start a POS business

how to start a POS business in Nigeria

POS (point of sales) business has been a proving way to start earning six figures monthly at the comfort of wherever you are.

POS has been a popular business since back then in 2015 when the central bank of Nigeria (CBN) officially introduced POS a legal machine that can be used nationwide in Nigeria for sales and all other options

POS sales have been a lucrative business to start in Nigeria, those who have a POS machine is called a POS agent, POS business has been popular and lucrative in areas with no bank and those with a POS machine have been a small banking place where people can do all certain stuff and POS machine has much benefits such as;

Withdrawing cash for people 

Opening a bank account for people

Depositing into bank accounts

Paying of utility bills

Sending money

Enrolling for bank verification number(BVN)

Is POS business profitable

Yes POS business is profitable especially if you have an already making money business you will use to support it to boost it capital startup then you shouldn't be making less than 45k -70k weekly in an urban area, it is also profitable for people in rural area where people can't get to bank easily and they have no choice rather than using a POS machine the you should see yourself making it from POS business.

Costs to get a POS machine

It is very cost to start up a POS business with an average of 300k as your capital, POS is also costto get as it costs around 50k to 100k to get the POS machine, some institution offer POS machine for free only if could meet their requirements, but I will advice to go into the proper institution and get your POS machine with full access and start right away with no problem.

Where to get a POS machine

You can get a POS machine at the bank(recommended), you will have to go into the bank you wish to get your POS from and you have to research well about the bank you are planning to get your POS from such as commissions they collect, flat rate, stamp duties and ma y more before deciding to go for POS of your choice.

POS has some specifications such as 2G, 3G of speeds and connection those with the higher specifications are much faster and avoids banking issues but very cost than a low specifications.

Institution that offers POS

Bankly POS

Wema POS

Opay POS

Monie point POS

Zenith bank POS

UBA bank POS

And many more, you can research and find out yourself banks and Institution that offers POS and match your requirements.

How to start POS business

In other to start POS business there are something you have to take into consideration before you decide to start a POS business.

Capital

Capital should be your first requirements before you have to start a business on POS and on average of 150k to 300k is required to start this job, and we all know you can't start a POS business with low capital, you won't be able to maximize your earning and objective, so capital is one of the requirements to able to start a POS business in Nigeria.

Location

As I have written above you need a good location to start a POS business in order to cash out big from these business, and mostly there is no where you any start a POS business but you have to be sure the place is a traffic and busy area where you will get people to patronize you.

Urban area is mostly recommend but that doesn't means beside banks, you have to find a location where banks is not near to, so that won't be a hinderance to your POS business.

Approach a bank

What you have to do next is approaching a bank to tell them you want to apply for a POS machine and you will be given a requirement for you to able to get a POS machine, banks requirements in getting a POS machine is stricter than other, so once you see you meet up with requirements and fees then you pay and apply for a POS machine. The process takes about a week to get your POS machine ready.

Fulfill official requirements

Now you have to fulfill a what ask you and what they ask you bring,and you have to make sure you go through their terms and conditions in applying for a POS machine so you won't tamper with it, if you do then you are go to be prosecuted for that.

 Provide ID means of verification

You have to provide Id means of verification so they have a full details if you, so if you go against their rules you will be identified easily with your means of id so you ought to provide your means of id such as your BVN, passport, and I'd like drivers license, national I'd card and many more.

Register your business with CAC

CAC means registering your business legally, and this has been some of the banks requirements in order to get a POS machine, before you can be able to deal with cash and finance you have to be registered with the law, it is very necessary for people who want to start a business like POS to have.

Some other payment gateways requires a registered business and not a any how brand to handle payments with them so if you haven't got your CAC do thatbow if you know you still want to venture into POS business.

Insurance for your POS business

You have to do insurance for your POS business with insurance company because this business is very risky in terms of being rob, and many other theft issues that will cause issues, so you have to be insured so to be in on a safe side.

Many sees this part as non relevant and not useful but it is as many borrowed loans from big institution and company if you are later been in loss then you have to stand for it but if you are insured the your insurance company will stand for you.

Conclusion

POS has been an all time lucrative business in Nigeria as it already taking over going to banks as banking has been made easy with POS and that can be operated in our neighborhood, so it is very advisable to go into POS business if you looking for a way to boost your income. Follow the guide carefully and good luck.

 

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