Steps on how To Start POS Business In Nigeria

As Nigeria unemployment rate continue to increase, there are more  concern on how to reduce it, create more job opportunity by the government so as to eradicate the poverty level in the country.

According to National Bureau of Statistics at the second quarter of 2020, unemployment has increased to 27.1 per cent from the 23.1 per cent recorded in Q3 2018  meaning 21,764,614 (21.7 million) Nigerians are unemployed.

In our today discussion, we are going to talk about how to start up Point of Sale (POS) Business in Nigeria.

What is Point of Sale (POS)

This is the place where customer makes a payment for products or services at your store. POS terminal is the electronic equipment performing the sales transaction and processing the credit/Debit card payments.

POS business is lucrative way to make money in Nigeria since the demand for cash and most time ATM machine don’t often has cash on then.

 

What can you do with POS

POS (Point of Sale) business offers services like funds transfer and withdrawal, sales of airtime, bill payments like GOTV, DSTV, Startimes, PHCN, and other utility bills. It is used in several places where goods and services are sold/rendered; places like retail shops, offices, supermarkets, fuel/gas stations, pharmacies, eateries.

Also read: Keystone Bank Mobile transfer Code *7111#: How to transfer money

Steps to start up POS Business

1. Register your company

Most legit business in Nigeria need to register their business either as

Limited Liability Company
Sole Proprietorship
Partnership
Cooperative Societies
Public Entities
Trusts or any other entity aside faith-based or NGOs.

2. Get a shop/office place

I will advise you to choose a location with limited banks or places with few ATMs if possible rent a space in bus stop, public market, university and college campus, event centers rural area and residential place.

3. Apply for POS Machine

Visit your bank to inquiry the requirements, in most case you should have Business Current Account

Also you can approach Agency Bank like PAYPAD, PAYSWIFF,ZIROOPAY,PAYONE and other angecy.

Card reader
Barcode scanner to scan bills for bill payment transactions
Personal identification number (PIN)

You can also read: Union Bank Transfer code *826#: how to register, transfer money, Buy recharge card and Cardless withrawals

Start Up fund

You will need capital for office equipment, cash at hand for disbursement  this help  kick up operation. So at least you need 100,000 to 200,000 Naira

How do you make profit.

Commission: Banks and pay agents give commission based on the volume of transactions carried out on their behalf.

Service Charges: By rendering service to customers, you can also charge them a particular amount especially on bills payments, taxes, and subscriptions.

Float: You can also make use of cash deposits, net of withdrawal for your primary business.Depending on your cash management policy.

 

 

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