Here Is How To Start POS Business Right Now In 2021 [Complete Guide]

Hey guys, today am going to share with you, how to start POS business in 2021 and how profitable POS business is.

After reading this tutorial on how start POS businesse in nigeria, you will be able to start the business and and know Minimum Amount To Start A POS Business Right Now In 2021.

Cheapest Business To Start In Nigeria Right Now

I won’t talk about how to start POS business only, I will also give an answer to the most asked questions on the net. Such as:

  • Is pos business a profitable business
  • Is pos business profitable
  • How to make money from pos business
  • How profitable is pos business
  • How to make money from pos business.

If you still doubting on how legit and profitable POS business is, this article is for you.

This article is complete 2021 guide on how to start POS business in nigeria, and how to make more money doing POS business in 2021.

And also show you all what you have take note before getting started.

Let dive in.

What is POS Business

Firstly, POS is an abbreviation for “point of sales” and the word “POS business” also known as mobile money agent business. The most profitable business in 2021.

POS business was started in year 2013, after CBN (central bank of nigeria) launched its guideline on the operations and management of the POS enterprise.

Since that day, it has remained one of the retail channels of several business banks to make their banking services attain a huge number of people in the country (nigeria).

Mobile money agent owns and operates a retail outlet. he or she conducts the financial transaction and lets in clients to withdraw, transfer, deposit, pay bills, buy airtime, and other transaction.

This business thrives greater in rural regions and the underbanked communities.

It’s miles just like any other remote banking channel.

If you have current small business that brings money every day or month, you could diversify your revenue streams with the aid of venturing into this POS business and earn extra income.

How To Start POS Business: Complete Guide.

To start POS business right now, follow this guidelines and drop your comment if you have any questions. Let’s go.

Start POS business

1. Find open areas to place your shop:

Your POS business location is very important. Why? because if you find an open place, it going to increase in the number of patronizers, which is equal more costumer more profit. these factors have much effect on daily profit.

To earn more income from POS businesse, you need to find a place that is visible and accessible. Such as:

  • Bus stop.
  • Public market.
  • Event centers.
  • High institution.
  • Big companies.
  • Hospitals and many more.

Now design your business banners or use the one that will be given to you by the POS machine provider you choose.

To let people know what exactly your shop is about.

You may also like to read this: JumiaPay Business 2021 Review: Here Is Everything You Need To Know Right Now

The POS business doesn’t require you to get a large space, but atleast get a small space, where you can put chair, table and banner. That’s enough.

You can even use your house for transaction. But make sure it is open place. For earning purpose.

If you are into any business and you have a shop, that’s an opportunity or advantage of getting free POS machine from bank.

2. Get Enough Cash:

Before you can start this business, need to get enough cash to run the business.

Money

And the minimum amount to get started is 100,000 naira. 50,000 cash for withdrawal payment and 50,000 on your POS machine account for transfer and deposit.

You May Also like to read this: VTU Business: Best VTU App In Nigeria And How To Get Started Right Now In 2021

If you don’t have upto that amount, you can get fast online loan in nigeria, and pay back when you earn income.

3. Get Three ATM card:

Yes you need three ATM card for testing POS machine network. Sometimes, there will be bad network on your POS terminal, and you can’t know if you don’t test the network with your own ATM card.

To avoid debited customer without seeing the money.

Get Strong Service Provider SIM Card:

MTN is recommended. You need a reliable service provider to operate the POS machine faster and avoid bad network from service provider.

Benefits Of Doing POS Business.

Benefits Of POS business

POS business is a cash transaction business, like I said earlier, POS business is profitable, which is silently been take place with out a whole lot consciousness.

However now gaining extreme recognition. Because it now alternative to banks cash withdrawal machine (ATM).

Starting POS business could be very beneficial. it is a known fact that buying and selling on cash or money associated undertaking could be very worthwhile.

You may also like to read: EaseMoni Loan Review 2021: Know How To Get Your First Loan On EaseMoni Right Now

That is a business that could offer jobs to lots of people in nigeria. Especially the students.

