For some time now, many Nigerians are now thinking widely as many have started taping from the POS (Point of Sale) business in the country. There are many banks that you can use to start the POS business in Nigeria.
Below in this article, we will be showing you how to get POS Machine from all the Banks in Nigeria that support it. Before then, let’s look at how to start the POS business and also how profitable it is.
How Lucrative is POS Business
POS is also known as agent banking business and anyone can start it in Nigeria. Talking about lucrative, the business is moving well and many are making real money from it.
I know of many people that are making a living with this business. Most of them are students and they are doing fine. So even if you are still a student in any institution in the country, you can use this to make extra income.
POS business involves the transfer of funds, withdrawal of funds, sale of recharged card, payment of other bills such as Gotv, Dstv, Startime, PHCN and many more.
How to start POS Business
POS is a service that is offered by financial institutions like Banks. The fee they charged is called a convenience fee. Also, you should know that this kind of business strife in an area where there is limited or no Banks and ATM.
This is to say, people will need the money and when they do, they will have no other option than to run to any available POS for the funds. To start-up POS business, you must have available cash to give out because most consumers will come for withdrawal than a deposit.
Remember, the services include withdrawal, transfer, bill payment and also recharged cards.
How to get POS Machine from First Bank
To get POS from First Bank you must have an account with the first bank. All you have to do is to visit any first bank branch and request for POS. After filling the POS form, it will be made available for free within a week. This is to say you won’t have to pay any money to get the POS machine from First Bank.
How to get POS Machine Zenith Bank
Zenith Bank requires you to have a current account with them before you can be allowed to request for it. The current account with them must be up to six months before your application.
- To get the POS, you will need the following…
- Business Owner Account Number
- Business Email Account
- Phone Numbers
- Other details
How to get POS Machine From GTBabk
To get a POS machine from GTBank you will also need to have a current account. Just like Zenith Bank, the account has to be six months old before the application. If you meet the requirement, you will fill a form and send it to email@example.com or any office is a charge.
How to get POS Machine from SKYE Bank
SKYE Bank is a little easy than other Banks. Both those with saving and current accounts apply. After filling in the form, you will have to wait for 14 days before you will get your POS machine.
How to get POS Machine from UBA Bank
To get POS from UBA is also simple as well. Their requirement is not that difficult to meets. All you need is to do do a minimum of N1,000,000 turnover per month, or N35,000 per day.
You can even request for more than one POS from UBA. To apply, you will have to print a form on the internet, scan it and deliver it to any UBA office close to you. After that, you will now have to go to e-Banking Helpdesk and log in, choose New Log, and select the e-Banking option, on the Request Type: Select Request, on the class select PoS, on the select PoS – TAMS (PoS Multi cards Acceptance) Request.
After completing the form, click CONTINUE and on the new screen that pops up, click Browse to attach the scanned mandate and submit. Now you will be issued a number similar to this IT201206283615 for future tracking.
UBA Bank will contact you to deliver the POS machine which usually takes up to 5-7 working days outside Lagos and 3 days within Lagos.
How to get POS From Access Bank
To get POS from access bank is similar to that of First Bank. You will need to have an account with them that is at least six months old. After that, you should visit any Access Bank branch close to you and apply for the POS Machine. If you meet their requirement which includes funds and many more. Then you will be issued the POS Machine.
How to get FCMB POS Machine
FCMB POS terminal allows you an online debit to cards used for transactions from the merchant location and the accounts. It accepts all cards variance issued in and outside Nigeria from cardholders of all the banks such as Verve, VISA, and MasterCard. You can also use their POS to do the following
- Payment for goods and services purchase
- Cash Back services
- Pre-Authorization service
- Card Not Present service
- Air time recharge
- Bill payment (PHCN, DSTV, etc)
- Payment Reversal option
- End of the Day transaction report
- Customizable for different schools
To get the POS Machine, you will visit their Bank and fill a form. The requirements are similar to other banks and no much stress involved.
How To Get Union Bank POS Machine
Union Bank POS also accepts all cards and can be used for collections in retail outlets, churches, hotels, fuel stations, restaurants, supermarkets, etc. Below are the benefits of Union Bank POS.
- Prints transaction receipts
- Accepts transactions of any value
- POS provided at no cost to the merchant
- Reduces costs and risks of cash handling
- Accepts MasterCard, VISA and Verve cards
- Generates reports for reconciliation purposes
- Real-time confirmation of transactions for merchants
- Supports multiple network connectivity options (GPRS, LAN, CDMA, and WIFI)
Apart from Banks, you can also get POS from the market like Jumia and then register with any of your Bank’s choice. The price of most POS in Nigeria ranges from 19,000 Naira, 163,000 Naira up to 218,000 Naira in Jumia NG. Before I forget, Paga also offers POS as well with similar requirements as Banks.
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