goods and services in Nigeria, you should be preparing your business for the CBN’s cashless policy to take effect as soon as possible. How prepared is your company to accept e-payments from clients who wish to shop without using cash and instead use electronic payment solutions? Have you been implementing e-payment solutions in your company, shops, or stores?
We show e-payment solutions that merchants should seriously consider in order for their business to run successfully in a cashless Nigeria in this post. It is important to note that a cashless Nigeria does not imply that people will stop using cash to shop. Even after that, there will still be a lot of cash in circulation.
Some of your consumers, on the other hand, will prefer to buy using e-payment options in order to stay within their CBN daily cash limit and avoid paying the high cash handling fees.
Customers would appreciate the convenience of using e-payment solutions to pay for your goods and services if you provide one at your shop or business.
Furthermore, if you are offering high-value things, such as goods and services costing 50,000 Naira, 100,000 Naira, or more, you should definitely explore e-payment options, as we believe that such buyers will prefer it.
For the record, an e-payment solution is one that allows your customers to pay for your goods and services electronically rather than with cash.
They simply authorize payment to you after purchasing, and the value of what they purchased will be electronically sent to your bank account or e-wallet, depending on the situation.
Adopting epayment solutions will, of course, reduce the quantity of cash you receive in your firm, lowering your costs by eliminating the high transaction costs associated with putting cash into your account.
You can also offer minor incentives to encourage your consumers to pay using their credit cards.
Here are some e-payment options for your company, store, or shopping mall:
Point of Sale PoS e-Payment Solution
A point of sale terminal, sometimes known as a PoS terminal, is a portable device that allows customers to pay for goods and services using electronic payment cards such as ATM/Debit and credit cards.
Customers will be able to use e-payment cards like InterSwitch Verve, MasterCard, Visa, eTranzact, and others to pay for goods and services at checkout if a merchant installs a PoS terminal in his or her store, super market, shopping mall, boutiques, or company office.
Your bank is linked to the PoS terminal. After shopping, the customer delivers his e-payment card to your teller, who slots or swipes it into the POS terminal, depending on the terminal’s configuration, and enters the value of the items or services the customer purchased into the device.
The customer examines the bill and authorizes payment by inputting his or her personal identification number (PIN). If everything goes smoothly, funds will be electronically transferred from the shopper’s account to your bank’s merchant account.
Your consumers can spend up to 3,000,000 Naira on things purchased from your shop using their e-payment cards, eliminating the need to carry cash.
Furthermore, depending on your PoS terminal, you may be able to provide money transfer services as well as sell recharge cards, as most PoS machines can print them.
You can also work for your bank as a cash withdrawal agent or collection point, where consumers can use their cards to withdraw cash.
This is advantageous in two ways. As an agent, you get a commission from your bank for each transaction, and you also limit the amount of cash you’ll have to deposit with the bank at the end of the day, lowering your processing fees.
To obtain a PoS terminal, contact your bank’s customer service department. A current account will be required of you. Some banks may provide PoS at a reduced rate.
So, get in touch with your bank. To minimize confusion, make sure the logos of the e-payment cards you accept are prominently displayed in your company location.