DotPay POS is a leading mobile money and agency banking platform in Nigeria, owned by Changan RTS Microfinance Bank Limited. With a DotPay POS device, agents can facilitate cash withdrawals, deposits, airtime top up, bill payments and bank transfers for customers.
In this comprehensive guide, we explore everything you need to know about DotPay POS in 2023 – from pricing and requirements to recent updates and features for agents.
Overview of DotPay POS
DotPay POS allows agents to offer basic financial services to customers by using an Android point-of-sale (POS) terminal. Key services include:
- Cash withdrawals and deposits
- Airtime purchase
- Bills payment for utilities, TV subscriptions etc.
- Interbank transfers between accounts
- Airtel money operations
- Balance checking
DotPay handles the agent network, tech platform, and settlement of transactions. Agents earn income through commissions and transaction fees charged from customers.
The company aims to drive financial inclusion by providing affordable agency banking services across Nigeria.
Requirements to Become a DotPay POS Agent
To become a certified DotPay POS agent, you need to fulfill these requirements:
- Complete the agent registration form
- Provide valid ID like national ID, driver\’s license or international passport
- Submit a recent utility bill as address proof
- Provide your BVN number
- Submit a passport photograph
- Operate a physical shop/outlet for offering services
DotPay will verify your documents and ensure you meet the criteria to operate as an agent.
You don\’t need huge capital to start. But you should have a good location with customer footfall to ensure transaction volumes.
DotPay POS Pricing and Charges
Here are the pricing and commission details for DotPay POS:
- Caution fee – Up to N25,000, refundable if device is returned within 6 months
- Transaction charges – Ranges from N5 to N100 based on amount transacted. N25 flat fee for deposits.
- Daily target – No fixed target, but agents expected to do a minimum of 20 transactions daily
- Agent commission – Introduced in 2023. Percentage of transaction amount paid as commission.
So in summary, you pay a refundable caution fee for the POS device. Transaction fees are deducted from customer payments. Your income comes from the commission percentage on turnover.
Latest Updates and Features for DotPay Agents
DotPay frequently rolls out new features and upgrades for agents. Here are some of the latest updates:
- Balance checking – Customers can now check account balance on the POS device.
- Airtel money – Agents can perform deposits and withdrawals for Airtel money wallets.
- Data purchase – Customers can now buy data plans from major networks like MTN, Airtel etc.
- Mobile app – DotPay launched a mobile app for agents in 2023 to manage transactions and accounts.
- Loans for agents – DotPay plans to introduce loans for active agents. Criteria and interest rates to be announced.
- Disputes and logs – Agents can now log disputes for failed transactions. Status shows as \”Open,\” \”Closed\” or \”Resolved.\”
- Commissions structure – DotPay introduced agent commissions starting 2023 based on transaction turnover.
So DotPay POS continues to enhance services and features for agents to improve efficiency, earnings and business operations.
How Does DotPay POS Make Money for Agents?
As a DotPay agent, you can earn income in three key ways:
1. Transaction Fees
Every cash deposit, withdrawal, funds transfer or bills payment done via your POS earns you a transaction fee. This is directly deducted from the customer\’s amount before settling your commission.
Transaction fee ranges from N5 to N100 based on amount.
2. Agent Commission
Your main revenue stream. DotPay pays a percentage commission on the total transactions done through your POS device.
Higher your transaction volumes, greater your monthly commissions.
3. Product Upsells
Upsell services like data plans, phone top up and bill payments to customers visiting for cash transactions. This boosts your transaction count and overall commissions.
So focus on driving high transaction volumes with product upsells to maximize your DotPay agent income.
DotPay POS Customer Support
You can reach DotPay POS customer support through:
Phone: 08180000328
Email: support@dotpay.com
WhatsApp: 08180000328
Instagram: @dotpayAFRICA
Facebook: @DotpayAfrica
DotPay aims to resolve agent issues within 24 hours. Be sure to contact them in case of any device errors, transaction failures or payment delays.
How Does DotPay POS Settlement Work?
DotPay settles your account 3 times on weekdays – morning, afternoon and evening.
All transactions done during a settlement period are totaled and paid out to your operative account. You can withdraw the funds anytime.
Faster settlement improves cash flow for managing your agency operations and liquidity.
Additional DotPay Products to Offer Customers
Aside from POS services, you can also offer customers these additional DotPay products:
Dotpay Digital Banking
Issue Dotpay bank accounts to customers instantly via the POS terminal. Includes debit card, online banking, transfers etc.
DotPay SME Loans
Dotpay offers SME loans from N50,000 to N5 million repayable over 6 months to 1 year. Zero collateral required.
DotPay Insurance
Customers can purchase hospital cash, life and accident policies starting at N300 weekly premiums.
So you can earn extra commissions by cross-selling Dotpay\’s digital banking, loans and insurance products to walk-in customers.
Conclusion
DotPay POS aims to drive financial inclusion by enabling agent banking services across Nigeria. For agents, it offers a digital platform to earn commissions and transaction fees with low startup costs.
Some key benefits for agents include:
- Refundable caution fee of N25,000
- No fixed daily targets
- Instant settlement 3 times on weekdays
- Loan facility for active agents
- Dispute logging and resolution
- Higher earnings with product cross-selling
With frequent feature updates and competitive pricing, DotPay is regarded as a promising agency banking startup for aspiring agents. Sign up today to start your financial services business!