ALL YOU NEED TO KNOW ABOUT POS BUSINESS IN NIGERIA
A point of sale (POS) is a place where a customer executes the payment for goods or services and where sales taxes may become payable. ... POS systems are increasingly interactive, particularly in the hospitality industry, and allow customers to place orders and reservations and pay bills electronically.
Berachad Investments POS aggregators offers you the best services from providing you the bests device that suits your pocket/business, to offering long lasting after-sale-services, sales, servicing and repairs of all POS devices.
So what do you need to start your own POS business?
You only need 3 basic things
- A POS machine
- A good location
- Capital of up to N70,000
Examples of MMO companies are
- Opay
- Moniepoint
- Dotpay
- Bankly
- Paycentre
- Kudi
- Global Accelerex
- Readycash
- Baxi
- And lots more (in fact at this point there are more than 50 companies giving POS but not all are reliable)
If you are going to get a good POS that will suit your needs, I recommend you get anyone of the above listed. And you can reach us on whatsapp via +2349071898866
Now that you know the best POS in the market, how can you get 1 for yourself?
The interesting thing is that these companies, as listed above, are also looking for people they want to give POS to. But the way they do it is via those we call AGGREGATORS. These are people like you and me who work with the company to seek agents. But what they look for are people who are ready to use the machine, not those who will put the POS under their bed.
* we deliver nationwide
* we offer pay-on-delivery (Lagos only)
* we attach you to a Customer Service Assistant's channel you can always reach out to 24/7
patronize us today and be glad you did.
If you also want to become an aggregator, or the office address of any of these POS companies, kindly reach us via whatsapp on +2349071898866 <<<Chat us on WhatsApp now>>> and we will be glad to help
How do you run a successful POS business
If there’s anything we have know about Nigerians in this business, it is that they/we love Free and cheap things. Which is why most successful companies in these parts of the world are companies that offer goods at high volume and low prices. This is true for the POS business. So setting a good price is the key to running a successful POS business. There are different pricing strategies based on your environment
WITHDRAWAL CHARGES/PRICE LIST
Here is the breakdown of the common price list people use in running some POS business
Sample 1
| WITHDRAWAL (N) | CHARGES (N) |
| 1 to 5000 | 100 |
| 5001 to 10,000 | 200 |
| 10,001 to 15,000 | 300 |
| 15,001 to 20,000 | 400 |
| 20,001 to 25,000 | 500 |
| >25,000 | any amount you wish |
this pricing is for highly competitive areas and you can make your profit with this pricing and be competitive
Sample 2
| WITHDRAWAL (N) | CHARGES (N) |
| 1 to 5000 | 150 |
| 5001 to 10,000 | 300 |
| 10,001 to 15,000 | 450 |
| 15,001 to 20,000 | 600 |
| 20,001 to 25,000 | 750 |
| >25,000 | any amount you wish |
this pricing will work in areas where competition is low. or new territory or areas where bank is very far
DEPOSIT CHARGES/PRICE LIST
SAMPLE 1
| DEPOSIT (N) | CHARGES (N) |
| 1 to 5000 | 100 |
| 5001 to 10,000 | 200 |
| 10,001 to 15,000 | 300 |
| 15,001 to 20,000 | 400 |
| 20,001 to 25,000 | 500 |
| >25,000 | any amount you wish |
this pricing will work in areas where competition is low. or new territory or areas where bank is very far
SAMPLE 2
| WITHDRAWAL (N) | CHARGES (N) |
| 1 to 10000 | 100 |
| 10,001 to 20,000 | 200 |
| 20,001 to 30,000 | 300 |
| 30,001 to 40,000 | 400 |
| 40,001 to 50,000 | 500 |
| >50,000 | any amount you wish |
this pricing is for highly competitive areas and you can make your profit with this pricing and be competitive
NEED more clarification? contact me via whatsapp on +2349071898866 <<<Chat us on WhatsApp now>>>
Location, location, location
One other factor that can determine your success in this business is your location. If you are strategically located than your competitor, you make more sales and that means more money. When you are looking for a location, make sure you find a place where there are thriving businesses.
Speaking with some agents they concluded that majority of their sales came from business around them and that is cool business. And sometimes, it doesn’t cost much to get a good location, you only need to look very well.
we can also assist you in inspecting a good place to place an outlet in your community.
