ACCEPT RETAIL PAYMENTS FROM MULTIPLE CASH POINTS
RETAIL MERCHANT TERMINAL OPERATOR (RMTO)
THE CENTRAL BANK OF NIGERIA REDESIGN & CASHLESS POLICY; HOW IT CONCERNS YOU, GOING FORWARD!
Like you already know, the Central Bank of Nigeria (CBN) has come up with a Cash withdrawal limit policy for both individuals and Corporate Account holders. This is with regards to the launch of the new Naira notes.
The Central Bank of Nigeria (CBN) has mandated that:
- Maximum weekly cash withdrawals over the counter by individuals and corporate organizations will be N500,000.00 and N5,000,000.00 respectively.
What this implies is that you may start to lose some sales because there is now serious scarcity of the old currencies, talk more of the new notes despite the Supreme court verdict to allow us spend the old notes till 31st. December 2023.
what this implies is that customers would not have cash to make payments in your retail outlet or you outlet is comfortable with problems that may arise from transfers or stories of fake alert arising from transfers that are flying around.
While these problems linger, its important you have a reliable and dependable alternative to the existing channels of accepting payments for purchases at your outlet(s).
phoonePOS is an alternative for you to Collect Payments for goods and services in your location of business.
This solution is integrated to ALL Nigerian commercial banks.
THE phoonePOS Retail Merchant Terminal Operator (RMTO) OPPORTUNITY
- This is for retail outlets that have multiple sales terminal points
- This is for retail outlets that commercial banks cannot give enough POS terminals to Accept Payments in their retail outlets
- This is useful for retail outlets with 2 or more multiple sales terminal points; Shops, supermarkets, hotels, superstores, restaurants, bars, eateries, night clubs, transport companies, petrol filling stations etc.
- Retail Outlets that don't want to lose sales and customers, incase transfer payments do not go through as a result of bad internet network connectivity
- Useful for Retail outlets that do not accept transfers because of the problems of prevalent fake alerts
- Very important for retail outlets that believe in giving out discount incentives to their customers. They can opt into our retail accept discount program
WHAT IS phoonePOS RETAIL MERCHANT TERMINAL OPERATOR (RMTO) SERVICE?
phoonePOS Retail Merchant Terminal Operator (RMTO) is a unique module that is USSD powered Business to Customer (B2C) payment collection solution specifically designed for retail businesses with 2 or more payment collection points in a retail outlet. Basically there are 2 different types of retail payments.
- Retail payments done at small outlets like the mum and pop shops.
- Retail outlets with multiple sales points. This solution is targeted at businesses with multiple sales points. What this implies is that, these different sales points can accept payments from customers in a seamless manner to avoid queues and unnecessary delays at checkout point in these outlets.
HOW DOES phoonePOS TERMINAL OPERATOR RECEIVE PAYMENTS FROM CUSTOMERS?
The customer enters the retail outlet. Eg. Supermarkets, Shops, Pharmacy, Restaurant, Hotels, Bars, Petrol filling stations etc.
- The customer buys the goods they want. Upon completion of their purchase, they approach any of the Terminal Operators (TOs).
- The Terminal Operator (TO) will asks the customer which bank do they use, the custom will tell the Terminal Operator (TO) which bank their funds are domiciled in.
- The Terminal Operator (TO) would generate a string of USSD code. Eg. If the customer’s bank is First bank, the Terminal Operator (TO) would generate a string of code like *894*000*2354# and give the customer to dial on their phone.
- Once the customer dials that string of code, it would move cash from the customer’s bank account to the phoonePOS Account.
- Then the Terminal Operator (TO) would view the transaction menu to confirm the transaction was successful or not, before releasing the goods.
- Once the transaction is successful, the operator can then release the goods to the customer.
It is important to know that this payment transaction would be settled by the bank of the customer on a t+1 basis (t+1 means transaction + 1 day), this implies that the value of the funds would reflect on the next day, as stipulated by the Central Bank of Nigeria (CBN).
