Whether you run a small shop, an online store, a large enterprise, or are looking to start a POS business, you need an efficient, cost-effective, and hassle-free way to accept customer payments and keep your business moving.
This article will cover everything you need to know about Kuda POS, including its features, benefits, pricing, how to get it, and why it might be the right choice for your business.
What is KUDA POS?
KUDA POS is a payment processing solution provided by Kuda Microfinance Bank, a leading digital bank in Nigeria. Kuda POS is designed to be affordable, easy to use, and business-friendly. It allows businesses to accept payments seamlessly through card payments, bank transfers, or virtual transactions. The POS option is only open to fully registered businesses in Nigeria.
Types of KUDA POS Available
Kuda offers two types of POS systems to cater to different business needs:
Kuda Physical POS
This physical terminal allows businesses to accept card payments. It features:
A touchscreen interface for easy operation.
A built-in printer for receipts.
Multiple payment options, including Visa, Mastercard, Verve, and International Cards.
Instant settlement to your dedicated POS settlement account.
Ideal for retail shops, supermarkets, restaurants, and service providers.
Kuda Virtual POS
The virtual POS is a great alternative for people who run side hustles or online businesses. Kuda’s Virtual POS assigns businesses unique account numbers, allowing customers to transfer payments directly without needing a physical device.
It requires no setup or maintenance costs.
Payments can be received via bank transfers.
Transactions are confirmed via SMS, email, or in-app notifications.
It is ideal for freelancers, online vendors, and service-based businesses.
Key Features & Benefits of KUDA POS
Here are some benefits of KUDA POS that may help you decide if it is the right POS for your business:
Instant Payment
With Kuda POS, transactions are easy and smooth. Your transfers are not hanging in the air due to network issues, and you are paid instantly.
Cost-Effective
The Virtual POS is completely free for businesses using the Kuda Business App.
The physical POS is available for a one-time purchase or a lease plan (more on pricing below).
Secure Transactions
With end-to-end encryption and fraud detection, KUDA Pos ensures that every transaction is safe and secure.
Easy to Use
Both the physical and virtual POS systems have a user-friendly interface, making it easy for business owners and their staff to operate.
Multi-Payment Options
The Kuda virtual POS gives you several payment options, including transfers and Pay with Kuda, while the Kuda traditional POS offers card, transfer, and USSD payment options.
Business Growth Support
The KUDA Business App offers transaction tracking and analytics, enabling business owners to monitor their sales and cash flow efficiently.
Kuda POS Charges and Commission
Kuda POS charges are relatively low and business-friendly. Agents are charged 0% of the amount for every transfer transaction, regardless of the amount. This means that agents and business owners keep every kobo. The only charge is the regulatory stamp duty fee of 50 naira for transfers from other banks.
Pay With Kuda
Agents are charged a fixed rate of 0.1% of the transaction amount paid with Kuda. This is capped at N100, which means no matter how high your customer is paying, you can’t be charged more than N100 in fees. Here is an illustration:
Small purchase: Your customer buys goods worth ₦2,000
Fee calculation: 0.1% of ₦2,000 = ₦2
You pay ₦2 in fees.
Medium purchase: Someone buys goods worth ₦100,000
Fee calculation: 0.1% of ₦100,000 = ₦100
You pay ₦100 in fees.
Large purchase: A customer makes a ₦400,000 transaction
Fee calculation: 0.1% of ₦400,000 = ₦400, but remember the cap!
You pay ₦100 in fees (because of the ₦100 cap).
Pay With Card
Here, agents and business owners are charged a fee of 0.5% of the transaction amount, capped at ₦100.
For Example:
Small purchase: A customer buys a cookie for ₦600.
Fee calculation: 0.5% of ₦600 = ₦3.
You pay: ₦3 in fees.
Medium purchase: Someone buys food for ₦30,000.
Fee calculation: 0.5% of ₦30,000 = ₦150.
You pay: ₦100 in fees. (because of the ₦100 cap).
Large purchase: A customer makes a ₦600,000 payment.
Fee calculation: 0.5% of ₦600,000 = ₦3,000, but remember the cap!
You pay: ₦100 in fees (because of the ₦100 cap).
How Much Does KUDA POS Cost?
For the physical POS, you can either buy it outright or rent one for your business needs. The virtual POS is completely free for businesses that use the Kuda Business App and are fully registered.
Outright Purchase: The outright purchase price is ₦80,000. Once you’ve made this payment, the POS terminal becomes yours. You either pay an additional delivery fee or pick it up yourself.
Rental: You can rent the physical POS at a refundable fee of ₦15,000. To qualify for a refund, process at least 15 card payments daily, 200,000 naira in transaction value in a week, or achieve ₦10 million in sales within three months. If the targets are unmet, Kuda may reclaim the device. Additional delivery charges apply.