That is why am writing this article to encourage citizens of nigeria to start this profitable POS business.

Once you the start POS business, you will be helping people in your community to decreased a few rigors and provide convenience in economic transactions and help them to:

  • Achieve financial inclusion.
  • Reduced the usual congestion in their banks.
  • Serving a wider range of clients.
  • Enabled a quick and fast money transaction.
  • Reduced the risk of take large sum of cash to bank.

POS business

And provide other services like:

  • Sales of airtime (Airtel, MTN, Glo, 9Mobile.).
  • Bill payments (GOTV, DSTV, Startimes, PHCN.) and pay for goods and services without being scam.

If you start POS business today, at least, you wull be making like N5,000 daily doing this business. Here is your commission per N1,000 transaction.

  • N100 for cash withdrawal.
  • N100 for cash deposit
  • N100 for transfers

So the commission you make on each transaction is all yours. But the POS terminal provider fee is 0.75% for N1,000. You can read Agent POS Charges In Nigeria [2021 Experienced]

If you want to earn more income, don’t do only transfer, withdraw, deposit. Add bills payment. Here is the bills payment commission.

Apart from the charges you will charge your customer.

POS business in nigeria

Commission FOR SALES AIRTIME.

MTN Network 3.0%
Airtel Network 4.0%
Glo Network 6.0%
Etisalat Network 3.5%

Commission FOR DATA TOP UP

MTN Network 3%
Glo Network 4%
Etisalat Network 4.5%
Airtel Network 4%

Commission FOR TV Subscription.

DStv 2%
GOgtv 2%
PHCH 2%
Startime 2%

Commission PREPAID VOUCHER

WAEC Scratch Card 6%
NECO Scratch Card 6%
JAMB 6%

How To Get Terminal To Start POS Business.

If you want to start POS business, you have to get POS terminal, so there is a two ways to accumulate the POS machine.

POS machines offer immediately notification of all transactions fee. this is why you get hold of alert whenever you do any transaction like withdrawal or transfer.

Recommended: List Of Best POS Machine In Nigeria [2021 Rated]

POS is not for deposit, transfer withdraw money only. but It can be use to pay customer bill payment such as: DSTV, GOTV, Startime, FreeTv.

Hope you have know the benefits of this business and the business itself.

Before you can start providing bank services to people, you need a machine/terminal to run the business.

How To Get POS Machine.

(Am going to list the top e-pos that is easy to get in nigeria for you.) Keep reading.

  1. From Nigeria Banks.
  2. From Licensed Company.
1. How To Get POS Machine From Banks.

To get POS from nigeria banks, you have to be eligible, and to eligible for terminal, you must have a small or partnership businesse that launched at least in 12 months ago. Which is one years.

And have office or a shop (for small business owner) in your area or community. And be be registered user with the CAC (corporate affairs commission).

If you have these above requirement, starting a POS business or serving as a bank agent in nigeria is possible for you.


Free POS machine in nigeria

How To Get Free POS Machine In nigeria banks 2021


The next thing to do is to approach your bank

Without a doubt all nigerian banks offer POS machine. so, as quickly as you decide on the bank of your preference, the following issue is to method your bank and get the info of their requirement.

Visit your bank branch, you can go where the branch where you account was issued and talk to your account officer.

No matter what, you need to fill some agreement forms at the transaction conditions.

Start POS Business

Then, the bank evaluations the software in line with central bank of nigeria, internal criteria, and enters into an settlement with you, in case you meet all the criteria they listed.

Here are some of the required documents you will need to provide when filling the agreement forms.

  • Valid means of identification.
  • Bank verification number
  • Two photographs passport.
  • Two active account references
  • CAC businesse Certificate.
  • Account Number.
  • Mobile phone number.
  • A minimum amount of N50,000.

Once you submit the form, they will tell you to come back after your request to the bank has been considered by banks management.

The bank will give you the needed equipment to start POS business. Include a portable device (POS terminal) that facilitates payments of goods and services from your office or shop using payment cards.

Top 7 Bank That Offer POS Machine In 2021.

