NowNow is a leading fintech platform that offers digital financial services through its agency banking model.
The company provides NowNow POS terminals to agents to enable cashless transactions.
This comprehensive article provides details on NowNow POS pricing, charges, commission structure and the process of becoming an agent.
Overview of NowNow POS
NowNow POS is an Android point-of-sale terminal offered to agents under NowNow’s agency banking model. Key features:
- Accepts debit/credit card payments
- Enables withdrawals and deposits
- Fund transfers
- Airtime and bill payments
- Generating account statements
- Inventory management
- Biometric authentication
NowNow allows small businesses and retailers to offer essential financial services to customers. The company onboards agents across Nigeria and provides them with tailored POS solutions.
Benefits of Becoming a NowNow Agent
Here are some of the major benefits of using NowNow as an agent:
- Attractive commission on transactions
- Increase customer footfall in your outlet
- Free training and support
- Branded visibility and marketing
- Real-time monitoring of POS device
- Low setup costs and charges
- Growing demand for cashless transactions
- Exclusive offers and rewards
The NowNow agency model offers a profitable way for small businesses to broaden revenue streams.
NowNow POS Pricing
NowNow provides the POS terminal to agents under two pricing models:
The agent buys the NowNow POS device outright for ₦60,000. This ownership model has a one-time cost but no recurring fees.
The POS terminal can be rented from NowNow at ₦20,000 annually. However, rental POS devices need to be returned if targets are not met.
Most agents prefer to purchase the POS terminal outright for uninterrupted usage. However, NowNow assists with financing options.
NowNow POS Charges
NowNow has a transparent charges model without any hidden fees for agents.
- Withdrawal charges – 0.5% per transaction (max ₦100)
- Deposit charges – ₦20 flat fee per deposit
- Transfer charges – ₦20 flat fee per transfer
- Settlement – Daily into business account
Low charges make NowNow POS transactions more affordable for customers as well. Agents earn on every transaction.
NowNow Agent Commission
NowNow offers attractive commissions to point-of-sale agents on different services:
- Cash withdrawals – Up to 0.56% commission
- Cash deposits – Up to ₦100 commission
- Airtime recharge – 5% cashback
- Funds transfer – ₦50 commission
- Bill payments – ₦100 commission
Higher transaction volumes mean greater earnings for NowNow POS agents. Commissions add up quickly.
Requirements to Become a NowNow Agent
To apply for a NowNow POS device, the basic requirements include:
- Active business operational for over 6 months
- Proper shop or outlet setup
- Minimum transaction capability of ₦50,000 monthly
- Valid ID documents of owners
- Proof of business registration
- Phone number and internet access
- KYC documents for activation
NowNow undertakes due diligence before approving POS applications based on eligibility.
How to Apply for NowNow POS
Follow this step-by-step process to become a NowNow agent:
1. Visit NowNow Website
Go to the NowNow website and find the Agent tab. Click on “Become an Agent” and fill up the online form.
2. Submit Documents
Upload required documents like ID proof, business registration, KYC details mentioned in the form.
NowNow will evaluate your form details and get back to you if your application is approved.
4. Sign Agreement
The company will share an agent agreement contract. Sign the agreement.
5. Deposit Capital
Make a minimum deposit of ₦10,000-₦15,000 to activate your account.
6. Activate POS
NowNow will deliver your point-of-sale device within 2 weeks. Activate it to start transacting.
Follow up regularly with NowNow during the agent onboarding process.
To Sum Up
The NowNow agency banking model powered by point-of-sale terminals provides small businesses an opportunity to broaden revenue while enabling financial access.
NowNow point-of-sale offers a fully integrated terminal for deposits, payments, transfers, bills, etc. at transparent charges and attractive commissions for agents.
The application process is relatively simple for eligible merchants. With the growth in cashless payments, NowNow point-of-sale promises to drive digital financial inclusion in Nigeria.
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