How To Start POS Business Reviews| How To Start A POS in Nigeria

How To Start POS Business Reviews| How To Start A POS in Nigeria

In this How To Start POS Business Reviews| How To Start A POS in Nigeria I will be giving out a full and comprehensive guide on the POS business in Nigeria.  POS business is arguably a lucrative business in Nigeria, Research has shown that POS business owners are sometimes better than private workers and even some government workers in Nigeria. We have taken a serious studies  and I’ve tried to check the life of POS business owners and those who are into full-time POS business and has received testimonies of how they are doing well in the business. However we are not here to persuade you or try to tell you what we don’t know there is no business without risk. POS has it’s own risk which we shall all put together in this article we are about to start.

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The basic things to note in setting this business of POS is searching for a busy business flowing area, and leant to be vigilant and discipline. POS  business flowing area is one of the good criteria for POS set up.  if you set your POS where there is no flow of traffic you will be  thrown into fruadstration, mind you POS has a target to meet on a daily basis; therefore setting a pos business has to be done in a place where you can have customer. All these we shall consider in this article, there must be traffic of deposit and withdrawal on the machine for a better turnover.

HOW MUCH CAN I MAKE FROM POS BUSINESS

In our business investigating from POS business owner he says; I makes at least 40,000 naira in a month and when things goes worse at least 35,000 naira in a month which is one of the salary that a private worker in the capital city of Nigeria will hustle to get, others says they make up to 80,000 naira in a month from  two POS shop, that means the two of them put together can raise 80,000 naira for them as again in a full month. That is why you will not blame us when we said some POS owners are living better than some private workers and even government workers in Nigeria. monidex millionaire platform is legit for investment you may read

How To Start POS Business

Findings has also shown that you can start a business with as little as 150,000 naira in Nigeria, Even with 100,000 naira you can set up the POS business. In this article were going to break down everything that you need and help you calculate all that you need to put in place to set up a pos business. Let’s go

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One of the challenge of people when they have an idea is; How to start, let me briefly advise you that when you make up your mind about an idea, hit it  from a point without delay, make sure your heart is set to get  that this thing done. Start it now!

In this my article; How To Start POS Business Reviews| How To Start A POS in Nigeria let me quickly show you how you can start a pos business within a week or even in a day. I will also break down the financial budget for how you can set up a pos business with as low as 200,000 naira. This is just a sample remember,  you can also breaking down further with 100,000 naira or even less.  let us start by setting our budget

BUDGET

I’M GOING TO RUN THIS BUDGET ON AN ESTIMATION OF 200,000 NAIRA YOU CAN ALSO USE THIS FORMULA TO BREAK DOWN YOUR OWN BUDGET.

BREAK DOWNS

I’M GOING TO BREAK IT DOWN THIS WAY;

1. RENTING OF SPACE ; RENTING A SPACE WILL COST YOU 10 TO 20,000 NAIRA ESPECIALLY IN NIGERIA. YOU CAN HAVE THE SPACE FOR RENT 20,000NAIRA SOMETIMES 10,000 DEPENDING ON THE LOCATION BUT AVERAGELY 20,000 SHOULD BE ABLE TO GIVE YOU A SPACE .

2. YOU NEED A TABLE BANNER AND CHAIR;  TABLE BANNER AND CHAIR SHOULD BE ABLE TO COST YOU AT LEAST 30,000 NAIRA IN A POS BUSINESS.

3. YOU NEED A POS MACHINE,  THAT’S POS TERMINAL WHICH I WILL SAID DEPENDING ON THE TYPE OF THE MACHINES AND THE BANK THAT IS PROVIDING. SOME BANKS GIVES YOU POS MACHINE FOR FREE, THEY  ARE COMPANIES WHO GIVE YOU FOR FREE BUT WILL ASK YOU TO MEET UP SETTING TARGETS, IF YOU CAN MEET UP THEIR TARGETS YOU ARE GOOD TO GO.

So of  the POS machine will cost you 35,000 naira at least, there are POS machine that can just cause you 15,000 naira,  they are also  ones  you can get at 20 thousand and depends but I have to estimate this at 35,000, that is why I say you can actually use my formula to break down your POS business depending on your  budget and the money at hand.

So the total of what you just spend  from the beginning till this point now is just  85,000 naira out of your 200,000 naira, giving you the balance of 150,000 naira. The rest balance can be used to start the business which is the   running capital.

The above breakdown has been proven and guaranteed, however you can also pick up another estimate and check out but follow the little formula I had in this article

HOW TO GET A POS MACHINE

Getting a pos machine is very easy especially in this this season. There are many bank who ready  to give you POS. POS agencies are also  ready on every size to give out POS at little or no cost.

