Difference Between Bank pos and Fintech pos Review

Instantreviewng Reply September 13, 2022

 Difference Between Bank pos and Fintech pos Review. 



Before Fintech pos came into the agency banking business, it was a bank pos machine that most agents used and it wasn't easy to get. On the other hand, agents need it to have sufficient capital because the bank pos machine doesn't allow instant settlement, this means agents will have to wait for 24hrs before they can withdraw their fund and that is the more reason fintech pos like (Opay, Baxi, moniepoint, kudi,kolomoni) are better than the regular bank pos. 

Although Most banks have now implemented the instant settlement system at the same time, fintech pos is still better when starting pos business. 

Advantages of Bank pos machine

  • Free pos Machine: Most commercial banks give out their pos for free as long as the agent has been able to meet their terms and condition. and example of such is first bank with firstmonie pos. once the agent has been able to meet the target on the firstmonie agency app, such agent will be given a free pos
  • Access to loan: Ageny who make use of bank pos are most times consider as workers of that financila institution, so having accesss to loan is very easy 
  • Special Treatment: Commercial bank ageny banker always have this specila treatmect especially when it comes to cash withdrawal 

Advantages of Fintech pos machine

  • Commission: Ageny that make use of bank pos done enjoy commision on bill payment most of them will have to charge their customer before they can make profit from payment of bill
  • Constant update: Since agency banking is their primary business, they are alsways relasing constant update to ease the transaction of their agents
  • Charges Flexibility: Agent et to determine how much they will charge their customer after the company has deducted their own charges. Most bank pos charge from the customers bank and their agent are being paid at the end of the month
  • Availabily of pos device:  Pos machine is always available incase an agent want to swap or replace the device 

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