The best locations from experience
Here are some points very good for the business
- Market place
- Motor park
- Junctions
- Bus stops
- Student environment (though sales here might be seasonal but it usually make a lot of profit)
The other thing you need to do is to
Always resume early and close not too late
You should always make sure you open early as a lot of customers want to know you are reliable. Most people doing POS business are not reliable as some cultivate the habit of coming late to work. we believe you won’t join them.
Why most people fail in the POS business
You will agree with me that nothing is more frustrating than running a failing business. Where your expenses are more than your profit. it is not that the business is bad, it is just that you are doing it the wrong way.
here are 3 most reasons POS business fails
- You are not auditing your account properly: The number one thing you have to focus your energy on while doing the POS business is account auditing. you have to check if your POS company/bank credits all your approved transactions. you have to check if employees are not stealing from you by checking their account every day and check and check and check…
- Your business don’t have enough funds to run: too much money in this business can be dangerous so is too little money. but most people don’t have the opportunity or knowledge on how to get more money than they have to run the POS business. if you are guilty of this and you want to learn how to raise more money to run your business without going into debt, join our FREE online class. where I take you through the step by step process of raising money to run your POS business
- Customers are not well served: this can be due to lack of funds or network stability of your POS service company/bank. or due to the speed, you process transactions for customers. Customers like fast transactions, they want their money and they want it now.
Should you use a shop or a kiosk?
Kiosk provides easy access for customers to reach you and it shows that you are serious about business.
Though you can use a shop if you have one to start. What I found nowadays is that some people who have a shop now have a small kiosk in front of their shops just to attract more customers to their pos Business.
How to balance your daily account
Balancing a daily account is very very important in this business especially when you are not the one that will be operating the business.
And where I have seen most people go wrong is when they refuse to balance their account on a regular basis and they later found out that they are in debt
Here are some things you need to check
- POS credit: always check if the POS amount credited to your POS account is the same as the total amount you withdraw for customers. This is where most people lose millions as a matter of fact, some agents have lost millions to this one single thing. So make sure you check every day.
- Make sure you check receipt before paying any customer
Always check the amount you put on a receipt before you pay any customer as you might have typed the wrong amount. cases have been seen of agents who want to type #151,000 on a POS but types #15,100 and paid the customer #151,000 losing #135,900 but this is small compare to what some people have lost so always make sure you check the amount on the receipt before paying the customer.
One other mistake people make is to pay customers for a declined transaction. This is common and they lose money, why? Because the POS company will only credit your account as the agent for transactions that are approved. So check your receipt for the status of the transaction before paying the customer.
There are basically 4 things you need to check on a receipt before paying the customer
1. The amount on the receipt and 2 is the transaction approved?
2. Always keep your approved receipt for a whole month: this is important because if you later notice that some of your money has not been fully accredited by the POS company, the receipt is what you use to claim your money back. I see most agents throw away receipts quickly for a POS transaction, and these same people will keep the receipt for their TV, mobile phones, and other electronic gadgets. The transaction receipt for POS should also be treated the same if not more.
3. Always check customer deposits for fake notes. a video of an agent went viral sometimes ago, who collected a fake note of #200,000 from a customer who claimed to need the money urgently, after the agent sent the money to the customer account, the customer quickly ran away and could not be found. So check deposit for fake money no matter how hasty the customer is
But what other business can you combine with the POS Business to make more money?
Here are some businesses /services you can render to make more profit in POS business
- Data recharge business. You can buy data at cheap price on website like SMARTRECHARGES And sell to customers at higher prices. You will be amazed at how much you can make daily just doing this
- Electricity and cable TV subscription: most POS have the option to pay for electricity on them and doing this is another way to make extra income. Helping customers to pay for services like gotv, DStv, startimes, Waterville and so on will help drive more traffic to your place
- Selling airtime: I know most people think the recharge card selling business is dead but that’s not true as the cost of selling recharge cards has gone drastically down. You can buy recharge cards on some MMO website/app for cheap and make up to 5% on every card you sell instantly.
- Getting POS for others: yes you can make money by getting POS for other people who want to start their own POS business . You can do this by joining my sub Aggregator program here
https://chat.whatsapp.com/
Alright that’s it guys on how to start your own POS business (get POS machine fast)
we recommend you join other students who are learning how to run a successful POS business here
https://chat.whatsapp.com/
This is success to you. Cheers