I have a neighbour who has been looking for a side hustle and I suggested opening a POS business for but the challenge is that I do not know the process involved.
What are the guidelines that are involved with opening a sustainable POS business?
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POS business can be otherwise known as agent banking business. It involves the transfer of funds, withdrawal of funds, sale of recharge cards and bill payments like GoTv, DSTV, Startimes, and NEPA Bill services.
Furthermore, this business thrives in areas where they are limited or no banks or ATMs. People will always be in need of money for various needs and will be glad to go to where they can be quickly served at a minimal cost.
Steps to start POS Business in Nigeria
How to set up a POS business in Nigeria
Host: You can start the POS business by getting a host. A host is a financial institution through which you extend their services to your customers. Good hosts include;
Location: Your location is very strategic to your success in this business. A location where they are limited or no ATMs or Financial institutions like Banks will do. Apart from that, they should be enough room to contain your customers, furniture divider between you and your customers. Create a place where customers will feel free to carry out transactions.
Get a POS Machine: Most of your customers will come to make withdrawals, so a POS machine is really important. A new POS machine goes for N85,000 – N100,000 only. First Bank offers free POS machines you just need to meet their requirements. To get one visit any First Bank Branch closest to you and make more inquiries about Agent Banking.
Get Banners: For a business to be known you need to create awareness, you won’t sell anything if people don’t the goods or services you offer. Go get a well-designed banner. it goes for N4000 only.