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HOW TO START A P.O.S BUSINESS IN NIGERIA

HOW TO START A P.O.S BUSINESS IN NIGERIA

HOW TO START A P.O.S BUSINESS IN NIGERIA

Agent banking system establishment across the country, the Point

Of Sale business is a third-party financial service brought

consumers via the licensed   Deposit Money Banks we have in the

country. Comparing   what we had then to what we have

presently, the introduction of the P.O.S  business into the country

has provided over the moon business opportunities  and financial

possibilities for the customers, P.O.S merchants and even licensed

banks in the country.

According to the industry data, P.O.S transactions hit their highest levels for any seven month period increasing by over 29% of 3.56 trillion and 4.1 trillion naira.

I for one cannot even remember the last time I walked into a

banking hall to make withdrawals or even deposit money. The

incessant  queue in banking halls & A.T.M galleries have

drastically reduced with the spread of P.O.S vendors across every

single street both in the rural and urban parts of the country.

Although, it seems saturated but following some necessary guidelines and understanding certain factors which I talked in this article, yours might just be a stand out point.

STEPS  ON HOW TO START A  P.O.S BUSINESS

Before emerging into this industry  their are a few factors to consider properly:

 

  1. Understanding that this isn’t a get-rich quick scheme as it requires tenacity, persistence and an unfold able zeal .  Considering the number of P.O.S merchants available one might easily lose interest or even the courage to continue the business but you need the will power not stop.

 

  1. A very good location : choosing a students filled region with so many activities is a great choice but as nice as this location seems it might not entirely be the ideal location of your own business. Other mini factors such as the crime-rate, network and connectivity , nearness to the bank, proximity to landmarks and city centers must be considered when making a choice of preferred location.

 

  1. Cost of registering and the ratio/ percentages of earnings per transaction : After extensively speaking with P.O.S merchants at different locations registered with different banks and fintech companies , I learnt that per transaction, merchants earn an agreed amount and these figures are in ratios ranging from 60:40, 70:30 and even 80:20 etc.   You need to extensively carry out proper research to help you make the most suitable choice .  Registering with banks and fintechs the initial capital required to be able to start properly ranges from 40,000 naira to 300,000 at most.

 

Lastly, you need to be very security conscious considering how dubious  and insincere a lot of people can be and also considering the increased rate of fraudsters and criminals you must be smart enough to detect counterfeit currencies, bunch of papers in place of actual currencies and fake transfers and credit alerts.