How To Start POS Business In Nigeria

How To Start POS Business In Nigeria

How To Start POS Business In Nigeria

You might be wondering what is POS? POS is a cash minting business which has silently been going on without much awareness but now gaining serious popularity. Due to increase in the number of consumers who are spreading the news to others who want a life of convenience and ease.

POS business is a very lucrative business. It is a known fact that trading on money or money related venture is very profitable. This is a business that can provide jobs to thousands of people especially the youths. That’s why did post is coming up in other to encourage people into this viable business.

How To Start POS Business In Nigeria

If you have been looking for opportunity to earn money through POS or you want to do a MOBILE ATM CASH BANKING business in Nigeria an opportunity has presented itself . So many small businesses are now using POS machines for their transactions. Example shops, supermarkets etc.

You have to start by getting a place or if you operate a shop you increase your customers or be sure you have a good number of them. Go to the bank and process form for the  machine or buy one from reliable agent.

POS (point of sale) also called point of purchase (POP) it is a device that allows local debit cardholders make payment for goods and services mostly in a retail location. This automated It is a very good automated product because it reduces the stress of carrying cash, transaction with cash etc. You also will receive instant notification/confirmation of goods and services payment.

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POS accepts debit/credit cards the same way ATM does. Buyers of goods can pay directly to a sellers account without using cash.
It is not just for payment only but can be customized for bill payment such as airtime (recharge card), DSTV, GOTV,. POS can also be customized to collect School fees, rent, tax, donation

How TO OBTAINING A POS MACHINE

  • Have a sales point
  • Have a registered name
  • A passport photograph
  • Get it on lease or pay cash
  • Account number
  • Business email address
  • Phone numbers

And a few other small details.
You will be directed to account officer. They will start processing within 72 hours and within 14days you receive the POS. Again you will be required to sign a POS agreement document with the bank.

You may not have to collect from banks as you can easily purchase the machines from agents who are licensed to sell them. The cost of POS machine Ranges from #90,000-#100,000. All the services you plan to do are already programmed into it.

WHICH BANK HAS POS MACHINES:

Banks provide the POS machine free you don;t have to pay, however, terms and conditions apply. You can obtain the POS machines from the following banks: Zenith bank, First bank, Access Bank, Ecobank, Skye Bank, Fideliity and Diamond bank etc. Each bank has its own mode of operation you just have to go to them one on one to get details on what is required.

COMMISSION FROM DIFFERENT AGENCIES

Cash withdrawal – #150
Cash deposits #150
Transfers – #150
The #150 commission you make on every transaction is the same for all banks.

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FOR RECHARGE CARD PRINTING

Etisalat 3.5%
MTN 3.0%
AIRTEL 4.0%
Globacom 6.0%
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FOR DATA BUNDLES

MTN 3%
Globacom 4%
Etisalat 4.5%
Airtel 4%
Smile 3%
Spectranet 4%

FOR BILL PAYMENT

DSTV 2%
TSTV 2%
GOTV 2%
PHCH 2%
STARTIMES 2%
Same goes to any other company used.

PREPAID VOUCHER

WAEC 6%
NECO
JAMB

WHERE TO ESTABLISH POS BUSINESS

Have You been thinking of obtaining this POS machine for a long time but what is delaying you is geographical location? Don’t worry you can obtain the POS machine and Establish your business in the below locations

  • Rural Communities: Many parents that want to send money to their children for school fees, up keep and other commitments will gladly embrace this business. Others who travel down town to carry out financial transaction will be relieved..
  • Places Where ATM are always crowded or in places where there are shortages of banks/ATM post. Human beings are always in a hurry as such not everyone likes queing up in ATM post if they see alternative they will gladly accept not minding the charges.
  • In your business premises if it handles large money or has a good number of clients.

Hope we have been able to impart something into you today? Get up and work.

 

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