RMTO FEATURES
Its important to make accounting and reconciliation easy for outlets that sign up for the RMTO service.
These are some of the features of the RMTO module, that would make it easier for their businesses to thrive:
- The RMTO is able to see the Consolidated sales and balance report of all branches on a single dashboard.
- The RMTO is able to see the aggregate sales balance in real time, of every branch location on the dashboard.
- Creation of Retail Merchant Admins (TSAs) by the Retail Merchant Terminal Operator (RMTO).
- Creation and assignment of Terminal IDs by the Terminal Sales Admin to different Terminal Operators (TOs).
- All transactions carried out on every Terminal ID in every different locations can be viewed by the RMTO and the various TSAs.
- Terminal Sales Admins (TSAs) can only view transactions on Terminal IDs under their control. They cant view transactions on other Terminal IDs under another location not under their control.
- The transaction menu on the application is able to capture the transaction date, time, transaction ID reference, amount, transaction status etc.
- The RMTO and TSAs can print and reprint receipts for every transaction, even if the transactions took place a year before.
- The application has a filter functionality that is able to allow the Terminal Sales Admins (TSAs) and RMTO filter transactions based on dates, status, Terminal ID, Channels etc.
- The solution also has a .csv Export file functionality for every Terminal ID transaction, whereby transactions can be exported for backup, internal reviews and audit.
- The application also has the End of Day (EOD) functionality for every terminal’s transactions at the end of everyday for daily reconciliation and every individual Terminal IDs till would go back to zero before the commencement of the next day’s payment collections.
SPECIMEN DOCUMENTS
THE phoonePOS ACCEPT PAYMENTS RETAIL DISCOUNT PROGRAM
The Retail Merchant Terminal Operator (RMTO) module has a retail discount program embedded in it. This is a new innovation by phoonePOS in the retail space, which serves as a loyalty reward program to loyal customers; which ultimately brings about increased patronage for the retail outlets.
To join the retail discount program is optional for retail outlets.
In order to participate in the discount program, the retail outlet would inform us, that they are interested in the program.
This opportunity is for outlets that are willing to give out purchase discounts to their customers who shop in their outlets from a minimum of N3,000.00.
We have designed a scale of different discounts for different amounts of spend from a N3,000.00 to as high as N50,000 per purchase per time.
For example, where a customer shops with a minimum of N3,000.00, the retail outlet can agree to give the customer a N100.00 discount. This amount of discount is graduated differently to a maximum of shopping up to as much as N50,000.00 per shopping experience.
For the customer to earn this discount incentive, the customer is expected to shop in that outlet for a minimum of 100 times. At the completion of the 100 times shopping experience, the customer would have earned a collective discount that would be a total of N10,000.00 cash credit from that outlet. Thereafter, that customer gets an SMS indicating they have won their N10,000.00 discount and they can pick up goods worth N10,000.00 off the shelf redeeming their retail discount.
All of these shopping experience is transparent. It reflects on the dashboard of the retail outlet and the dashboard of customers that have indicated interest in the retail discount program.
Aside the benefit of customer loyalty for the retail outlets, we also advertise retail outlets that have signed up to our retail discount program to give them visibility for them to get more patronage.
THE phoonePOS – CASHTOKEN REWARD
phoonePOS – CashToken is an electronic reward or celebratory gift commodity that offers the opportunity for ‘LIFE-CHANGING CASH REWARD’. Here, our Merchants and customers earn rewards for using phoonePOS. For every service that your offer to customers as a merchant, once you meet a specified threshold, you earn CashToken points, when those points mature, you earn CashToken. Guess what? Once you earn CashToken, you become qualified to win between N5,000.00 – N100 Million in a draw that shows on National Television every Friday of the week.
Retail outlets earn transaction points when they use phoonePOS to accept their payments.
