Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,402,191 members, 5,374,582 topics. Date: Saturday, 18 January 2020 at 10:38 PM

Is POS Business Profitable? - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / Is POS Business Profitable? (24187 Views)

How Rewarding Is POS Business / How To Start A POS Business In Nigeria / N3million Naira, What Business Profitable Business Can It Float? (2) (3) (4)

(1) (2) (3) (4) (5) (Reply) (Go Down)

Re: Is POS Business Profitable? by AntiZombie: 11:35am On Apr 11, 2019
Donjazzy12:
Op don't go into it, since it has appeared on Nairaland Front page, it will now be an all comers businesses. The same thing happened to Recharge card printing. Nigeria has a way of destroying businesses.


online recharge killed recharge card printing biz


not nairaland

undecided undecided

the major guy In Akwa Ibom even went into politics as the biz is no more moving

and invested in other business

cards are mostly seen in villages these days
in the past few years i might have loaded a card like 3-5 times

1 Like 1 Share

Re: Is POS Business Profitable? by holina: 11:41am On Apr 11, 2019
addizzle:
my dear dats not d spirit of a business person...D sky is too large for 1bird oo...we can be thousands selling a particular product n sure we all can still make it...u can't he d only person selling a particular thing na...bliv me ones others seeing u progressing in dat line boom dy will also av 1.so will u ask them not to?

true

1 Like

Re: Is POS Business Profitable? by GrammarNazi1(m): 11:41am On Apr 11, 2019
centboy123456:



but if it a guy now u will tell him to arrested him so because she is beautiful u told him not to arrest her guy it not fair at all or be like say u dry F/uck that girl
undecided
Re: Is POS Business Profitable? by TANID(m): 11:43am On Apr 11, 2019
Mrkumareze:
My worries; what if they steal POS, THE MONEY AND THE OPERATOR
You Done Kill Me O o o o
with laf seriously i don die of laugh

1 Like

Re: Is POS Business Profitable? by benson4u(m): 11:44am On Apr 11, 2019
Op I'm into it, in fact I'm a Quickteller agent. Though it is saturated but there's is huge profit to make from it if you play your cards well. As an advice don't go into it as your major business but use as an extra way to generate money to an already existing business of yours.

11 Likes

Re: Is POS Business Profitable? by paully005(m): 11:51am On Apr 11, 2019
SouthSouth1914:
hello what is fr bonds Nse?


Nigeria is in chaos already! In saner climes POS is being used for the sole purpose of POINT OF SALE situations and not the way it has been publicised currently..

If you want to join the money market business, better go buy FG bonds or jump into the NSE. Goodluck and stay blessed!
Re: Is POS Business Profitable? by DonBenny77(m): 11:51am On Apr 11, 2019
TechCapon:
It's very profitable. I mean very profitable. A friend of mine opened up a POS cash withdrawal point in a rural community where there's no bank. Before he came to the community, the people always travel long distance to the town just to withdraw but his services eliminated the stress and risk.
His services also saved them money. Today he has 4 different branches and is planning to convert them into a microfinance bank.
The guy is rolling in money but the risk is too much because he's always moving around with huge amounts of physical cash and no security.
He has over 10 girls working for him as cashiers, he just sleeps at home and watch credit alert and debit alerts busting into his phone grin

One of his sales girls stole 100k cash from him and it took him 3 weeks to discover it, that's to tell you he has too much money grin

Yeah he succeeded because it's a rural area without banks.

Im urban areas Its better when you run other business(es) alongside

He would have arrested her if not that I asked him to forgive her, the girl is too beautiful to face that kind of public embarrassment but he finally sacked her

If you want to make good profit just move away from the city and open it in a community that has no banking services, pay policemen that will be patrolling the area with their hilux and you're good to go. I'm telling you from experience
Yeah he succeeded because it's a rural area
Re: Is POS Business Profitable? by Donraqh(m): 11:52am On Apr 11, 2019
Point of sale (POS) is a gold mine in rural areas where there are no banks in place.

1 Like

Re: Is POS Business Profitable? by Tony818(m): 12:02pm On Apr 11, 2019
Read this post about pos business https://www.informationhive.com.ng/how-to-start-pos-business-in-nigeria/

I worked with first bank so I can confidently tell you that pos business is really profitable. Just visit any first bank branch for briefing. But also note that before you can be accepted as a first bank agent you must have an existing business because it requires much cashflow.
The profitability of this business depends on your location. In fact first bank won't accept you as their agent if your area is not viable

2 Likes

Re: Is POS Business Profitable? by sowilli: 12:03pm On Apr 11, 2019
We make mediocrity come out of every situation. We turn good things to bad things. POS is not a business, using it as a business simply means abusing the purpose it was created for. Cashless not cash withdraws. POS are supposed to be alternatives to ATM but we are using it as ATMs already in this country. Some will blame it on poverty but I see this differently.

