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How to rent a POS swipe machine for the day for any event, function or fund raiser

If you are a local business, organisation, entrepreneur or individual there are now a few options to rent out a POS swiping machine for the day for any kind of event, function, business or organisational activity that requires transactions or sales to be made.

Techzim knows of two local banks offering a daily swipe machine rental these are:

Eco Bank

EcoBank’s daily rental price is $35 and they charge you a 1.5% commission on all transactions, you don’t need an EcoBank account to rent their machine. When you’re done with the machine your money can get transferred to your account of choice.

You will need to fill out an EcoBank Merchant Form which effectively gives the bank notice of your intention to rent for the day. Techzim has not seen the daily rental form yet but has seen the monthly rental form. Techzim would like to assume that the only difference would be the validity periods of the agreements.

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To avoid disappointment this form should be filled 48hrs before you actually need the device as rentals are subject to the availability of the swipe machines.

Steward Bank

Steward Bank charges a daily rental fee of $50 and also don’t require you to have an account with them to use the machine, all funds collected using the machine will be transferred to your selected account within 5 working days of returning the terminal, you will pay for all transfer costs ($5 for a RTGS).

To request the device you will need to fill out a POS for Hire Contract, the agreement states that once you are in possession of the device you are liable for its safe keeping if the terminal is lost or damaged you will have to foot the bill to Steward Bank.

To avoid disappointment request the device and fill out the form 48hrs before your actual event, it is also subject to the availability of devices.

Steward’s requirements seem to be a bit more relaxed than EcoBanks, all you need is a copy of your ID and fill in the usual details (name, address, site address etc) which in comparison to EcoBanks form where you have to fill in quite a lot of details about your company, directors and company details etc.

It seems like Steward Bank, though more expensive, caters for the individual, entrepreneur and informal business user whereas EcoBank is for the more established business/organisation user.
Both fees, however, are not really attractive to informal business users as $35 and $50 are usually their profit margins. Informal traders may have to stick to mobile money use and register as merchants to avoid clients paying extra so they receive their full amount.

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11 thoughts on “How to rent a POS swipe machine for the day for any event, function or fund raiser

  1. These rental charges are ridiculous honestly how can entrepreneurs survive with such charges that wipe away their profit margins. The RBZ should step in and regulate such blatant robbery.

  2. These rental charges are ridiculous honestly how can entrepreneurs survive with such charges that wipe away their profit margins. The RBZ should step in and regulate such blatant robbery.

  3. The $50 Steward bank is charging, is it a flat fee, then pay just $5 for every RTG? Or is it $50 then a host of hidden charges to follow

    Im just trying to compare with $35 Eco Bank is charging plus the comission so see which one is cheaper.

    Banks can benefit from money transactions but with these high charges, its very difficult to stimulate usage.

  4. Question. can one buy a pos outright? pay like a monthly service fee of $5 to keep the account active? if so anyone know the prices?

  5. Steward Bank can give you from free if you are in business and you will have to open an account with them , that’s the only option that would be profitable , other than that it won’t be viable

  6. do the charges decrease if I have my own swiping machine, probably just want to rent their configurations for the machine for a day or so.

  7. Prise and rental. Our organisation are try this pos machine are stabilised all India bassist. Please send details terms condition.

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