In this article, we will explain a detailed Guide on how to start a POS Business in Nigeria. Steps, guidelines, requirements, and all you need to know about starting a POS business anywhere in Nigeria. If you are young, enterprising, and looking for ways to make money, start a POS business. POS business is another way to make money in Nigeria. It’s profitable in areas and communities where banks and ATMs are not enough to serve the financial needs of the people.
POS operators are not employed by the banks, they ack as an agent. POS business is a new kind of business created by the commercial institution to decongest the banking hall while empowering people. POS business owners deliver banking services on behalf of the bank and in return get paid on commission.
POS Services, like any other business, involves proper planning, preparation, capital, location, and the business environment. If you have been looking for how to start a POS business in Nigeria, this article will give you a detailed guide to start.
What is a (POS)?
POS refers to as a Point of Sale, it is a way where cardholder makes payment with their credit card instead of always carry cash around. Point of Sale refers to the place where a customer executes the payment for goods or services and where sales taxes may become payable. It can be in a store, where POS terminals and systems are used to process card payments or a virtual sales point such as a computer or mobile electronic device.
How to start a POS Business in Nigeria
1. GET A SHOP
No matter the size of the business, whether the small or large business you need a station, you need a place that people can locate you to transact business. So the first step in starting a POS business in Nigeria is to get a shop in a good location. POS business does not require large space, a small place is just enough. You can rent s space, a kiosk, or uses your houses just make sure people are able to locate you to do transactions.
Location is another most important step in starting a POS business. You need to carefully select a location that will increase your customer base; which will in turn increase your profit. The location you chose should be accessible to intending customers.
Well, not all businesses require advert and promotion; your POS shop or kiosk should well decorate with banners and materials that will show the services you render. And some of these services may include:-
• Cash deposit and withdrawal
• Funds transfer services (local money value transfer)
• Bill payment (taxes, utilities, tenement rates, subscriptions, etc.)
• Cash disbursement and cash repayment of loans
• Agent mobile payments/banking services. And many more.
You need capital to start any business no matter the size of the business. Capital is the life wire of your business. To start a POS business, you need about #50,000 naira or more at hand for withdrawal and payment.
4. ACQUIRE THE POS MACHINE
You can get a POS machine through a bank or an agent; if you intend to work with a bank, you must operate a corporate account with the bank while in some you must have a current account. The problem with working with banks is that some banks will give you monthly targets to meet. Some banks that issue POS include GTbank, Access Bank, Zenith Bank, Ecobank, First Bank, etc.
You can also get a POS machine through some agents like Interswitch and there are also many mobile money operators example; Quickteller, Paga, Branpos, Pocketmonie, Firstmonie, Opay, Paycentre, Nexgo Pos, Citiserve, etc.
Areas where you can set up a POS Business.
• Rural Areas where there are no banks or ATM points
• Near school especially university campus
• In a populated market place
Starting a POS business can make you the boss of your own stead of looking for a job that is not available. You can make up to 80,000 to 100,000 thousand naira every month in profit if well managed. If you are an entrepreneur and looking for a new way to earn money, you might want to look into starting a POS business.