Problems Associated With Commercial Bank Pos And Its Sudden Disappearance From The Market
After thorough and rigorous findings on why commercial Bank POS is becoming scales in both retail stores and POS merchant outlets in Port Harcourt, it was discovered that several frustrations and losses meted on retail stores and POS merchant outlets were caused by commercial Bank POS.
THE PRESIDON GLOBALS, DE BARRY GLOBALS AND TU-ANDA GLOBAL SERVICES, are some of the Port Harcourt based businesses that have switched to FINTECH FIRMS.
Fintech Firms like MONIEPOINT and OPAY are gradually taking the lunch of commercial Banks in Nigeria as the majority of businesses are fast replacing the traditional Bank payment services with Fintech.
The Nigeria’s Naira redesign policy which resulted in a cash crunch for months compelled a lot of businesses to adopt a cashless payment using their cards and electronic transfers. During this era, bank transfers and electronic payments were adequately not functioning and were frustrating.
Sharing experiences with MR PRESIDENT, CEO OF THE PRESIDON GLOBALS, MRS DESTINY, CEO, OF DE BARRY GLOBALS AND MR BEN, CEO OF TU-ANDA GLOBAL SERVICES, they said bank POS disappointed them before dropping them for the new Fintech. They said alert do not drop until one o two days, and sometimes it may not even reflect until you go to the bank and begin the process of filing forms before your money will eventually drop into the account, so when they saw something smarter and better, they had no option but to switch.
They said with the Fintech services like MONIEPOINT and OPAY, business transactions are faster with lots of features and they make their money aside other sales.
The most painful aspect of using bank POS is network failure and delay when doing transactions coupled with their unfair bank charges. Most people in Port Harcourt use cards and when you do not have an active POS, you lose them and lose sales.
Using Fintech like MONIEPOINT and OPAY, if you have a failed transaction and the customer is debited, you can launch a reversal request for the customer instantly. The customer does not need to go to the bank and even when network is bad, they are still better than bank POS.
Most business owners in Port Harcourt say they have no regret switching to Fintech services.
This is a call for retail store owners and POS merchants to have a rethink if they must remain in business.
