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POS business has become a lucrative and life changing business for many individuals, the acceptability of it as a means of payment is quite encouraging since the late 2020s making POS business to boom in Nigeria. Its conveniences, data tracking, effectiveness, and receipt generating features are some of the advantages that small and medium scale enterprises drive from using it.
Point Of Sales devices has been widely acceptable and can be found in both cities and villages all over Nigeria. Small and medium scale businesses such as boutiques, restaurants, bars, hotels, retail and wholesale outlets, hospitals, schools and others use it to transact business.
Service providers such as moniepoint, opay, quickteller, banks and many more as well as agents and operators has been making fortune from P. O. S business. the industry is thriving and it will continue to thrive because of the huge potential in it.
Post contents
- What is POS device
- Examples of POS devices available in Nigeria
- Who are the POS agents or marketers
- Ways pos agents or marketers make money
- Who are the POS operators
- Tips tto become successful in POS business
- Starting up POS business
- Conclusion
AVAILABLE BOOKS ON POS BUSINESS
- Starting a profitable POS business in Nigeria
- The secret success of running a POS business
- Google business registration
What is POS device?
POS is also known as Point-Of-Sale. It provides businesses and individuals an avenue to transfer, receive, withdraw money and track data. These services are essential for management of cash inflow and outflow, exceptional customer service, data tracking and general smooth operations of business. Even government agencies, NGOs use it as a means of payment.
Examples of POS devices available in Nigeria
Moniepoint, opay, dot pay, firstmonie, access, pay force, now now, paga, bax pox, quickteller, flutterwave, inter switch etc. Some of these devices are provided by bank while others are provided by digital financial operators.
Who are the POS agents or marketers?
These are the individual that facilitate free flow of P. O. S business by distributing devices to their terminals. They serve as meddlemen between POS service providers and businesses. They distribute, sell and do maintenance.
Ways Agents/Marketers make money?
Basically, agents or marketers make money in three ways depending on the company.
- Commission basis: every sales you made, you are espected to earn commission for instance, if company’s stipulated price is 25k, you can take 5k while the company takes 20k when you sell.
- Wages and salaries: any agent who does a regular job for the company usually eans wages and salaries
- POS stand: Most of the agents have stands and employ operators to ensure daily operation of the business
- Passive income: some agents earn passive income in the sense that, every sale you made, you are expected to earn certain percentage when that device is used for a transaction.
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Who are the POS operators
These are individuals that use POS to process payment, transfer fund, receive and withdraw funds for monetary gain or profit motive.
They subcharge their customers per each transaction made, as POS operator, you can earn from 20k and above daily provide your shop or stand is located in a strategic area.
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Tips to become successful in POS business
For one to be successful in this business, you have to be legally backup. In as much as you are dealing with finance, you must follow the procedures some of which includes
- Comply to rules and regulations setup by CBN regarding POS operations
- Choose the right provider in respect to transaction fees, commission bases, customer support and network coverage.
- Choose POS that has features like fraud detection, real-time tracking and analytics for optimum security
- Choose a busy location like market places, students area and bus stop.
- Give your customers quality service that will make them always come to you.
Starting up POS business
Before starting your pos business, you must do the following documentation and also obtain resources needed for daily operation of the business.
Business registration
Business registration is mandatory to start POS business. Approach Coperate Affair Commission (CAC) for your business name registration.
CBN licensing
Its also mandatory for POS operators to partner with a licensed financial institution. You can secure an agency banking from platforms like opay, moniepoint and others
Tax identification number (TIN)
Obtain TIN from Federal Inland Revenue Service (FIRS) to ensure tax compliance.
Personal documentation
Ensure you have a valid means of identification like a national ID card or passport, along with a Bank Verification Number (BVN).
Startup cost of POS business
Business registration will cost you from 15k and above depending if you are dealing directly with CAC, if you are using a third party, it will cost you higher than that because of service charge.
Pos devices come in different sizes and automation. Mini POS will cost you from 15k above while Android version will cost you from 25k and above. Try to get one for you business
The cost of setting up the stand, stall or shop varying depending on your taste and location.
Thereafter, your llicensed bank will provide you with the fund to withdraw for your customers.
Conclusion
Pos business is a life changing business, a lot of people has made huge fortune from it. You can decide to become pos agent or operator, there is no limit to how much money you could make in as much as you have entrepreneurship skills. As POS operator, you can open many branches and employ people to work for you. Starting today is the best decision you could make this year.