1 Like

Re: Is POS Business Profitable? by sowilli: 12:10pm On Apr 11, 2019
DonBenny77:

Yeah he succeeded because it's a rural area
the solution to non availability of atms or banks in the rural area is not POS. It’s mobile fintech like MPesa in Kenya. How does MPsea work- my sim serves as a bank account, if I sell goods and services around, you can come withdraw from me or you pay into my mpesa account which is my mobile number. So as a store owner, I don’t have to go to the banks to deposit money. I will always have people who will come to me when they need cash. That’s cashless everywhere. The whole idea of POS is to enhance a cashless society, the whole idea of mobile fintech is to enable a cashless society. Using POS as a means of cash withdrawal means you will have people moving with huge amount of cash which doesn’t solve the problem it was created for. Why are banks allowing this? Because they have 5 or 10 Naira to make from every transaction. This is why they will do every thing to kill mobile finanacial technologies. We won’t get anywhere with this mindset. Now, one start wondering where are the financial regulators.

7 Likes

Re: Is POS Business Profitable? by HIGHESTPOPORI(m): 12:12pm On Apr 11, 2019
benson4u:
Op I'm into it, in fact I'm a Quickteller agent. Though it is saturated but there's is huge profit to make from it if you play your cards well. As an advice don't go into it as your major business but use as an extra way to generate money to an already existing business of yours.
Am a Paga agent,I want to knw how much is the commission for gotv plus sub on quickteller,Paga is now 138 for each transaction

1 Like

Re: Is POS Business Profitable? by GoodMuyis(m): 12:14pm On Apr 11, 2019
SouthSouth1914:
Nigeria is in chaos already! In saner climes POS is being used for the sole purpose of POINT OF SALE situations and not the way it has been publicised currently..

If you want to join the money market business, better go buy FG bonds or jump into the NSE. Goodluck and stay blessed!

Not with 18k Min-Wage
Re: Is POS Business Profitable? by Defela111: 12:20pm On Apr 11, 2019
As for the requirements, it depends on your bank. Gtbank told me I need to turned over like N1m a month before I could be considered for POS, FCMB asked me to turn over like N5m a month to qualify. However, another option was to purchase the POS from the bank. Gtbank at N100k and FCMB at N73k. If you purchase the machine from them, it means you owned it, the bank cannot come to retrieve it if you don't make sales, remember banks are in it to make commission from your POS sales.

6 Likes

Re: Is POS Business Profitable? by InvisibleB: 12:20pm On Apr 11, 2019
Valindazz:
I have a shop currently where I’m doing it and other services. I can say it’s profitable. I make close to 20k weekly

Must one have a current account? I wanted to use savings. Which bank are you using? Is POS free?

2 Likes

Re: Is POS Business Profitable? by benson4u(m): 12:24pm On Apr 11, 2019
HIGHESTPOPORI:
Am a Paga agent,I want to knw how much is the commission for gotv plus sub on quickteller,Paga is now 138 for each transaction
Charge is #100 for every utility bills payment through Quickteller.

1 Like

Re: Is POS Business Profitable? by Taeewo(m): 12:33pm On Apr 11, 2019
HIGHESTPOPORI:
Am a Paga agent,I want to knw how much is the commission for gotv plus sub on quickteller,Paga is now 138 for each transaction
With paylater app, u subscribed free for dstv without transaction fee.
Re: Is POS Business Profitable? by benson4u(m): 12:39pm On Apr 11, 2019
Taeewo:
With paylater app, u subscribed free for dstv without transaction fee.
Paylater is for individual or personal use. You can't use it as an agency app, cause it accepts at maximum only your credit card.

2 Likes

Re: Is POS Business Profitable? by deltateam: 12:40pm On Apr 11, 2019
SouthSouth1914:
Nigeria is in chaos already! In saner climes POS is being used for the sole purpose of POINT OF SALE situations and not the way it has been publicised currently..

If you want to join the money market business, better go buy FG bonds or jump into the NSE. Goodluck and stay blessed!

You didn't answer the question.
Re: Is POS Business Profitable? by Nobody: 12:40pm On Apr 11, 2019
Are there Different in mobile money and POS. coz mobile money apps can also be used to do this transaction
Re: Is POS Business Profitable? by RealityShot: 12:46pm On Apr 11, 2019
Donjazzy12:
Op don't go into it, since it has appeared on Nairaland Front page, it will now be an all comers businesses. The same thing happened to Recharge card printing. Nigeria has a way of destroying businesses.
very true!



BTW.. Which MOD put this on FP??.?


Is this not the kind of business that was rubbed N203 million in Dubai?


If boys get mind go rub this biz at international, how e go be for Naija?


BE WARNED O... My pheephul
Re: Is POS Business Profitable? by SouthSouth1914: 12:49pm On Apr 11, 2019
deltateam:


You didn't answer the question.

