Bank3D Review- How it Works, Charges, and Why Your Business Needs it

Bank3D Review- How it Works, Charges, and Why Your Business Needs it

As the demand for mobile money and agency banking services increases across Nigeria, more companies are joining the market to pick a slice of the multi-billion dollar industry while winning some percentage of Nigeria’s rising population to themselves.

As the struggle for market domination continues, more services are born not just for end consumers but for merchants and SMEs, and Bank3D happens to be one of such unique innovations which might change the way Nigerians pays for goods and services as a replacement for POS in their favorite shop.

Read also: Paycentre User Guide and How to Get Free POS

What is Bank3D?

Bank3D is a mobile app that allows its users(usually business owners known as merchants) to process and accept payment for goods and services using bank transfer or USSD code. 

Unlike regular transfers which requires a sales representative, store attendant, or salesperson to call his or her boss to confirm receipt of payment made for goods or service, before handing over goods or rending a service, bank3D offers the store owner the opportunity of registering his/her salespersons under his/her merchant account so they can see/confirm payments made by a customer to their store’s account without calling their boss and also without being able to withdraw or use the money. 

Read also: ReadyCash User Guide and How to Get Free POS

Who is Behind Bank3D?

The bank 3D is a baby project of Parkway. Parkway is a CBN licensed payment solution service provider with its head office located at 295, Herbert Macaulay Way, Yaba, Lagos. Other solutions provided by Parkway include; Readycash agent banking service, Payzone e-commerce service, etc. 

Read also: Opay User Guide and How to Get a free POS

Requirements to Sign Up for Bank 3D – Bank3D Review

The requirements to create a bank 3D merchant account are almost the same as what you need to create a Facebook account or open an email. It includes;

• Business type
• Address
• LGA(the local government where your business is located)
• State
• Phone number
• Bank Name
• Account number(needed for withdrawal of your money)
• BVN(you have nothing to fear because the company behind this app is fully registered in Nigeria. See details below)
• Password (set your password)

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Bank3D Review – How Bank3D works 

Using bank3D, a merchant/business owner only has to download the app from the play store, install the app just like other Android apps, and then signup(create an account. Please use our referral link).

After successful registration, the store owner can then proceed to set up cashiers. The cashiers are your sales reps(sales boy/girl, etc). You will be required to enter their name, phone number, and email address. 

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After registration, they will be sent an invitation link to their email and they are to click on the link to confirm their acceptance and then proceed to download the 3D app and finally set up their desired password. 

Once a cashier is confirmed, he or she can generate USSD codes or bank details to request payment from a customer for any goods/service and also get payment notification to confirm that the payment has been made but can not access(withdraw) any money paid to the merchant. 

Can A Cashier Be Deleted After Registration?

I’m sure you will be wondering what happens if you sack a staff member or him/she resigns and you wish to remove them from your list of cashiers. Anyways, you can always delete a cashier and create a new one when the need arises. 

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How Much Will I Be Charged for Using this Service? 

The charges for using bank 3D are of two(2) categories which are 0.6% and 6.7%. The percentage you pay depends on the payment option you used while processing a customer’s payment. 

• Payment processed via bank transfer attracts 0.6% – not verified
• Payment processed with the USSD code option attracts approximately 6.7%. 

Verification of USSD payment option

In order to verify this payment method, we made a transfer of N600 to our business account on Bank3D using GTB USSD option. At the end of the transaction, the amount received was N560 of which if you are to divide 600/100 = 6 x .7 = N40.2. During this testing process, we also discovered that to withdraw the money in your business account to your bank account, a transfer charge of N50 applied.

Read also: Laptop Power Bank and Why is a Must Have 

What Happens After a Payment is Processed? 

After a successful payment, your money is accumulated in your merchant account with bank 3D and you can request for withdrawal to your bank account at any time. 

Bank 3D App and POS which is Preferable? Bank3D Review

This question may sound irrelevant to some persons but it is very important to answer because the essence of this service is to serve the same purpose as the POS machines without the need to have one. 

The advantage of bank 3D app over POS machine includes;

• Payment drops instantly – you don’t have to wait till the next day to access the money paid by a customer 
• Little or no network failure – the POS most times have network issues which are why most shops have 2 or more devices as alternatives when such issues start. 
• Multiple Instant Payment processing – you can generate more than transaction code while you sit back and watch the customers make payment
• No Need for Papers – you don’t have to spend extra money purchasing papers or keep papers for verification
•  Zero problems with the boss over lost paper because he gets the notification on the go.

The above listed and many more are reasons you should give this a try.

Read also: Ojireh Prime Card, what it is and How to Make Money

How to Earn Money As a Bank3D User

As a merchant currently signed up with bank 3D, you can earn 10% of every 0.6% or 6.6% charged by the company just by telling your friends about this service. This money can be withdrawn at any time of your choice. 

Final Words on Bank3D Review

The bank3D app although not currently popular as at the time of this post, is an amazing app and will grow in popularity over time. 

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