How To Start A Lucrative POS Business In Nigeria (Cash Trade, Fund Transfer, Utility Bill Payment, Mobile Recharge) Free Guide.
Start Lucrative POS Business In Nigeria (Cash Trade, Fund Transfer, Utility Bill Payment, Mobile Recharge)
Have you ever been in a situation that you desperately wanted to perform some transaction with your credit or debit card at the nearest bank ATM stand and you were not able to due to the bank network issue?
Have you ever wanted to pay up some bills like utility and cable but no ATM machine around to do it?
Have you ever miss out on an important sale because your customer’s claim he can move around with cash?
Have you ever wanted to start a cash trading business but don’t know how?
Then this post is for you, Read till the end.
POS business is a business that as to do with money, unlike most other business that trade product in exchange for money, here money and money-related services are traded for money.
This business is just coming out of the shade as you can see POS business almost 2 – 3 place in a city or state. You never get to see such like over 3 years ago, I wonder what will happen in the next 3 years.
This Business takes care of the stress it will take you to wait under the hot sun at any ATM stand, to want to perform an operation and went it gets to your turn a pop-up notification will appear “OUT OF SERVICE”.
Before we continue let’s ask our self What is POS and What is POS machine.
WHAT IS POS?
POS is an acronym of a three simple combined words Point Of Sale, it is also referred to POP which means point of purchase.
POS machine is a machine that is been used at the point of sale to make quick cashless payment to customers with their Debit or credit cards.
REQUIREMENT FOR STARTING A POS BUSINESS.
CAPITAL POS BUSINESS:
As we earlier said, this business is a business that we are trading directly on money either in raw form or in digital form.
We are going to be needing both the raw form of money and the digital form. This will help transact according to our customer request.
We will also need some fraction of the capital to buy setup the business in a very nice location and to obtain the POS machine. About N500,000 will do just fine.
POS MACHINE FOR BUSINESS:
This is the major requirement for this business of which without is the whole business plan will be a waste.
To get a POS machine is no longer a big deal as you can apply and get it with a month.
YOU CAN VISIT BANKS LIKE ,
- First bank
- Zenith Bank
- Access Bank,
- GT bank,
- Fidelity Bank and many others.
POS machine from the bank is free of charge, if you meet up the terms and condition of the bank you are working with, you do not need to pay a dime.
Just as the names of the banks differ so also their mode of operation with including their T/C Terms and Condition.
A documented list of the bank Terms and condition for the business will be given to you, be sure to read and understand fully well before proceeding with the process of obtaining the POS machine.
GOOD LOCATION FOR POS BUSINESS :
This is one of the businesses that have to do with human traffic, the higher your traffic rate the better your profit.
Our first target should be close to an ATM stand that is always having a massive crowd cue all day long. “Come to Zuba-Abuja you will know what am talking”.
Most people don’t have time waiting at an ATM stand to run their transaction.
If the spot a POS business located around they will just go their not minding the cost and run their transaction.
Our other target is an area with fewer banks and ATM stands. Those in this area are likely to patronize this POS business is they see one.
The might use this to pay off utility bills and also to pay for their Cable channel.
Some people that want to transfer money can just do it at the POS business are rather than paying transport to an ATM location or the bank.
PROMOTION POS BUSINESS:
This business does not require a lot of promotion like other business that we have to go to the T.V stations and Radio channels.
A very big board indicating the nature of your business will do.
You can also set a nice sound system playing all day to attract attention to your business area.
REQUIREMENT OF OBTAINING A POS MACHINE
- A business name
- Business email
- Account number with the bank
- Working Phone number.
- passport Photograph
- Signed POS agreement document.
After signing the agreement signature you will have to wait for about 2weeks to a month for the POS machine to be ready.
once the POS machine is ready you will receive a TEXT, an Email then follow with a Call, all notifying you That the POS machine is ready.
POS MACHINE COMMISSION FOR POS BUSINESS
CASH TRANSACTION POS BUSINESS
Cash withdrawal N150
Cash deposits N150
RECHARGE CARDS POS BUSINESS
DATA BUNDLES POS BUSINESS
BILL PAYMENT POS BUSINESS
Now, you have seen how possible it is to make money with a POS business In Nigeria.
NOTE: You can add this business to your already growing business to transfer your customers to your POS business and make good commission in return.