Here are the important POS Business Requirements in Nigeria,
If you are looking for how to start POS Business with FirstBank, gtbank, Opay, Firstmonie, Union Direct, AccessBank, EcoBank, Accelerator Network, Polaris Bank, Kuda Pay and other P. O. S Machine Merchant Agent.
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The reason I said that is because people who do POS Business also add VTU Business to it.
Now, what you would ask me is where to buy data in bulk for resale
Let get real deep in the POS Business in Nigeria.
POS Business Explained; Start Up Capital, Requirements and Best POS Machine with low charges.
In Nigeria, POS Business has become most common easy to start business and it is very Profitable because if you check the volume of people using POS for transaction daily, you would agree with me on this.
POS agent charge around minimum of ₦100 to ₦200 for small transactions depending on what type of transaction you want to do like withdrawal, deposit and cardless withdrawal.
oh I forgot, Transfer is also included.
What Are POS Business Requirements in Nigeria
It would amaze you that you only need POS Machine and your Bank Required Amount to start POS Business in Nigeria.
How To Apply For POS Machine From Your Bank?
Step 1: Have An Existing Business/ Bank Account With The Bank.
Step 2: Meet Your Bank And Request For POS Machine.
Some of the required documents include;
- Valid means of identification e.g Driver’s license, National ID card, International passport or voter’s card.
- 2 passport photographs
- 2 current account references
- Evidence of business registration (CAC Certificate)
- Tax Identification Number (TIN)
- Memorandum and Article of Association.
- Credit Bureau Report
- A minimum working capital of N50,000
Step 3: Get The Equipment
Once your application to the bank has been considered, the bank then supplies the needed tools and equipment for the business. Aside from the mobile phone, the following materials are usually supplied by the bank:
- Point of Sale Terminal; a portable device that facilitates payments of goods and services at bank agent locations using payment cards.
- Card reader
- Barcode scanner to scan bills for bill payment transactions
- Personal identification number (PIN) etc.
What You Can Do in Your POS Business Shop
- Cash deposit and withdrawal
- Balance inquiry
- Funds transfer services (local money value transfer)
- Bill payment (taxes, utilities, tenement rates, subscriptions, e.t.c)
- Generation and issuance of mini statement
- Cash disbursement and cash repayment of loans
- Agent mobile payments/banking services