This thread is dedicated to all pos agents new and existing agents. Having any challenges? Or don't know where or how to start the business??

Just follow this thread as I will be breaking down all about POS business and all it entails.

We start tonight.

Stay tuned!!!

Today I will be giving a break down of what the POS is and what POS business is.

What is POS?

POS means Point Of Sales.

The Pos machine is a device used for making payments at the point of selling a product or service.

Based on the many discouraging factors as regards going to the bank like Long queues, filling forms upon forms, distance as some areas do not even have banks close to them. The device is then used to render banking services to customers at a commission.

The commission charged by operators are usually shared between the operator and MMOs. (MMOs are agencies that gives out pos terminals to agents).
MMOs takes between 0.4%-0.6% capped at #100-#200 (depending on the MMO involved) of the commission charged on withdrawals leaving the rest for the attendants/agents. Deposits commission charged on most MMOs are usually fixed between #9-#50 leaving the rest for the attendants/agents.

The POS business is banking service being rendered by an agent at a commission.

That's basically what a POS/POS business is in subsequent posts I will be highlighting how to start the business, challenges, Dos and Donts and lots more.

Good morning and a happy weekend.

Today I will be talking about steps to starting a Mobile banking (POS) business.

HOW TO START A POS BUSINESS.

To kick off a pos business the very first and important step is to get a very good location.

LOCATION: The location you choose for your business will determine the success or failure of your business, imagine being in a location where only two to three people comes for your service on a daily basis? How then do you grow the business?

Places advisable to site your business are the Under banked areas, crowded places with little or no access to the bank, close to usually crowded banks, markets etc.

* A SHOP OR KIOSK: Any you choose to start from just make sure it is secured. I don't advise starting with umbrella and table as there is no security at all except it's in an area you are very conversant with and you know people around. Like your street or something but it's not good for this business as it involves being with physical cash.

*Get a good Pos machine for your business either from the bank or from an MMO. I usually don't advise beginners to start by using bank POS for so many reasons which I will discuss later.

* As a beginner verify and make sure the POS you decide to use does not have a daily, weekly or monthly target so you don't put yourself under unecessary pressure.

After securing your location and getting a POS machine you can start your business with as little as #30,000 to #50,000 and grow from there.

All the best.

We are still recruiting aggregators and sub aggregators Nationwide. Kindly send me a whatsapp msg on: 09083292225

Today we will be discussing about the DON'T's of POS Business.

DON'T'S

1. As a new agent do not make use of bank's POS to start up especially those starting with small capital. Reason is that most banks transfers all transacted funds into your PBA (person bank account) which in most cases takes 24 hours to be released to the agent and on weekends you may have to wait till Monday to get it what happens if you do not have enough fund for the business.
* Most banks don't do instant settlements as MMOs
* Charges most times are high.

2. For security reasons it is not advisable to give large sum to people who you are not familiar with coming to withdraw as some of this people now come to inspect and know the capacity of the agent to plot their scam/robbery schemes.

3. Don't just dive into the business because everyone is into it. Learn about it, understand the business and be ready to offer the service to people before you kick off.

4. Don't ever keep large sum of money with you. Try to split your funds some with you and the rest close by so you can always access it if need be.

In my next post we will be talking about the DO'S of the business.

Wishing all agents safe transactions and all the best.

We are still recruiting aggregators and sub aggregators Nationwide. Kindly send me a whatsapp msg on: 09083292225

Good. Please discuss POS kiosk and the estamated sum to mount the kiosk

ThisisIkemefuna:
Good. Please discuss POS kiosk and the estamated sum to mount the kiosk

I may have to ask my agents using kiosk so we can get a very close to accurate estimate as I personally do not have an estimate for it.

Good afternoon my people, sorry I am not doing proper follow up on this thread. It's been serious work load of late. But I promise to try my best in completing this topic and taking all questions and later help any agent experiencing any difficulty in their mobile banking business.

Stay glued to the thread as we unravel everything involved in the mobile banking business.��

Today we will be discussing about the DO'S Of Mobile Banking Business.

DO'S

* Learn all you have to about the mobile banking business before starting and throughout your business. We just have to keep learning!

* Always treat your customers well as we all know good customer service is a key in staying in business.

* Always count cash given to you at least twice before depositing or paying a customer to avoid loss you may incurre by overpaying.

* Carefully check all notes given to you so you don't get counterfeits.

* Try to get a fake money detector as this will save you a lot of stress and loss.

* Coach your employees very well before leaving them to handle your business alone.

* Always close on time as staying at your location very late at night does not make you diligent or hardworking, it only opens doors to robbers and evil perpetrators as most evil are done in the dark.

*Always check your current balance after every transaction so you don't pay customers when you aren't to.

* Always report all dispense error to your MMO immediately you notice it.

* Try not to pay your customer when there is a dispense error, manage the situation till it's resolved as some customers may get value returned to them and will never inform you of it if you pay them.

* If possible try to get at least two POS terminals for your business. There can be network issue on one having two makes it possible to swap to the other one, making you always active.

* Finally BE AS CAREFUL AS POSSIBLE YOU CAN NEVER BE TOO CAREFUL WHEN IT COMES TO MOBILE BANKING BUSINESS. SECURITY SHOULD BE YOUR TOPMOST PRIORITY.


I remain your fav POS Aggregator.
We are still recruiting aggregators Nationwide call/Whatsapp: 09083292225

Ibukunstar:



I may have to ask my agents using kiosk so we can get a very close to accurate estimate as I personally do not have an estimate for it.

Patiently waiting

quote author=ThisisIkemefuna post=108020614]

Patiently waiting[/quote]

So sorry I haven't been able to update this but i.will definitely do next week. An agent will be starting her kiosk next week so we will be using hers as an estimate. So we can be as current as possible.

Ibukunstar:
quote author=ThisisIkemefuna post=108020614]

Patiently waiting

So sorry I haven't been able to update this but i.will definitely do next week. An agent will be starting her kiosk next week so we will be using hers as an estimate. So we can be as current as possible.

pls i have a question

What is the question please. Sorry for the long break we are back and better.

9182736455O1999:

pls i have a question

*Good morning blessed Day everyone*

*It's a New week, another opportunity to go all out in achieving those set goals, start that business, make that move.*

*There can't be a perfect time to start, start right where you are and with what you have. With consistency and the grace of God which is made available to everyone watch everything going well...*

*Happy New week* �