How to Become POS Vendor Earn 5000 -11000 Naira Daily

How to Become a PoS Vendor and Earn 5000-11000 Naira Daily

Small business idea: Are you eager to explore the world of entrepreneurship in Nigeria? Becoming a Point of Sale (PoS) vendor might be the right opportunity for you. In this comprehensive guide, we will walk you through the process of becoming a PoS vendor and earning a daily income ranging from 5000 to 11000 Naira. Whether you’re just starting your entrepreneurial journey or looking to expand your existing business, this guide will provide valuable insights into how PoS vendors make money and the steps to kickstart your own PoS business.

Introduction

The PoS (Point of Sale) business in Nigeria has experienced remarkable growth in recent years, driven by the increasing demand for electronic payment options, especially in areas where traditional banking services are limited. PoS machines have become an essential tool for individuals and small businesses, allowing them to offer various financial services such as bill payments, airtime top-ups, and cash transactions.

How Do PoS Vendors Earn?

Starting a PoS business can be highly profitable, but your success depends on several critical factors. PoS vendors primarily generate income through transaction fees, making it crucial to select an optimal location and establish competitive charges.

Choosing the Right Location

The key to maximizing your earnings as a PoS vendor is selecting the right location. You should aim for areas with high demand for financial services but limited access to traditional banks or digital payment alternatives. Prime locations often include villages, bustling shopping centers, busy streets, schools, and more.

Transaction Fees and Earnings

Customers who utilize PoS services typically pay a fee for each transaction. For example, if a customer withdraws N3,000, they might be charged a N100 fee. The PoS company takes a portion of this fee, while the remaining amount becomes the vendor’s earnings. Transaction fees constitute a significant portion of a PoS vendor’s income. Additionally, some banks or PoS service providers may offer incentives and bonuses based on transaction volumes, further enhancing your income potential.

How to Start a PoS Business

Commencing your journey as a PoS vendor requires careful planning and the acquisition of essential resources. Here’s a breakdown of what you need to get started:

Essential Requirements

1. PoS Machine: The central tool for your PoS business is the PoS machine itself. The cost of the machine varies based on its features, such as internet connectivity (4G, 3G, or 2G).
2. Location: The selection of your business location is critical. Choose a strategic spot with high foot traffic and limited access to traditional banks.
3. Internet Connectivity: Reliable internet connectivity is a necessity for your PoS machine to function effectively. You can select from different internet plans, including daily, weekly, or monthly, based on your business needs.
4. Cash: Ensure that you always have sufficient cash on hand to facilitate withdrawals for your customers. Many individuals use PoS services for accessing cash quickly.

Starting as a PoS Vendor

Once you have gathered the necessary resources, you’re ready to embark on your journey as a PoS vendor. You can even use your own residence as the business location if it aligns with your business strategy. The next steps involve obtaining a PoS machine and partnering with a bank or PoS service provider.

Popular PoS Service Providers

Several PoS service providers in Nigeria offer opportunities for individuals to become PoS vendors. Let’s delve into the details of five prominent PoS providers and understand how to get started with each of them, including their fee structures.

1. Monie Point

Requirements for Becoming a Monie Point PoS Agent

• A valid ID
• Proof of address
• Business license or certificate (if applicable)
• Bank Verification Number (BVN)
• Bank account number

Becoming a MoniePoint PoS Agent

1. Visit the Moniepoint website  (https://moniepoint.com/) and select the option to become an agent.
2. Click ‘Get Started‘ and complete the provided form with your details.
3. Verify your email and phone number. Expect a manager to contact you within approximately 2 days.
4. The manager will guide you through the remaining steps to become an agent.

Once approved, you can access the Moniepoint dashboard and inquire about obtaining a Moniepoint PoS machine, which is priced at N25,000.

MoniePoint Charges

MoniePoint offers competitive fees based on the number of sales you make, regardless of the bank used. They charge a monthly fee of N20 and a fee for cash withdrawals, which varies with the withdrawal amount.

Stay tuned as we explore how to become a PoS agent with Opay, Paga, Quickteller, and Palmpay in the subsequent sections of this guide.

2. Opay (Paycom)

Requirements for Becoming an Opay PoS Agent

• Bank Verification Number (BVN)
• Recent utility bill (less than 3 months old)
• Valid ID (e.g., National ID, voter’s card, driver’s license, or passport)
• Business certificate (if you have a registered business)

Starting an Opay PoS Business

If you’re new to Opay, you won’t immediately receive a PoS machine. First, you need to establish a history of transactions in your Opay account. Here’s how to apply for POS through Opay:

1. Download the Opay app.
2. Request a registration form by emailing ng-support@opay-inc.com or use the app.
3. Fill in your details and provide the necessary documents.
4. Submit your form for verification.