When the merchant outlets is able to meet the various transaction thresholds set for them, they earn CashTokens. When this CashToken is earned, they can win between N5,000.00 – N100 Million in a raffle draw that shows on National TV every Friday of the week.
For example, if a retail outlet does 50 Accept Payment transactions between N3,000.00 – N7,500.00, the merchant can see the transaction counts on their dashboard. Once the transactions count up to 50, they are notified that they have won a CashToken and they can win. When the merchant wins, they will be credited with the money instantly.
FREQUENTLY ASKED QUESTIONS (FAQs)
WHAT TYPE OF PHONE CAN WORK WITH THE phoonePOS WEB APPLICATION?
For Retail Merchant Terminal Operator (RMTO) service to have a smooth transaction experience using our service, it is advisable to use an Android or Apple phone with a minimum of 2GB RAM, as this is gives sufficient speed to make transactions happen seamlessly.
However, for the customer to dial the code for making payments, they can use any phone, including the small phones. This is because the payment process is done via USSD, so it does not require a smart phone.
WHAT INTERNET BROWSERS ARE BEST TO OPERATE phoonePOS
In order to have a seamless experience using phoonePOS as a merchant, you are advised to download from the internet Google Chrome, Mozilla Firefox, Opera and Safari for Apple phone browsers. Our platform works very well using any of these browsers.
However, its important to note that the best browser to use is Google Chrome and the other browsers can serve as backups, incase there are hitches on Chrome that may arise from cookies or cache problems.
CAN THE SMALL PHONES BE USED TO MAKE PAYMENTS ON phoonePOS
Yes. customers can use their small phones to make payments using phoonePOS. Dont forget phoonePOS is powered by USSD. Eg. *894# or *911# etc. Any mobile phone can dial codes, which means any mobile phone can make payments at the merchant’s outlet.
HOW DO I SIGN UP?
To Sign up for the Retail Merchant Terminal Operator (RMTO) service, you click on the “I am interested in the RMTO service” button. There after you will be asked a few questions, an account would be created for you from the backend. Then as a RMTO, you can create accounts for your Terminal Sales Admins (TSAs).
HOW MUCH DOES IT COST TO SIGN UP FOR THE RETAIL MERCHANT TERMINAL OPERATOR (RMTO) SERVICE?
To sign up for the for the RMTO is FREE. The only condition is that the retail outlet must have multiple sales points.
WHICH BANKS AND FINTECHS IS phoonePOS RETAIL MERCHANT TERMINAL OPERATOR (RMTO) CONNECTED WITH?
As long as the customers of the retail outlets have their accounts with these banks, then the Terminal Operators (TOs) can generate codes for them to make their payments with.
For security reasons, its important to know that some banks require that the customers have their phone numbers profiled on USSD to be able to use this service. Once they have this problem not being able to make payment, they may get an error message like “your number is not assigned to this service”. Just inform them to go to their banks to profile their phone number for USSD transactions, thereafter they can start making their purchases in your retail outlets seamlessly.
HOW DO THE RETAIL OUTLETS PRINT RECEIPT FOR CUSTOMERS?
All transactions carried out in the retail outlet appear on the transactions menu. Our solution is such that you can view all transactions there. From there, the Terminal Operator (TO) can Screenshot, Download, Email, or print receipts for their customers if there is a bluetooth printer, so that is not a problem.
HOW DO THE RETAIL OUTLETS WITHDRAW YOUR MONEY INTO THEIR BANK?
In order to withdraw the money to the RMTO Account, they will use the phoonePOS to Bank menu. It is the responsibility of TSAs to move all daily sales to the main account, from there, you will be required to provide some certain details, then you can withdraw funds into your bank account.
Its important to know that, at the end of every day’s transaction, the till returns back to zero.
With our solution, you can carry out End of Day (EOD), whereby all sales receipt for the day can be printed for reconciliation.
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