You probably know someone at the nook of your street making decent money from this business, but the sad thing is: he is not ready to teach you how. Some people will pay any amount, and I mean any amount, to learn how to start a POS business.
This guide will judiciously show you how to get started, Sit back and follow the steps carefully!
POS stands for (point of sale). … Merchants typically use a POS system to complete a sales transaction, it also involves
- Transfer of funds
- Withdrawal of funds
- Sale of Recharge cards / Network Top up
- Go-TV, DSTV, PHCN and Bill Payment.
How to Get Started
Regarding the amount of Bank centers, you will agree more of less that people who live far away from banks or in a situation where they will need to perform certain transactions would require such service and if you are lucky to be close by, you could awesomely be paid for your services.
So how do you get started?
STEP 1 – HOSTING
First and foremost, you need to acquire a POS machine from a reputable bank in Nigeria or from a POS system dealer.
To get a free POS machine from reputable commercial bank, you require an account with the bank. The banks providing the POS earn a little income from a fixed commission charge on every transaction completed on the POS system.
The application form requests the full business name, the business owner account number, the business email address, phone numbers and other minor details, and processing takes 72 hours. You could email the form to [email protected] and also copy [email protected] [email protected] is also the contact e-mail address to note if you have any problems.
The business owner will then be required to sign a POS agreement document with the bank.
In Guaranty Trust Bank, only current account owners qualify to receive POS system. Account owners must have held their accounts also for at least six months, just like Zenith Bank. The form is then mailed to [email protected] or submitted to the account officer. The business owner is also required to sign the agreement form.
At Skye bank, the POS system is being granted with a savings account as far as the relationship officer approved the request. Business owners also only need to fill the application form and the agreement
- There is a charge of 0.75% on successful transactions which is deducted from completed transactions before being credited to your account.
- Visit your Account Officer for enquiry
- Fill the documents/ Agreement Form given to you , each bank has their conditions
After submission of form, upon approval you’ll get a notice from your account officer not long after 14 days and delivered to the business address indicated on the form.
Also Read: Cost of Building a House in Nigeria
POS SYSTEM DEALERS IN NIGERIA
You can as well purchase from POS system dealers around you, In case you don’t prefer the POS system from the bank due to their conditions, you can purchase from POS system dealers. These POS system dealers sell their POS with a licensed CBN PTSP (Payment Terminal Service Provider).
NIBSS is the sole catalyst of inter-operability and aggregation in the payments industry, some of them include:
- BRINQ AFRICA PAYMENT SOLUTION LTD
- CITISERVE NIGERIA LTD
- COMPUTER WAREHOUSE GROUP
- EASYFUEL LTD
- FIDESIC NIGERIA LTD
- GLOBAL ACCELEREX
- GLOBASURE TECHNOLOGIES LIMITED
- GRAND TOWERS PLC
- INTERSWITCH LIMITED
- ITEX INTEGRATED SERVICES
- NETOP BUSINESS SYSTEM LIMITED
- PAYMASTER LTD
STEP 2 – PREFERRED LOCATION
Where to establish your POS business is very important too and determines how much of profits you’d be making after each day transactions, if you need to set up a shop closely to a place you’d get more customers; go ahead.
1. Local Areas; places like this will have less number of banks or financial institutions as such establishing a POS business will be a great success.
2. ATM centers that are usually crowded or in places where there isn’t much banks/ATM post. Nigerians are always in haste and not everyone likes queuing up at ATM post and when they see an alternative they gladly accept not minding the charges.
3. Sequentially close to markets or Malls, Sometimes at ATM post, it will show insufficient fund and at that time most people wanting to make use of money will prefer making use of your services
STEP 3 – CAPITAL
It depends on the services you want to render and the kind of POS you want to acquire. The cost of POS machine ranges from N90, 000 – N100, 000, you can start small then when the demands for your services increase; you also increase the capacity of your capital.
Collecting the POS system from banks and using it for your business transactions such as supermarkets, you have nothing to pay but meet-up with the conditions.
So what are you waiting for, Start your POS business as soon as you can earning around N5, 000 daily. It is a great business idea for you as an entrepreneur. It’s a lucrative way of getting passive income.