ReadyCash User Guide and How to Get Free POS
The mobile money industry in Nigeria is an untapped oil well with the huge population of the country. This is why companies like Opay and Readycash here expand this multi-billion dollar industry and the best part is, these companies are willing to share the money with individuals who decide to tap into the opportunity by becoming mobile money agents.
Read also: Opay User Guide and How to Get a free POS
What is ReadyCash?
Readycash is a CBN licensed mobile money and agency banking services. ReadyCash is a secure mobile money payment service that allows for cashless transactions between individuals.
Using this platform, individuals are able to make account inquiries, pay bills, transfer funds, purchase goods, and services, from the comfort of their mobile phones at a click of the button.
Who is Behind ReadyCash?
ReadyCash is a service delivered by Parkway Projects, an indigenous software solutions provider in Nigeria located at the 1st-4th floor, 295 Herbert Macaulay Road, Yaba-Lagos, Nigeria. Parkway project was founded in 2004 with Emaka Onwuka as its current CEO. While Readycash came into existence in 2010.
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Complete Features of ReadyCash
The app has the following features;
- Send Money – Send money to any bank in Nigeria from the comfort of your mobile phone without visiting a bank.
- Withdraw Money – Make withdraw from agents from any bank of your choice with any ATM card through a readycash POS or agent app.
- Pay Bills – Pay cable bills, PHCN bills, phone lines and much more without stepping out of your room.
- Pay Merchants – make payment to business owners and shops at the click of the button from your smartphone
- Airtime Recharge – recharge your phone and buy data plans on the go without stress.
- Bank Account Opening – Open a real account from the comfort of your smartphone without going to the bank.
- BVN Enrollment – Enrol for BVN without going to the bank.
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How to Become a Readycash Agent
To become an agent on ready cash, simply download the Readycash app from google play store and install it on your phone. After installation, launch the app and click on the agent option, fill out the form(use us as your referee ) and submit. After the form is filled, wait for the approval(this takes 72 hours). As soon as you are approved, you will be issued an agent ID, a password and a pin with which you can carry out your mobile money transactions.
Will you like to become an agent? Use our referral code so we can guide you and help you get your POS fast or pin pad and also support you in any way we can. WhatsApp me on 07035543056
Documents Needed for Agent Application
To complete your application, you will need to have these present while filling the form
- A government issued ID card(National ID card, drivers license, permanent voters card or international ID card)
- A valid utility bill (light bill, house rent receipt, water bill etc)
- A selfie image of yourself.
All these must be uploaded to complete application form.
Benefits of Becoming ReadyCash Agent
Readycash agents earn revenue through multifarious transactions cutting across: BVN enrolment, bank account opening, POS withdrawals, tradermonie withdrawals and lot more.
- As a readycash agent, you are charged N9(Nine Naira) per transfer(this is less than N10 charged by Opay) while you charge your customers N100(One hundred Naira) so you make N91(ninety-one Naira) per transaction you carry out using your agent account.
- As an agent, you earn N75(seventy-five Naira) for each bank account you help a customer open through your app.
- Earn N50 per BVN enrollment you carry out for a customer.
- You also make money per transaction you make through your agent account.
- As a readycash agent, you also enjoy 24 hours of support services and a very stable network in comparison with other operators.
How to Get a Free POS from ReadyCash
As a readycash agent, you are entitled to a POS machine to help you run your mobile money shop more effectively. In other to get a free POS, there are few things you are required to do this;
All agents who wish to apply for POS are required to pay N10,000(ten thousand Naira) guarantee fee which will be returned to you after you meet the basic transaction volume of N2,000,000 a month(two million Naira) and a delivery fee which depends on your location. After a successful payment, the agent is issued a POS without delay. You also have the option of a pin pad which will be linked to your agent account.
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How to Get a Pin pad
Unlike the POS which only cost the delivery fee, the pin pad cost N20,000 (twenty thousand Naira) or more. The Pinpad device functions just like the POS machine and can be used for withdrawals and deposits but the charges are different.
Pin pad Earning potential
Below is the breakdown of your commission when you use the ReadyCash pinpad:
BAND CHARGE. AGENT COMMISSION
1 ₦1000 – ₦10,000 100. 55
2 ₦10,001 – ₦30,000 150. 80
3 Above ₦30,000 200 100
You are advised to add the charges to the Amount when carrying out a transaction.
Your commission will be credited to your wallet from the charges.
So lets say a customer wants too withdraw #500, the charge is #100. You are to enter #600 on the App, you will be credited #500, while #55 will go to your commission balance.
What if I Don’t Meet the 2 Million Minimum Volume?
Any agent who fails to meet the N2,000,000 (two million Naira) a month volume will not be refunded the N10,000(ten thousand Naira) fee paid.
How to Fund Your ReadyCash Account
To fund your agent account, you are to visit the payzone platform using this link https://payzone.ng/product/BXllB while on the platform, fill the required details and enter the amount you wish to top-up in your agent account and complete your payment t using your ATM card.
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ReadyCash Charges
Readycash charges 0.8 percent of any Withdrawal amount a person makes through her POS on the agent’s account while the agent, in turn, decides how much to charge per Withdrawal(I.e for a withdrawal of N10,000, the agent is charged 80 Naira while the agent can charge N200 or more. The calculation is 10,000/100×0.8 =80).
Every agent is charged N50(Fifty Naira) per deposit made through Payzone while topping up your agent account. There is no stamp duty and VAT charge.
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Final words
Readycash is yet to gain popularity amongst Nigerians right now but within the coming months, it will spread like a wide fire since their service charge is low and they offer some unique services and ways to earn as an agent.
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