I'm sure you are familiar with the saying, NOBODY HAS IT ALL? Good! This is also applicable to POS terminals — no POS machine has it all when it comes to agency banking. Let no one tell you otherwise.
To gain customers' trust and subsequently increase your customer base as a POS agent, you should have these four POS terminals in your shop: Opay, Moniepoint, PalmPay and Baxi. These terminals complement each other — where one is deficient, the other covers the gap.
I will compare and contrast these terminals under the following headings:
✅Network
✅Withdrawal
✅Deposit
✅Transfer
✅Bill Payments
✅Dispense Error
✅Instant Refund
✅Customer Service
✅Dispute Resolution
✅Business Loans
1️⃣ NETWORK
All four terminals have the network status feature. This shows you the network success rate of all banks in terms of withdrawal, transfer and bill payments to avoid dispense errors, failed or pending payments. Always check the success rate of all banks before initiating any transaction.
It will also interest you to know that all terminals don't give the same success rate all the time. OPay, for instance, might give 70% for withdrawals from a First Bank Master Card, but you might see Moniepoint or PalmPay success rate showing 92% on that same card. In a case such as this, always go for the best bet.
2️⃣ WITHDRAWAL
All four terminals are good at executing swift withdrawals as long as you check the success rates of all banks before initiating withdrawals for your customers.
However, there are times you might experience a dispense error with a customer's card despite having a 100% success rate. Yeah! After all, shit happens. In this case, you can count on OPay; it has the quick/instant refund feature. If the money is being held by OPay, your customer gets an instant reversal once you initiate the instant refund feature while the other three will advise you to wait for 24 hours.
3️⃣ DEPOSIT
When it comes to depositing money into a customer's account, OPay, Moniepoint and PalmPay give you the best feeling. There is always this fear of getting a pending deposit with Baxi.
Again, once OPay tells you a deposit is successful, it is successful. That money can never reverse to your wallet. Any form of complaint from a customer as regards delay in receiving the sent funds is definitely a problem from the customer's bank or probably from NIBBS. You can't say same with Moniepoint, PalmPay and Baxi. I have had an experience with Moniepoint and PalmPay where a successful deposit later reversed to my wallet after a few days of complaint from a customer.
Therefore, in terms of deposit, OPay is my first choice, followed by Moniepoint, then PalmPay. I am always pessimistic when it comes to using Baxi for deposit.
4️⃣ TRANSFER
You can use all four POS terminals to receive money from your customers. They are very swift.
5️⃣ BILL PAYMENTS
For bill payments, Baxi is top-notch. It is swift and gives you the best odds. You also get better commissions when you pay your bills on Baxi.
You can also use PalmPay for wider options. They have more options compared to Baxi, but the commissions you get from Baxi are just wow.
Moniepoint and OPay don't stand a chance when it comes to bill payments. OPay is even trying. But you can use them once in a while or when the first and second options fail to give you what you want.
6️⃣DISPENSE ERRORS
Dispense Error simply means debiting a customer's account for a failed card withdrawal.
You will barely experience dispense errors using any of these POS terminals: OPay, PalmPay, Moniepoint and Baxi. Should it happen, just log the failed transaction as dispute, and within 24 or 48 hours, the customer will get a reversal. The customer should be advised to contact or visit his/her bank if the money isn't reversed within the stated time. You may want to assist the customer by contacting his/her bank. This is what I do for my customers to save them the stress of going to their banks. Talking about reversal, all terminals expect Baxi reverse debited funds to customers' accounts. Baxi reverses to their agents' wallets, and their agents credit the customer's account afterwards.
In this regard, OPay is a step higher because it has the instant refund feature.
7️⃣INSTANT REFUND
This feature saves you from a lot of problems and gives your customer a particular level of satisfaction with your services. Unfortunately, only OPay has this feature, and it works like magic. If a withdrawal transaction fails but your customer is debited, open the transaction and click on QUICK REFUND. Advise the customer to check his/her account balance after a minute or two minutes. You will see your customer smiling at you. This happens ONLY when OPay is in possession of the funds.
8️⃣CUSTOMER SERVICE
The customer service of these MMOs are top-notch. They are ever ready to attend to your complaints and provide solutions in the shortest possible time.
9️⃣DISPUTE RESOLUTION
Generally, OPay's and Moniepoint's dispute resolution time is the fastest — 24 hours is 24 hours. This also depends on the type of dispute as there are disputes that take 3—5 working days to be resolved. But from personal experience, OPay and Moniepoint have the fastest time.
🔟 BUSINESS LOANS
OPay gives up to N2.5 million business loans to their agents whereas PalmPay and Baxi give up to N500,000 business loans to their agents with just a few clicks. Your loan amount increases as your transaction volume increases. In terms of interest rate, OPay has the best interest rate, followed by Baxi.
Moniepoint's business loan is exclusively for its merchants; that of agents has been put on hold until further notice.
In sum, the revelation has been made; it is now left for you to make your choice depending on what you do or want to do with a POS machine. You can ask me any question using the comment box.
Tags:
Articles