What stopped you from answering ??
Re: Is POS Business Profitable? by deltateam: 12:59pm On Apr 11, 2019
SouthSouth1914:


What stopped you from answering ??

I don't know that's why I was silent and read comments. Not talking out of point.

1 Like

Re: Is POS Business Profitable? by Offpoint: 1:05pm On Apr 11, 2019
Mrkumareze:
My worries; what if they steal POS, THE MONEY AND THE OPERATOR
lol, naso NAIJA don worst reach?
Re: Is POS Business Profitable? by Hollumedeyyyy: 1:05pm On Apr 11, 2019
SouthSouth1914:
Nigeria is in chaos already! In saner climes POS is being used for the sole purpose of POINT OF SALE situations and not the way it has been publicised currently..

If you want to join the money market business, better go buy FG bonds or jump into the NSE. Goodluck and stay blessed!
share light on this FG BOLD
Re: Is POS Business Profitable? by missyojo(f): 1:12pm On Apr 11, 2019
Valindazz:
Go to your bank and they fill a form. Everything is free there try and get your acct officers no and use call and finish en life so they will process it and deliver it to you within 2weeks. You don’t need any money to start it. Just have a reason amount you can use and be transacting. If you start with 50k, that means that you will not let anyone come and withdraw more than 50k na.

Alright, thank you sir for your response. I appreciate
Re: Is POS Business Profitable? by SouthSouth1914: 1:15pm On Apr 11, 2019
Hollumedeyyyy:
share light on this FG BOLD

When you buy FGN Bonds, you are lending to the FGN for a specified period of time. The FGN Bonds are considered as the safest of all investments in domestic debt market because it is backed by the 'full faith and credit' of the Federal Government, and as such it is classified as a risk free debt instrument.

https://www.dmo.gov.ng/fgn-bonds
Re: Is POS Business Profitable? by Pridestorm: 1:37pm On Apr 11, 2019
GrammarNazi1:

undecided
cheesy

I feel am too bro. grin

1 Like 1 Share

Re: Is POS Business Profitable? by GidiWoodsMan(m): 1:45pm On Apr 11, 2019
TroubleMaker47:
No it's not!
CBN recently increased POS tarrif to 0.75% as @ 1st March 2019. This means dat for every POS transaction of 20k, ur banks takes #150.
Also don't forget that to apply for a POS machine you need a current account with ur bank.
Current account has an account maintenance charge of .01% for outgoing transaction. That is for every #1,000 that leaves ur account( both withdrawal and transfer and even payment of bills) ur bank collects 1 naira.
Finally when u consider sms charges and other miscellaneous like POS paper etc u realize that POS NA SCAM!!!


But then again, it's business, if u can find a way to find a way to cut cost like negotiating ur bank "maintenance charge". Avoiding frequent withdrawal from the account except when necessary, printing only customers copy of the POS transaction( u don't really need ur copy, u can just record it and save paper)
You'll be fine. Goodluck

He's not talking about transaction processing. People have been using it to pay out cash in underbanked neighbourhoods since forever. And now CBN has officially approved it for atm services.

TechCapon:
It's very profitable. I mean very profitable. A friend of mine opened up a POS cash withdrawal point in a rural community where there's no bank. Before he came to the community, the people always travel long distance to the town just to withdraw but his services eliminated the stress and risk.
His services also saved them money. Today he has 4 different branches and is planning to convert them into a microfinance bank.
The guy is rolling in money but the risk is too much because he's always moving around with huge amounts of physical cash and no security.
He has over 10 girls working for him as cashiers, he just sleeps at home and watch credit alert and debit alerts busting into his phone grin

One of his sales girls stole 100k cash from him and it took him 3 weeks to discover it, that's to tell you he has too much money grin

He would have arrested her if not that I asked him to forgive her, the girl is too beautiful to face that kind of public embarrassment but he finally sacked her

If you want to make good profit just move away from the city and open it in a community that has no banking services, pay policemen that will be patrolling the area with their hilux and you're good to go. I'm telling you from experience

How has he managed to keep armed robbers away? Boys no dey take eye see that kind cashflow na to bust the place asap. Na popo go even clear them say no shaking, just pay us our share cheesy

1 Like

Re: Is POS Business Profitable? by Taeewo(m): 1:59pm On Apr 11, 2019
benson4u:
Paylater is for individual or personal use. You can't use it as an agency app, cause it accepts at maximum only your credit card.
You can use paylater as agency, paylater has advanced that u can even deposit money on the app like u operating mobile wallet.

1 Like

(1) (2) (3) (4) (5) (Reply)

Jimoh Ibrahim Father Dies, Two Months After His Mum's Death / Economy: Buhari Is On Right Path – Dangote / Nigeria To Mint Coins For Ghana (Replacing Germany)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2020 Oluwaseun Osewa. All rights reserved. See How To Advertise. 151
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.