What you need to know about your benefits and Commissions on Quick Teller Paypoint (QTP) if you want to be an Agent.


The introduction of the InterSwitch Ltd. Service known as Quick Teller Paypoint is a welcome development as it offers various "out of bank" services in small and medium scales such  as cash withdrawal and deposit, utility bills payment, fund transfer, flight bookings, TV subscriptions and the thousands of payment solutions listed on Quick Teller.

I personally reached out to InterSwitch to find out how it works. It took a while, because most of their employees do not have a grasp of how the service works yet since it is still new and InterSwitch is a large organisation. I was constantly been transferred from one staff to another until I was satisfied with the information I got.

So I have taken my time to draft the "need to knows" and the most important thing if you want to be a QTP agent, the commission. Aside the set up cost of your agent account I'll still share some financial commitments you'll need to make, including choosing of location to function better.

1. The truth is that it is usually cheaper to do transactions at the bank than with a Quick Teller Paypoint (QTP) Agent.
For example, an extra charge of 100 naira is placed on all transactions and the agent gets 50 naira. Which is quite small, considering that sometimes a customer may request a print out to have a paper trail. This may compel the QTP agent to add an extra charge, say 100 naira or more. This practice is condoned by Quick Teller.

2. For airtime sales, you buy at 95.8% get 4.2% of the amount of airtime sold as commission.
 
3. Some transaction charges actually exceed 100 naira. And your commission as an agent may still be 50 naira.

4. Although it is stated by InterSwitch that all you need to start is an android phone and a small physical location (even if it is a boot). But that is just a worst case scenario. To function well and attract people, you need a formal office, or an office-like environment, a desktop computer and a monitor. It is better to have two monitors, so that you can share screen and your customers don't need to come to your sit to see what you are doing. You also need a printer to manage a paper trail like I mentioned earlier.

5. The best place to locate yourself as an agent should be a very or moderate highly populated area and a place that doesn't have banks and payment collection centers such as multi-choice and electricity distribution offices/agents nearby. With that,  people can prefer to give you their transport in form of the commission.

6. It's Quick Teller we are talking about here, so I don't need to tell you that you need constant power supply and steady Internet connection for you to operate. All of these has to be factored into your extra commission plan. Try to be considerable with your commission, else you'll chase people away.

7. Try as much as possible to explain the concept of how QTP works to new and potential customers and ensure they understand fully before transacting with them to avoid problems.

8. Finally, be nice and ensure any technical issues that may arise from a transaction is amicably settled.

The cool thing about QTP is that if you are no longer interested in becoming an agent you can withdraw all your money from your wallet or QTP agent account easily.

Setting up an account can be as low as 5000 naira. That money is fully yours. With that you can do your first transaction(s).

I hope this helps you in making that decision.

Please leave your comments below and I'll respond ASAP.
I may also share afterthoughts on the comments boxes below.

You can also contact InterSwitch directly as my knowledge about the service may be limited.

Thanks for taking your time in outlining how quickteller works.

I have been an agent in the past 3 months and figured out that i maybe doing something wrong as i haven't made any profit. I guess i have been undercharging my customers as i also figured out that i have lost part of my invested capital.

I'd appreciate it if you can help with a brake down of charges on cash withdrawal and deposit that are durable and can be easily affordable by customers and still make profit.


Thanks.

Hello, I hope you are now making profit? This is June.

Kingjayjnr:
Thanks for taking your time in outlining how quickteller works.

I have been an agent in the past 3 months and figured out that i maybe doing something wrong as i haven't made any profit. I guess i have been undercharging my customers as i also figured out that i have lost part of my invested capital.

I'd appreciate it if you can help with a brake down of charges on cash withdrawal and deposit that are durable and can be easily affordable by customers and still make profit.


Thanks.

Please explain this too. I don't even understand mine, whether I am making profit or loss