Opay POS vs bank POS

Opay POS vs bank POS: which is better? (2023)

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Are you finding it difficult to choose between Opay POS vs Bank POS? Perhaps you are not the only one. There are many people asking which is better between Bank POS and Opay POS. 

Seeing a large number of people asking the same question is what makes us come up with a well-detailed article that will give the answer. However, it is not a good idea to just OPay or bank POS is better without analyzing the two. 

In this post, we will be comparing Opay POS vs bank POS and give a final verdict of which is better. 

Opay POS vs bank POS: which is better?

Now let’s begin analyzing both POS starting from Opay POS.

Opay POS

Features of Opay POS

OPay has one of the best fintech companies in Nigeria offers POS that comes with many features as follows;

  • Multiple payment methods: The Opay POS unlike some other POS machines has multiple payment methods which include debit/credit cards, QR code payments, and mobile transfers
  • Secure payment process: the POS has a very secure payment process that makes it almost impossible for fraudsters or hackers to break.
  • Portability: Opay POS terminals are all portable that can be carried along anywhere. Additionally, opay has a special mini POS that even be kept in pockets.
  • Fast transaction process: when it comes to quick and easy transactions, opay POS deserves the most credit.
  • Customizable receipt printing: this feature allows you to customize your reception to your preferred one. It includes putting your business logo, name, and contact information.
  • User-friendly interface: one of the interesting features of this POS is its interface. It is very beautiful and easy to operate even non-tech people can operate it.

Related Content: How To Apply for OPay POS Machine in Nigeria (2023)

Features of Bank POS

Although there are many banks like firstbank, union bank, zenith bank, etc that offer different POS terminals, however, all of those POS have the same or similar features. Those features are as follows;

  • Secure payment: just like the secure banks are, their POS terminalS are very secure too. There is no fear of fraudsters using bank POS since they temper with the terminal or your detail in the terminal.
  • Reliable: Bank POS is reliable in many aspects, starting from secure, quick, and easy payment. One more thing is its 24/7 functionality.
  • Fast payment process: Bank POS is also fast when it comes to transactions. It often takes less than a minute to accept payment with the POS, unless there is a network issue.
  • Friendly user interface: almost all banks have an easy and friendly interface. This makes it easy for everybody to operate. However, when it comes to configuration, bank POS is more complicated than Opay POS.
  • Portability: All bank POS terminals are portable and can always be carried along. Unfortunately,  we have not seen a bank with a mini POS terminal like Opay.

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Bank POS or Opay POS ( pros and cons)

Now that we have seen the features of both POS terminals, let’s move to their pros and cons.

Pros and cons of Opay POS

Very secure, fast, and reliablePoor customer support
Availability of special features like investment, saving, etcOccasional network issues (system busy)
Availability of cashback and bonuses
Use of virtual and physical cards
Free daily transfer
Low transaction charges of 0.5%

Pros and cons of Bank POS

User-friendly interface that is easy to operate.Not too easy to get
EMV compliance to ensure global payment card security standards.A caution fee is required
Very secure and reliableRequire bank account
Fast transaction processing that reduces customer wait time
Low transaction charges

Opay POS vs Bank pos requirements

There is no doubt that every POS terminal provider has a certain requirement that people must meet to get the terminal. This is one of the things you need to consider before choosing whether Bank or Opay POS. 

To save you from looking for requirements for both terminals, we decided to share their requirements below;

Opay POS requirements

  • Opay merchant account
  • Bank Verification Number (BVN).
  • Copy of your national ID card, driver’s license, voter’s card, or international passport.
  • 1 passport photograph.
  • As proof of your address, you need to provide a utility or other bill dated no more than three months before merchant registration.

The above are the major requirements to get Opay POS.

Bank POS requirements

  • A valid BVN and bank account
  • Valid means of identification (ID verification), e.g. Driver’s license, National ID card, International passport, or voter’s card.
  • 2 passport photographs
  • 2 current account references (some banks)
  • Tax Identification Number (TIN)
  • A minimum working capital of N50,000

Note that You must follow the rules and regulations established by the bank and the relevant regulatory bodies.

Opay POS vs Bank POS which is better? (Overall review)

Opay POS vs bank POS

Our analysis shows that both POS are good. They both have their specific features. However, Opay POS is better than Bank POS in many aspects starting from the requirements. OPay POS has fewer requirements compared to bank POS. Additionally, Opay has three types of POS terminals (android, analog, and mini POS). 

This availability of multiple POS terminals only makes Opay POS stand out. It gives you a chance to choose your preferred terminal. 

Apart from that, some other reasons why you should choose OPay POS over bank POS include Lower transaction fees, faster settlement time, and additional mobile money services such as bill payments, airtime recharge, and money transfer.

FAQs on Opay POS vs bank POS

Does POS use SIM?

The answer is yes. Many  POS (point of sale) terminals use SIM cards to connect to the internet and process transactions. The POS terminal’s internet connectivity is made possible by the SIM card’s connection to a mobile network. Alternatively, you can always connect your POS to available wifi.

Is POS machine traceable?

Yes, just like phones POS terminals have their own unique identifiers that can be used to track them. Many POS terminals, for example, have a serial number or other identifying information that can be used to track the device down.

Can banks trace a POS transaction?

A point of sale (POS) transaction can be tracked by a bank. The merchant’s and the bank’s systems record and store information about the transaction when a card payment is processed through a POS terminal. This information consists of specifics like the transaction’s cost, the time and date it occurred, the cardholder’s information, and the merchant’s information. Banks can easily use that information to track transactions.

Is POS and ATM the same?

Although both POS and ATM are used for electronic transactions, they are not the same. They were both designed to serve different purposes.  ATMs are used by bank customers to perform various banking transactions, while POS machines are used by merchants to accept card payments.

 Can you withdraw from POS without an ATM card?

YES. with POS terminals like OPAY others, you can withdraw without ATM cards. Those terminals come with many payment methods that allow customers to pay merchants and collect cash.

How much does OPay charge per POS transaction?

OPay charges from 0.5% for transactions. However, their initial charges begin from 0.6% until you upgrade your merchant account.

The bottom line on Opay POS vs bank POS

Despite the fact that many people will choose Opay POS over bank POS does not mean Bank POS is useless. Many people are using bank POS too without complaint. However, Banks and opay are not the only companies offering POS terminals.

There are many firms and companies that offer the same service which include palmpay, kuda, moniepoint, etc. If you are unlucky to get either bank or opay POS terminal, you can try other brands. 

In conclusion, both bank POS and OPay POS have advantages and disadvantages.  The decision between them is based on the user’s particular requirements. OPay POS systems offer greater flexibility and ease of use, especially for small businesses and individuals, while bank POS systems are typically more dependable and well-liked.

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