So we are looking at POS Machines and today we shall be considering the necessary processes involved when you want to start POS Business in Nigeria. Please remember POS stands for Point of sale
Why POS Business In Nigeria?
Because of several bank policies as enforced by the apex bank, Nigerians are forced to either stand at ATM Points for several hours or be turned around each time they walk into a banking hall to withdraw amounts lesser than NGN100,000.
Also, it is only right to choose POS Business in Nigeria because Aside Crypto Exchange business, POS Terminals offers limitless income for its operatives, unless you are located in a bad spot or stationed in an area where the demand is low. From experience, a 100% ROI is certain within 6 months. We are going to explain everything you need to start enjoying this right away and if you follow the process, your success is guaranteed
POS Business Described
Having a POS Business means you have decided to act as an extension of a bank. Having a POS Outlet means you have decided to build a spot where customers could Pay utility Bills (Electricity), Services like Airtime recharge, DStv Subscription, GOtv subscription, Tax, etc. Let’s not forget you have placed yourself at the spot where customers could withdraw cash using their bank cards, deposit cash to their bank accounts as well as send money to family and friends just by visiting your POS Outlet with some cash or a valid bank Card.
How Beneficial is POS Business in Nigeria Society?
POS Business is highly beneficial because it helps to make life easy for Nigerians.
It creates an avenue for self-employment
It is the easiest Entrepreneurship around today
Increases customer satisfaction
Reduces workload at the bank
Makes life easy for Every Nigerian
How to start POS Business In Nigeria Today!
To start a POS Business in Nigeria today, what you need is good guidance from people who are experienced or already have their own POS business within the country. However, I must make it clear that not everyone would be willing to reveal the easy steps to help you initiate a POS business as this only increases the competition.
Have a Business Plan
A Business plan as you know is a detailed document that highlights your plans as an entrepreneur as regards your business venture.
It is one of the many documents you must have to start your POS Business In Nigeria.
Let’s not forget that a man that fails to plan has automatically planned to fail.
Choose a Company (Banks Recommended)
In Nigeria today, some financial institutions or companies may allow you to register a POS business under their name without a single hassle. These include the likes of First City Monument Bank, Zenith, Access, and first Bank. The companies include Opay, Paga, Quickteller, Paystack, etc
Now knowing how to approach these bodies for their operating license is a step you must take after drafting your business plan.
Site Your POS outlet in a Very strategic Place
As mentioned in the introductory part of this page, one of the many factors that would guarantee your success is location. From experience, we know that the most successful POS Businesses are those sited around Campuses, Markets, Hostels, Estates, Hospitals (Federal/State). So you have to ensure your POS business is located close to one of these facilities.
Get your Capital Ready
No business ever starts without capital. So based on the fact that you already have a business plan, have a site in mind, it’s time to get your capital together. The cash required to rent your shop is not included in this capital.
This is just the amount you are to have in your POS Bank account, it about NGN65,000
Do not forget that this is the shop where you are going to start your POS Machine business, so ensure it’s secure.
Buy A POS Machine
As you know, unless you approach a company, no financial institution is ready to issue you a POS Machine just like that. Some documentation must be made and there are certain criteria before you can be considered eligible to have a POS machine.
Set Up Your Business Banner
Your business Banner is that part of your business that speaks for you when you are not there. The cost of getting a POS Business Banner is NGN2,000 – NGN4,500.
How much is POS Machine in Nigeria?
Unless you are approaching companies like Paga, oPay, and quickteller, there is no cost at all if you are getting a POS Machine from a Financial institution.
From these companies, you may need about NGN60,000 to NGN85,000 to have your own POS Machine
Getting POS Machine from Banks: Requirements
To be considered eligible to have a POS For your POS Business, you as an individual must meet the following requirements
1. Have a Registered Business Name
2. Have a bank account with the bank you are approaching
3. 2 Passport Photographs
4.You must have rented your shop
5. Completed A POS Agent agreement with the bank.
6 Have the required Capital NGN 65,000 – 250,000 Depending on whether your business is registered or not.
How much does POS Agent make daily?
For every business journey, it is often right and expected that you ask to know the benefits which is often measured monetarily. Having said this, i know you really want to know how much a POS Agent makes on a daily Basis.
Well, as a POS agent, i must make you understand that a your income comes from every customer that transacts a business through the pos. This might include cash withdrawals, Deposits, Payment of utility Bills, etc
In Nigeria today, you as an Agent could make upto N1000 per transaction depending on the amount of cash your customer withdraws from the POS.
Remember that the smallest amount of cash you can make per transaction is NGN100.
This means having 100 transactions daily guarantees some NGN5000 and even more.
Making NGN5000 on a daily basis means your monthly income is somewhere between NGN120,000 to NGN150,000 (If you work on Sundays)