#Club5050 : Hidden Fact About POS Business And How To Start

Hello friend, how are you doing today. I hope you're doing great and also having fun with your loved ones. Today I want to share with you some of the hidden fact that peoples don't know about Point of Sale Terminal (POS) Business.

In 2013, the central bank of Nigeria (CBN) launched a scheme known as the agent banking, with a new regulations on the means and manner the scheme should be carried out in the country.

A lot peoples who don't have and ideas about how some businesses like the agents banking operate often look down on those that are into the business just because of how the business premises looks like. Some people think making money nowadays is by wearing suit, coat or dress nice and work to an office and spent a lot of hours. Okay oooh if that is the case, a lot of employees on government payroll and other private sectors wouldn't have been complaining of minimum wages and salaries increments and a lot more that is causing strike here and there most especially in Nigeria.

In Nigeria today, we can see what is happening in the country where a lot of students are at home because of ASUU strike. If not ASUU strike today, tomorrow it will be Labour Union Strike. All this strike here and there are all because of money. This is the reason why having a business is good at least a business that will be your passive income that can settle some of your bills. However, in my previous post I have discussed about the important of having a business, so if you missed reading it you can Click Here.

However, today I want to share with you how Profitable is Point of Sale Terminal (POS) business that people don't know and the reasons why those that knows the hidden fact are rushing into the business.

POS business is a business that is highly lucrative that anyone could start in Nigeria without stress and a successful POS business owner in Nigeria can take home as much as 15,000Naira (83 Steem) to 20,000Naira (100 Steem) daily as his/her net income.

Today in Nigeria, in every street that you walk to you will probably come across POS stand, even in shop, supermarket and individual houses you will still see people operating and moving about with POS machine. This are the categories of people that has known the hidden fact in the business. Now for you that do not know, might be seeing them like people who are stressing themselves.

Now let me share with you some of the fact that you don't know.

• POS Business Is Easy To Start:

Running a POS doesn't require you to have any special qualifications before you can start running it. All you have to do is to visit your bank and negotiate with them. Apart from banks a lot of Fintech companies like Opay, Paga, Firstmonie, Quickteller, Kuda bank etc do give out POS to those that are interested at a very cheap rate and at the same time paying them.

From the image above, we can see that the POS agent above do not have any office equipments apart from her desk, chair, umbrella and her POS machine. This means that POS is an easy to start business and as you keep on reading you will get to know how to start a successful profitable POS business for yourself.

• Profitability:

POS is seem to be more profitable business than even a business that deals on buying and selling. You can imagine charging someone 100Naira (0.50Steem) for helping him/her to transfer 1000Naira (10 Steem) to a friend, which is equally applied to withdrawal. Now for instance, let's say that you carryout a transactions in a day that involves 50 different customers and you charge each of them 100Naira (0.50Steem) in a day. This means that you have earn 5000Naira (50 Steem) (100 × 50) = 5,000. This calculation is just for those that came to you and transacts 1000Naira oooh. You can imagine if yourself earning 5,000Naira (50 Steem) daily in a months that means you have earned 150,000Naira (1,500 Steem) without buying fuel, nor running overhead cost.

Also POS business is highly profitable in a village or towns where there are no financial institutions like banks around.

• Freedom to Do Other Business

Running a POS business is not stressful all you have to do is to setup the business and be doing other businesses while waiting for customers to come. And attending to your customer doesn't usually takes time.

From the image above, we can see that the agent is into POS business and equally at the same time he is attending to other of his businesses both online and offline. Looking at him he is a graphic designer, content creators and also a POS agent at the same time. In addition to this as a POS agent you can work for many financial institutions as you wants since they are all looking for agent.

• Additional Source of Income

As a POS agent you can used the business to serve as a secondary source of income or used it to complement any business that you are into.

So many POS agents are affiliated with banks, and to that they help in providing financial services to they customers and earn a commission based on their agreements with the banks they are working for. If you are someone that is looking for a way to create or earn additional income nor earn money without sweat or hassle then POS business is what you should consider.

How To Start A Successful POS Business

Starting a POS business is very easy and the business process can be done within the range of 1 month, in as long as you meet the basic requirements of the host bank or Fintech company.

Capital

Startup capital is the first thing that is required for anyone that want to venture into any business. It is the amount of money that is required to startup a business. As I have earlier said, POS business is very easy to start and manage and the amount of money that is required to startup a POS business is between the range of 50,000Naira (250 Steem) to 100,000Naira (500 Steem) including the money that you will use in getting your POS machine and other expenses that is needed for the business.

Location

Location is another thing that you will need to consider when starting a POS business. A good location is highly needed for you to succeed in POS business. So when searching for a location, look for a place where there is only few ATMs machine or banks. Also you should equally consider a place that is populated or better still places like bust stops or market are the types of places that you should consider. After getting a location for your business the next thing you are to do is to get a banner where your business name and the type of services that you render can be displayed to the general public just as it is shown below.

Get a Shop or Kiosk

Getting a shop or Kiosk is another very important thing that is consider when starting a POS business. The truth is that without shop or Kiosk, you can not run your POS business successful because a lot of people will be afraid to patronise you. Your shop or Kiosk will serve as your office or nearest financial situation, where people can simply carryout they transactions like deposit, transfer, withdrawal, data subscription etc. Your shop or Kiosk should be well conducive for customers to stay and perform they transactions.

Get the POS machine from either banks or finance agents

In Nigeria there are two ways that we can get a POS machine which are; commercial banks or Fintech companies that provides finance services. Each of these financial institutions have they own stipulated requirements that must be meet before getting they POS machine.

According to the policy of central bank of Nigeria CBN, the requirements that is needed for getting a POS machine or starting up a POS business include the following valid means of identification such as;

• National ID card
• A valid voters card
• International passport
• Driver's license
• Business name
• Location
• Passport photograph
• Bank verification number (BVN)
• Bank Account Number
• Email Address and Phone number

However, if you want to operate on a large POS business that will accommodate a lot of services you will need to provide corporate affair certificate (CAC certificate).

The services that is provide by POS agents in Nigeria include withdrawal of funds, transfer of funds checking of balance, payment of utility bill etc.

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Conclusion:
In this post, I have discussed some of the hidden secret in POS business that you didn't know and how you can start a successful POS business. Thank you for your time here and stay safe.

20% of this post rewards is donated to @steemkindness

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@harferri
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