Opay PoS machines are free for established users with a good transaction history, but you need to have N20,000 in your account as a security deposit. This amount is utilized after Opay approves your PoS.

For new users who don’t want to wait, you can purchase a machine with the following options:

• Opay Smart PoS: N50,000
• Opay Traditional PoS: N35,000
• Opay Mini PoS: N8,500

Opay PoS Costs

Opay deducts 5% of each sale as their fee, while the agent keeps the rest. Your earnings depend on the transaction amounts and fees you charge customers.

3. Paga

Requirements for Becoming a Paga PoS Seller

• Sign-up fee of N20,000 (includes some starting money and branding)
• Ability to perform various transactions, such as opening accounts, handling cash, paying bills, and selling data or airtime

How to Sign Up with Paga

1. Email agents@mypaga.com.
2. Visit the Paga website and click on the ‘agent’ section.
3. Complete the form at https://www.mypaga.com/pagaagent.html.

A Paga representative will contact you to provide further guidance. The process may take up to a week to receive a Paga PoS. If you don’t receive a response within 7 days, contact service@mypaga.com.

Paga’s Fees

Paga charges 0.55% of the transaction amount when customers withdraw cash (approximately N5.5 for every N1000 withdrawn). Additionally, they impose a fee of N30 for deposits of any amount.

4. Quickteller

Requirements for Becoming a Quickteller PoS Seller

• A photo of yourself
• Recent utility bill (less than 3 months old) demonstrating your place of residence
• Valid ID (e.g., National ID, voter’s card, driver’s license, or passport)
• Business certificate (if you have a registered business)

Getting a Quickteller PoS

1. Fill out an application form and submit the required documents.
2. Pay N10,000 to the IFIS bank account.
3. An IFIS partner will assess your business location.
4. Quickteller will initiate your IFIS account and provide login details.
5. You will need to learn how IFIS Agent Banking operates and receive:
   • A certificate
   • An ID
   • A sales record book
   • An agent code
   • Branding materials
   • A price list

Quickteller PoS machines are provided free of charge.

5. Palmpay

Palmpay PoS Options

Palmpay offers two types of PoS devices:

• Android (touch screen) for N41,500
• Linux (buttons) for N21,500

Additionally, there is a N1,500 charge for insurance and PoScare.

How to Start with Palmpay

1. Initiate contact with an agent, who will guide you through the process.
2. Provide your personal information, including full name, phone number, email, business name, address, BVN, ID, and a recent utility bill.
3. Follow the OTP (one-time password) steps sent to your phone.
4. Fill in other required details, and if everything is correct, they’ll approve your application.
5. Download the PalmPay agent app and set a PIN.

The time it takes to receive your Palmpay PoS machine varies depending on the agent. Some may have devices in stock, while others may take up to a week.

Conclusion

In conclusion, the PoS business in Nigeria presents a promising opportunity for individuals to earn a daily income ranging from 5000 to 11000 Naira. To succeed as a PoS vendor, it’s crucial to select the right location, set competitive transaction fees, and partner with a reputable PoS service provider. Keep in mind that each provider has its unique requirements and fee structures, so choose the one that aligns with your business objectives.

Are you ready to embark on your journey as a PoS vendor and tap into this thriving market? Take the first step today and start your PoS business in Nigeria.

Frequently Asked Questions (FAQs)

1. Is it profitable to become a PoS vendor in Nigeria?

• Yes, becoming a PoS vendor in Nigeria can be profitable, especially in areas with limited access to traditional banking services. Transaction fees and a strategic location can significantly contribute to your earnings.

2. How much does it cost to start a PoS business?

• The cost of starting a PoS business includes purchasing a PoS machine, ensuring internet connectivity, and having sufficient cash for withdrawals. The initial investment can vary based on the PoS provider and the features of the machine.

3. Are there risks involved in the PoS business?

• Like any business, the PoS business carries certain risks, such as security concerns and the need for liquidity. Choosing a safe location and adhering to best practices can help mitigate these risks.

4. Which PoS service provider should I choose?

• The choice of PoS service provider should depend on your business goals, location, and budget. Consider factors such as transaction fees, machine features, and support offered by the provider.

5. Can I use my home as a PoS business location?

• Yes, you can use your home as a PoS business location, provided it is in a suitable area with potential customers. This can help reduce overhead costs.

Start your PoS business with careful planning and a clear understanding of the provider you choose, and you can potentially earn a substantial income as a PoS vendor in Nigeria.