One can request from distributor,  Agencies like  first bank, opay,  access bank,  first money,  money point apply and get within 3 days from application days.  like I said there are  agencies who can give it to you the very day of application.

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WHAT DO I NEED TO REQUEST FOR POS MACHINE

Requesting for POS machine like I said; The requirements varies from distributors to distributor.  now requesting is even very easy now because there are  some vendors who will just give you immediately you pay your money but the official request system I know was first you have to do your

1. Registration for the machine that is for certain companies. And  you have to come along with your document to create your personal profile like;

2. Passport photograph and you also you  have to come with;

3. Valid identification card.

4. Your bank account also has to be given.

5. There are also some vendors who try to know your office or your shop.  They want  to be sure that this is the place you are going to run the POS business, this is because when you collect the POS and you never worked with it they will cease  the POS machine (Terminal) from you and your money will be refunded. others will not even refund the money. Read about  Bismart.com.ng MONEY MAKING PLATFORM

POS BUSINESS SECURITY TIP

As much as I discussed the importance  and the benefit of POS business in the early paragraph, I want to let you know that POS business is one of the business that is full of risk, remember they operate like the banks but never had the security that banks has so people or robbers has now been distracted from banks now and have focus POS business centres. So here are the security tips that is needed for you to run effectively and have a hinge free POS business NOTE THEM;

1. Look at every person as a criminal hence you will be careful ; what this point means is that on no account should you  trust anyone in your POS business. We’ve had cases where the most trusted persons has become the victim of a lot of atrocities criminalities. Tips in business is that; a business owner is not to trust anybody at all. Everybody should be seen as a criminal just like the tip of the road that says see everybody as a madman”.

2. Don’t attend to huge deposit from 6pm to unknown customers sometimes is a set up. Take keen attention to this very point because many thief’s had used this very strategies to steal from many POS business centres. It is not even advisable to run you POS business till night expecially in an area where number of people are relative.

3. Don’t keep your cash in your office; sometime if your office is not far from the house don’t keep money in your house too. This is why we always advice POS business owners not to set their business close to the house. Be far from your house so you will be able to take your money home and not be traceable.

4. Share your cash and hide them in different places in your room : as you keep your money in the house share your money and keep them in different places. it is advisable that way because robbers can attack  your house and when they succeed to pick up your money they will not be able to see all the money at once. so always share your cash and keep them in different places as that will save you of a whole lots  W e always say don’t keep your egg in the same basket.

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5. Close office on time if your location is in a lonely place: I believe this point is very  clear always try to close on time and get home before it’s late, remember thieves and robbers operates in the dark ofcourse you in the broad daylight except they are armed and the risk or the rate of the risk is very low but in the night they have their way easily so always close on time and try to get home on time.

6. Don’t always follow one route when going or coming: don’t let people know your route always change route  just come to the house on a different route don’t always come through the same route it is very dangerous.

7. Don’t attend to any deposit on phone call, fraudsters can use your neighbours friends or people closest to you to dupe you.

8. Always collect phone number of depositor incase of mistakes.: This point is very important because some transactions will decline, some will even approved and the money had not entered the destination account so so if you want to get to such customers you can call them to order and once they fail  you can use their phone number to track them.

9. Always keep approve merchant receipt both withdrawal and deposit: I know very well that this point is self-explanatory don’t be tired of keeping receipt and keeping tracks of transactions. on no account will you be tired of keeping transactions receipt, it’s your business and is a life business so as long as you are still in the business always try to keep a track record of all the account it will help. it can save you one day.

10. If any customer gave you cash after counting and collect it back due to charges or wrong account number and letter return please recount. Alot of people have been duped with this process of cash swap.

11. Keep watch for customers who come to your shop with *EXPIRED CARD* and claiming to be debited and requesting for payment even on a failed transaction.

Things to do to avoid falling into their traps

• Always check your print out receipts before paying any customer to ascertain the status of the transaction and reconfirm the amount involved.
• DO NOT PAY any customer with a failed transaction even when the customer shows you a debit alert.
• You can request refund from your application or direct the customer to his bank.
• An expired card will never debit a customer.*
• Please be wise and train your attendants regularly.

How To Start POS Business Reviews| How To Start A POS in Nigeria

Summary

Thanks for reading my pos Business review. if you have any question drop it on the comment box and so us well by dropping a comment for us if you really add value from this article.

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How To Start POS Business Reviews| How To Start A POS in Nigeria