  1. GTBank.
  2. First bank.
  3. Skye Bank.
  4. Zenith Bank.
  5. Wema bank
  6. Fidelity bank.
  7. Ecobank bank.

How To Get POS Machine From Licensed Company.

You might not want to go through the stresse if collecting the POS machine from nigeria bank, fortunately, you can buy POS terminal from licensed companies.

Don’t buy POS machine from company that are not licensed to sell them. Find a company that is a registered aggregator with central bank of nigeria.

Pos machine price in nigeria is low. There is machines that cost N25, 000, N40,000, N50,000, #75,000. depending on the agency company you are buying yours from.

Top 4 Company That licensed To Sell POS Machine In 2021.

  1. Monipoint.com
  2. Opay.
  3. Kudi.com
  4. Cpay.

Read Moniepoint: Reliable And Trusted Mobile Money Platform 2021 review

And Kudi: The Most Affordable Financial Service  2021 review.


How POS machine Works.

In pos business, the purchaser first request transaction like withdrawal, deposit, or invoice payment and gives the debit card to the agent.

And the agent will selects the type of account (ether Saving or current) at the POS device and input the amounts the client.

Then, insert the card into the terminal device and ask the client to input his/her four-digit PIN and tap on enter.

Immediately the terminal will proceed and connects with the bank server to authorize the transaction and prints out the receipt.

This the procedure to withdraw. And it can be repeated for as many clients you have that moment.

Type Of POS Failed Transaction Responses

As a pos agent. You need to get your self conversant in the various kinds of response messages you get if you carry out a pos transaction.

These responses will decide if it’s a profitable transaction.

Here is the most common response messages from a POS terminal:

  • Inactive: If customer wants to withdrawal and you insert his/her ATM card and get the sort of message, it merely implies that the bank is presently having a system downtime.

They money might be debited for a failed withdrawal Transaction, you won’t see the money and the customer will also received alert.

However on this case. The cardholder is anticipated to attend for 24hrs for reversal.

POS terminal

Then if the fund is just not refunded the cardholder ought to go to the bank and fill dispense error kind.

  • Systems error: That is one other response message for a failed transaction and that is brought about when you choose an invalid account sort on the debit card or the service glitch.

If such occurs and the client will get debit. She or he ought to anticipate fund reversal or go to the bank to fill dispense error kind to lodge the grievance.

  • Do not honor: Such a response is both the beneficiary bank is down or the cardboard is but to be activated.

If the client has been utilizing the cardboard for a transaction earlier than and the sort of response comes up.

You may also like to read this: Top 10 Lucrative Businesses That You May Add To POS Business.

It means the bank or your POS terminal is having a downtime.

Card issuers: This typically occurs when the cardboard has been deactivated by the cardholder or the terminal has been placed on lien by the aggregator.

  • Invalid Transaction: If you happen to get an invalid Transaction response when a transaction is been initiated, it merely implies that the cardboard has been deactivated or has not been activated for the transaction.

This are the most common responses for  failed transactions. It approved, you will see approved or successful. We don’t need to talk about that.

So start POS business immediately after completely reading articles and have the requirements for starting. Good luck.

My Conclusion.

Start POS business because is now the most profitable business in nigeria and is an extra way of getting income in nigeria since 2013. aside from your current enterprise.

Benefits Of POS business

It’s a good idea to start POS business. Because it increase provider services and one of the excellent techniques to go-sell your products/services to stroll-in customers any where in nigeria.

Note: this business needs to situated in places that has no bank, ATM machine or busy environments with sufficient safety features in region.

It possible to boom your every day sales if you get the whole lot proper.

Question.

Are you considering this enterprise or you already start?

I would like to pay attention your thoughts through the comment section below.

Please share this content with your audience on social media, if you discovered it useful.

Thanks for taking your time to read this awesome article “How To Start POS business”  from hundredkey.com

And don’t forget to share this article with your friends and family.

4 thoughts on “Here Is How To Start POS Business Right Now In 2021 [Complete Guide]”

  1. Good evening Sir,please how long does it take to get monie point Pos? how much is it? and how do I apply to get please??

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