Learn How To Start A Successful POS Business In Nigeria (See Complete Guide Here)
Starting a POS business in Nigeria has unarguably been one of the most lucrative businesses and not just that, it is the saving grace of people on everything that has to do with transactions. POS business has helped in saving time, energy in visiting banks and provide fast and easy transactions for both payment/withdrawal methods.
In this article you will learn how to start a successful pos business in Nigeria, how much does it cost to start pos business in Nigeria and also how to operate pos business in Nigeria.
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A lot of people use POS everyday to perform one transactions or the other. People prefer this because it saves them time and stress of going to bank halls and queue up just to perform their transactions. In this post, I will discuss all you need to know concerning POS and how to become a POS agent.
TABLE OF CONTENTS
- What is the full meaning of POS?
- How does POS machine work?
- How profitable is POS business in Nigeria.
- How to start POS business in Nigeria.
- Criteria for obtaining a POS machineB.
- Banks you can get POS machine from in Nigeria.
- How to succeed in POS business.
- Pro’s and Con’s of POS business
WHAT IS THE FULL MEANING OF POS?
POS simply means Point Of Sale. POS machine is a mini machine with same functions just as an ATM machine in banks.
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HOW DOES POS BUSINESS WORK?
POS machine allows people carry out transactions with their ATM cards which range from withdrawal, deposits, payment of bills such as school fees, DStv, GOtv, tax, goods in supermarkets, fuel in fuel stations, etc. It is good because it allows you to pay for your goods and services even without you holding physical cash (cashless). With your ATM card you are good to go.
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HOW PROFITABLE IS POS BUSINESS IN NIGERIA?
POS business in Nigeria is very lucrative most especially if you situated in a busy environment that requires people to make transactions. The fact that most people do not like queuing up in banks under hot sun or on rainy days makes this business more profitable because the more transactions you make, the more money you get as a POS business owner.
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HOW TO START A POS BUSINESS IN NIGERIA
Starting a POS business in Nigeria is easy provided you follow the right steps. Although, there are lots of things you need to consider before setting up your POS business. The important ones are discussed below:
- Write down your business plan: No matter the kind of business you want to do, it is recommended that you have a business plan. Your business plan should include all you want to achieve in your business, how to achieve them and what you do with your profits. So, before you start your POS machine business, kindly take out time to draft out your business plan. You can include your target market, no of transactions you would like to make in a day, maximum withdrawal per person, amount you will need to have on you for daily transactions, etc.
- Get enough capital: Every business requires money to start, there are various ways you can get your first start up capital. These include: personal savings, loans from banks, financial aid from family members or friends, etc. It is advisable that you get enough capital while starting your business and most importantly, utilize it wisely.
- Look for a good location: To start a POS business in Nigeria, location matters a lot. Location can either make or mar business growth. It is advisable you make the right choice of location for your POS machine business. Recommended location are; busy areas, a bit far from banks, beside markets, etc.
- Get a shop: After you have found a good location for your POS machine business, the next step is to get a shop in that location. Try as much as possible to make your shop visible to people and make it stand out in terms of painting, so that people will easily recognize it.
- Construct a POS business banner: Banner creates awareness, therefore you can to get a banner for your business so people will know what you do and by so doing they will patronize you.
There are details you need to include in your POS machine business banner, some of them include:
- The name of your business.
- Services your render.
- Your business address.
- Your business phone number
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How Much Does It Cost To Start POS Business In Nigeria
To get a POS machine for your business, you will need to have a valid account with the bank in which you want to get the machine, have a means of identification, valid email address, valid business address and other requirements you will be asked to provide by the bank. All you need to do is walk into the bank in which you wish to get the POS machine and ask for one.
BANKS YOU CAN GET POS MACHINE FROM IN NIGERIA
Some of the banks you can obtain your POS machine from include: FirstBank, Guaranty Trust Bank, EcoBank, Polaris bank, Access Bank, Zenith bank, etc.
HOW TO SUCCEED IN POS BUSINESS
To succeed in POS business in Nigeria you have to satisfy your customers to maximum, do not waste your customer’s time unnecessarily, avoid getting insufficient cash on at all times.
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PRO’S AND CON’S OF POS BUSINESS
- It is a very lucrative business to do as people make use of POS on daily basis.
- It is easy and not difficult to operate unlike other types of business.
- It is very rewarding if you keep to your goals.
- It can be use as a side hustle or business while you focus more on your main business.
- It can make you substantial amounts of monthly income so you can even make it your main business.
Disadvantages Of POS Business
- You can lead to shortage due to fraudulent customers, so be very careful.
- You can experience bad network problem while trying to make transactions so put this in mind.
- You need to have steady power supply in order to keep your POS business running smoothly.
- Lack of security could lead to Robber invading your shop.
POS machine business which simply Point Of Sale is a business to consider as a person because it is very lucrative and easy to operate provided you follow the right steps. You have learnt how to start a successful pos business in Nigeria, how much does it cost to start pos business in Nigeria and also how to operate pos business in Nigeria. It is a business which you can add as a side hustle. You can start a POS business in Nigeria with as low as #100, 000.
Do you have any questions, suggestions or opinion? Kindly drop them in the comments section below. Thanks.