How to start Point-of-Sale (POS) Business in Nigeria

Many Nigerians are still not aware of the concept of Point-of-Sale (POS) machines. POS is an automated system that is designed to process payments. The system can be used in any type of industry or business, no matter how small it is. POS machines are also known for their fast processing speed, which can take transactions at a faster rate than traditional cashiers can.

This business is one of the best ways of making passive income i.e. the sum of money earned by selling POS machine services rather than running a business directly. You can earn money through sales, sales commission or extra income from the usage of your machine. Apart from growing your business, you can also make money by taking advantage of certain discounts that are offered by your POS company to its clients.

For the purpose of this article, we are going to show you how to start your own business as a pos agent, teach you more about pos and how profitable it has been becoming over time, and why there are various benefits associated with this profession. What are they? Why should you care? Read on!

• What is Point-of-Sale (POS)?

This is a term used to describe the most popular method of payment in Nigeria. It stands for Point-of-Sale which is basically a small touchpanel device attached to a register where transactions take place. The popularity of the POS system is attributed to its convenience and speed.

The idea behind this system is to make life easier for both buyers and sellers as it frees them from having to carry huge sums of cash around, leaving them vulnerable to robbery or theft. The system also contributes immensely to the growth and expansion of businesses as they can now access a larger pool of customers with ease. Every year the popularity of the pos systems has been increasing as more and more merchants are adopting it.

• Benefits of Point-of-Sale (POS) business

The benefits of Post Office Sales in Nigeria is much more than the simple fact that the customers do not have to carry cash and verify transactions. There are also some added advantage to those who want to start up the business which are;

1. You can earn a considerable amount of money without needing to get a good education.
2. It’s a very easy and quick business to start up.
3. You don’t need any skills apart from being able to use a computer
4. Most pos equipment and machines are fairly cheap so it won’t cost you much money.
5. This business is highly scalable and its returns will increase as your business expands and becomes well established

 

• GUIDELINES ON HOW TO START A POS BUSINESS IN NIGERIA

Starting up a business, whatever it may be, can seem like an overwhelming feat to some. This is especially so when you want to venture out of your comfort zone and set up something of your own. If you are someone who has never done this before, but still wants to start a business involving POS systems, here is the step by step guide on how to do it.

1. Get a Capital

Before starting a POS business, you need to have a substantial amount of money to serve as your capital. The capital needed to start a pos business in Nigeria is N50,000. This will be used to get a shop, a working POS machine and also other peripheral devices such as the card reader, the power supply and the POS software.

2. Choose a Location

Getting a good location for your business is a very essential factor if you want your business to grow. Although There is no specific area where you need to set up your business. You can choose any location as long as you have access to an electrical outlet. But I would also advise you to choose a place where there are few POS vendors and more businesses in order to have more customers and patronizers.

3. Acquire a Host or Fund Agent

A host agent is someone who can offer protection to your business. It ensures that all the legal formalities are present, and that your business will be registered as a company. When starting a POS business, it is better to make the bank in which you have an account with. This way it would be easier and less stressful to get loans and financial support. Examples of host agents in Nigeria are FirstMonie, Paga, QuickTeller and many more

4. Get your POS machine

Obviously there is no point in starting a pos business if you don’t have a pos machine. You can choose to buy a POS device from a private seller who will be selling it for a lesser price than what the manufacturer is asking for. The price of a pos device ranges from N45,000 to N120,000 depending on the one you want to use for your business. Also, there are banks that give POS devices for free, all you have to do is to have an account with them and meet the necessary requirements.

5. Advertise your business

Once you have completed all the above steps, the next thing is to make your business known to everybody. The best way to market your business is by word of mouth. Reach out to friends and family, tell a friend to tell a friend to tell a friend that they can now make payments and get cash easily without having to go to the bank. You can also decide to print out banners with an affordable budget of less than 5k to make your business known.

In conclusion, pos is a very easy and lucrative business which takes very little time to set up and doesn’t require any form of investment. Anyone who wishes to start it should identify the needs of the people in his area and then try to meet those needs.

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