I discovered the POS business in 2017/2018 when I visited one of the best Universities in Nigeria. 

It was a visit to one of my brothers and after moving around I saw these POS signs everywhere. So I ask around to know what this is all about because where I come from, there’s nothing like this or it wasn’t as popular as this. Then I was told that the POS business is a very lucrative one and that the first guy who started the business is now using a luxurious car, which is the Nigerian way of saying someone is rich.

Someone advised me to as a matter of urgency go back to where I come from and quickly start the business to catch on to the opportunity before others do. 

So i took the advice and that was how i started the POS Business and since then i have operated more than 20 POS outlet myself and helped hundreds of people open their own POS business (as a matter of fact, i now have over 3000 students who are learning how to run a successful POS business). 

My online class POS Business Blueprint was created to help you start your own POS business and this used to cost N30,000 but guess what it is now FREE completely and totally FREE. 

So what do you need to start your own POS business? 

You only need 3 basic things 

  1. A POS machine 
  2. A good location 
  3. Capital of up to N100,000

I know you have probably seen some online guru tell you you can start a POS business with just N10,000. Maybe you laughed but I am laughing here as well because on average a single customer withdraws between N2000 to N5000 and if you are running this business with just N10,000 that means you can only serve 3 customers a day. But you might be lucky and one single customer comes to withdraw the whole N10,000,lol. 

I understand you might not have a lot of money to start this business, as a matter of fact, i started with N30,000 myself which was the money i saved during my NYSC days and i was able to raise more than N10 million to run this business in subsequent years. 

Yes, that is N10 million with 6 zeros after the 10. But i didn’t just stumble on the N10 million. It took me some time to figure out how and it was tough figuring out how to raise money to start a business but you don’t have to face the same difficulty as I did because I am going to show you how I raised such an amount. 

How much do I need to start up a POS business in Nigeria

You will need at least N100,000 to start your own POS business in Nigeria

Here is a video on how to raise money to start the POS buisness 

How to get a POS machine 

Getting a POS machine should not be difficult in fact it is not difficult to get one. It is as easy as getting groceries from your local supermarket. 

Oh, you think that’s exaggerating. Ok, that’s probably maybe because you have search for POS for a long time and you haven’t been able to lay your hands on one. 

This is because you have been approaching this in the not too correct way. To get a POS machine, please don’t go to any bank. You read that right, because banks will frustrate you with their not too realistic requirement. I could remember an account officer asking me to bring a statement of account that has a value of N1.5million a month, back then, my total monthly turnover was not up to N100,000 and that was even because i was getting my NYSC allowee in the account. So imagine me looking for a N1.5million turn over. So, I had to look sideways for other options.

One interesting thing I later found out is that there are private companies who partner with banks and are licensed by the CBN itself who give POS to people. 

These private companies are called MMOs and they only charge a little fee, cautionary fee, to give you POS. So, my first few POS were from these companies and up till this moment, I still use POS from companies like these and I have helped hundreds of my students to get 1,2,3 or 4 of these POS (depending on the number of outlets the students have).

 Examples of these companies are 

  1. Moniepoint 
  2. Opay 
  3. Kudi 
  4. NowNow
  5. Paycentre
  6. Surebanka
  7. Global Accelerex 
  8. Readycash
  9. Baxi
  10. 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 me on whatsapp via 08101409501 <<<Chat me on WhatsApp now>>> for any help. 

Maybe you have been applying for a POS for a long time

If you have been applying for POS machines several times and you are not getting one, whether, from your bank or any other place, you have been doing it the wrong way. And don’t blame yourself, I was onces like you. in fact I paid a company for a POS machine and I never got the POS nor the money back. Not because the company is fraudulent (it is a big company) but because i don’t know how to properly apply for a POS and get it. But everything changed when i figured it out.

Here is what I have found, most companies or banks will only give you POS if you have a track record and the way they do it is to ask for your statement of account which can be threatening, i mean threatening if you don’t perform a lot of transactions on your account. 

But there is another way, 

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 find 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. 

If you need the contact of any aggregator, or the office address of any of these POS companies, please reach me via whatsapp on 08101409501 <<<Chat me on WhatsApp now>>> and i will be glad to help 

How do you run a successful POS business 

If there’s anything you and I know about Nigerians, 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 their POS business

Sample 1

WITHDRAWAL (N)CHARGES (N)
1 to 5000100
5001 to 10,000200
10,001 to 15,000300
15,001 to 20,000400
20,001 to 25,000500
>25,000any 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 5000150
5001 to 10,000300
10,001 to 15,000450
15,001 to 20,000600
20,001 to 25,000750
>25,000any 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 5000100
5001 to 10,000200
10,001 to 15,000300
15,001 to 20,000400
20,001 to 25,000500
>25,000any 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 10000100
10,001 to 20,000200
20,001 to 30,000300
30,001 to 40,000400
40,001 to 50,000500
>50,000any 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  08101409501 <<<Chat me 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. 

I was speaking with one of my friends the other day who told me that majority of his sales comes from business around him and that is coool business. And sometimes, it doesn’t cost much to get a good location, you only need to look very well 

But what characterize a good location for the POS business 

It should not be close to the bank (if possible): when i started this business, i made sure i put my outlet far away from banks, most of my outlets still are far away from banks, because customers will be willing and ready to pay for those locations. But if you can’t find a location far from the bank, you can still get one close to the bank, but not too close. You don’t want to compete with banks, do you? 

The best locations from my experience 

Here are some of the places i have found very very good for the business 

  1. Market place 
  2. Motor park 
  3. Junctions 
  4. Bus stops 
  5. 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. I 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 reasons your POS business is failing now

  1. 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…
  2. 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 my FREE online class. where I take you through the step by step process of raising money to run your POS business
  3. 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. 

And you can do theselame 

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 

  1. 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, I have lost millions myself to this one single thing. So make sure you check every day. 
  1. 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. I have seen cases 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 tra sanctions that are approved. So check your receipt for the status of the transaction before paying the customer. 

There are basically 2 things you need to check on a receipt before paying the customer

1 is the amount on the receipt and 2 is the transaction approved? 

  1. 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. 
  2. Always check customer deposits for fake notes. I was watching a video of one agent the other day 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 your POS business

  1. 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 

  1. 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 
  2. 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. 
  3. 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/FoLanXANvSdFX7W5YD02OT

Alright that’s it guys on how to start your own POS business (get POS machine fast)

I recommend you join other students like you who are learning how to run a successful POS business here 

https://chat.whatsapp.com/GybkDh7FQlpIVnG4RwD3ky

This is to your success. Cheers 

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