Successful tips to run a POS business in Nigeria

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One of the simple business that anyone in Nigeria can launch right now is a point-of-sale (POS) business. Despite the fact that it is simple to launch, it remains one of the most lucrative small enterprises that anyone with a limited amount of capital may own.

The term “point of sale” is abbreviated as “POS.” A point-of-sale (POS) outlet is a location where anyone can withdraw or deposit money, as well as perform other financial transactions. One could consider it a local bank or credit union. The key distinction is that POS cashiers will add a commission fee to each and every transaction that their customers conduct with them.

You will need to gather money for your business, purchase a point-of-sale equipment, and find a suitable site before you can launch a profitable point-of-sale firm. The success of your business will be heavily dependent on the location that you choose for the establishment of your business. It’s possible that certain places aren’t as progressive as others. If you position your point-of-sale (POS) business in an area with a high population density, you will conduct more business than if your establishment were situated in an area with a low population density.

If you locate your point of sale (POS) outlet in an area that is predominantly occupied by wealthy people, such as a government reserved area (GRA), it is possible that your company will not perform as well as one that is located in an area where people with lower incomes live. While those with more financial security are more likely to pay using credit or debit cards, those with less money typically stick to cash transactions. Because of this, they are forced to conduct all transactions using actual currency.

How to Obtain a Point of Sale Machine

In contrast to the past, when the major banks would require you to begin conducting business with your phone before they would consider providing you with a POS machine, acquiring one of these machines is today a fairly simple process. These days, all you need is enough funds and a location to make an application for a machine, and you’ll have it the very next day. Things move much more quickly now than they did in the past.

Obtaining a point-of-sale system from a firm such as moniepoint is not only very simple and quick, but also ranks among the very best in terms of customer care. You can submit an application on their website in order to receive a moniepoint pos machine.

Please visit Moniepoint.com or get in touch with an aggregator. However, as a newcomer, I find it hard to imagine that you are familiar with the term “aggregator.” An aggregator is only a business relationship manager who acts as a representative of moniepoint microfinance bank. The aggregator’s primary responsibility is to provide prospective agents with Moniepoint POS terminals.

Since I work as an agent for MoniePoint, I have access to first-hand information regarding how to get a MoniePoint computer in the shortest amount of time possible. I think that other businesses are doing well, but if I’m being completely honest with you, the market share for agency banking in Nigeria has been completely monopolized by moniepoint.

If you are interested in becoming a member of moniepoint, fill out the application that can be found on their website. Once they receive your information, they will pair you up with an aggregator in your area who will provide you with a POS machine. The cost of purchasing a POS machine is twenty-five thousand baht. You will not become the sole owner of the device just because you have made the payment. If you are given a machine and you decide to get rid of it, it is quite likely that the machine will be brought back to where it was allocated to you. Once you have the gadget in your possession, you are expected to immediately begin conducting business with it.

Another thing you need to know about MoniePoint is that if you want to be an agent for them, you will have a daily goal that you need to strive to reach. You are required to make a withdrawal of 100,000 NAIRA per day.

Wait! You should not let the aim discourage you since when I first looked at it, I thought it would be very difficult to achieve. But on the first day that I started formally, which is the day that I pulled out my umbrella, I made N86,000 just from withdrawals, and on the second day, I achieved N250,000 just from withdrawals.

 

On the third day, I wasn’t thinking about my goal again; rather, my focus was on conducting additional transactions in order to increase my earnings. Customers will welcome you with open arms once you have made up your mind to start a POS firm, provided that you begin work promptly, arrive on time, and are honest.

Funding for the Point of Sale Business

Any sum of money is sufficient to launch a point-of-sale firm, but further capital is required to facilitate more transactions. To keep the business going after you have purchased an umbrella or kiosks and a point-of-sale system, you will require between 100,000 and 500,000 Naira.

Because a single client can walk in and complete all of the necessary transactions in a single visit, I do not recommend that people start POS businesses with a capital investment of fifty thousand dollars.

But in any case, you should begin with whatever sum you currently possess, and as soon as it runs out, you should hurry to the bank to get your money out. Your financial resources improve together with your time invested.

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