₦airaland Forum

Good morning everyone.
Please I run a seasonal business and am off season now,been thinking about other businesses I can explore,but I arrived at POS business
Gurus in the house please I need answers to these
Please don't tell me to follow any thread cause this is 2023
1.cost of acquiring the device
2.the best device for the job
3.capital required for starting the business
4.How the charges are made.

Ransomtheking:
Good morning everyone.
Please I run a seasonal business and am off season now,been thinking about other businesses I can explore,but I arrived at POS business
Gurus in the house please I need answers to these
Please don't tell me to follow any thread cause this is 2023
1.cost of acquiring the device
2.the best device for the job
3.capital required for starting the business
4.How the charges are made.

To start a POS business is not rocket science. First you need a busy location and capital, for example 250k.

To get the device, I can help but it depends on your location (I'm in Edo state).

My device of choice will be the Opay android POS. There other companies you can get POS machines from though.

Recommended companies because I've worked with them are Opay, Palm Pay and Moniepoint.

Opay android goes for 60k while the button POS goes for 45k if you're getting from an aggregator. But the price is a bit lower if you get from the office directly but you fit not see am there because most of these companies prefer to sell to aggregators who sell to agents because if the agents don't use the machines, it's the aggregators duty to go retrieve the POS.

Palm pay android goes for 55k if you wish to own it or 45k of you want to rent it. But Moniepoint on the other hand is about 30-35k from the aggregator. Their machine is button with a touchscreen. It's a bit smaller than the others.

Opay and Palm pay charges are practically the same.

For withdrawals 5 Naira per 1k but if the amount is more than 20k it's 100 naira flat.

For transfers Opay charges 10 Naira for 1-5k, 20 naira for 5-10k and 30 Naira for anything above 10k

Palm pay charges 10 Naira flat for all transfers.

I hope I've been able to answer most of your doubts

eghuan1:
To start a POS business is not rocket science. First you need a busy location and capital, for example 250k.

To get the device, I can help but it depends on your location (I'm in Edo state).

My device of choice will be the Opay android POS. There other companies you can get POS machines from though.

Recommended companies because I've worked with them are Opay, Palm Pay and Moniepoint.

Opay android goes for 60k while the button POS goes for 45k if you're getting from an aggregator. But the price is a bit lower if you get from the office directly but you fit not see am there because most of these companies prefer to sell to aggregators who sell to agents because if the agents don't use the machines, it's the aggregators duty to go retrieve the POS.

Palm pay android goes for 55k if you wish to own it or 45k of you want to rent it. But Moniepoint on the other hand is about 30-35k from the aggregator. Their machine is button with a touchscreen. It's a bit smaller than the others.

Opay and Palm pay charges are practically the same.

For withdrawals 5 Naira per 1k but if the amount is more than 20k it's 100 naira flat.

For transfers Opay charges 10 Naira for 1-5k, 20 naira for 5-10k and 30 Naira for anything above 10k

Palm pay charges 10 Naira flat for all transfers.

I hope I've been able to answer most of your doubts

Thanks bro,
I heard moniepoint has a daily target.
Based on what you have said it seems I'll be going for the opay device,but my location is cross River state.
And there's something else I'll like to ask.
Do you link your bank account to the opay device or use the opay account.i asked concerning account statement if issues comes up with you and your client.

Ransomtheking:
Thanks bro,
I heard moniepoint has a daily target.
Based on what you have said it seems I'll be going for the opay device,but my location is cross River state.
And there's something else I'll like to ask.
Do you link your bank account to the opay device or use the opay account.i asked concerning account statement if issues comes up with you and your client.

No it's not linked to your bank account. It's linked to your Opay account which is your phone number.

On your request, your account statement can be sent to your email

eghuan1:
No it's not linked to your bank account. It's linked to your Opay account which is your phone number.

On your request, your account statement can be sent to your email

Thanks bro you've really been of great help to me I really appreciate.
Na to go buy machine remain me now.
But boss sorry for disturbing
What are the important record I should keep after performing a transaction for a client.
Cause I see this agents taking something down after performing a transaction

Ransomtheking:
Thanks bro you've really been of great help to me I really appreciate.
Na to go buy machine remain me now.
But boss sorry for disturbing
What are the important record I should keep after performing a transaction for a client.
Cause I see this agents taking something down after performing a transaction

Good day Boss. Did you finally get the POS terminal? How has it been so far? I'm thinking of going into it with an initial capital of 500k. Any tips on the best provider, do's and dont's, what to look at for?

eghuan1:
To start a POS business is not rocket science. First you need a busy location and capital, for example 250k.

To get the device, I can help but it depends on your location (I'm in Edo state).

My device of choice will be the Opay android POS. There other companies you can get POS machines from though.

Recommended companies because I've worked with them are Opay, Palm Pay and Moniepoint.

Opay android goes for 60k while the button POS goes for 45k if you're getting from an aggregator. But the price is a bit lower if you get from the office directly but you fit not see am there because most of these companies prefer to sell to aggregators who sell to agents because if the agents don't use the machines, it's the aggregators duty to go retrieve the POS.

Palm pay android goes for 55k if you wish to own it or 45k of you want to rent it. But Moniepoint on the other hand is about 30-35k from the aggregator. Their machine is button with a touchscreen. It's a bit smaller than the others.

Opay and Palm pay charges are practically the same.

For withdrawals 5 Naira per 1k but if the amount is more than 20k it's 100 naira flat.

For transfers Opay charges 10 Naira for 1-5k, 20 naira for 5-10k and 30 Naira for anything above 10k

Palm pay charges 10 Naira flat for all transfers.

I hope I've been able to answer most of your doubts

Afternoon sir. I'm thinking of going into POS business using moniepoint. What are their rates pls? What other advice would you give a newbie?

Dat2jo:
Afternoon sir. I'm thinking of going into POS business using moniepoint. What are their rates pls? What other advice would you give a newbie?

don't try it ooo

Firebox123:
don't try it ooo

Why na? People dey cash out oo. Salary no dey enough in this Tinubu economy. I need a side hustle seriously.

Dat2jo:
Why na? People dey cash out oo. Salary no dey enough in this Tinubu economy. I need a side hustle seriously.

have you gotten the moniepoint pos

Firebox123:
have you gotten the moniepoint pos

Not yet. I'm here making research before I decide.

Dat2jo:
Not yet. I'm here making research before I decide.

actually pos is a good business

Incase you need pos machine or guidance on pos business

Lemme know

Firebox123:
actually pos is a good business

Incase you need pos machine or guidance on pos business

Lemme know

Alright. Thanks bro

Dat2jo:
Alright. Thanks bro

send me a mail now

Dat2jo:
Good day Boss. Did you finally get the POS terminal? How has it been so far? I'm thinking of going into it with an initial capital of 500k. Any tips on the best provider, do's and dont's, what to look at for?

Yeah I got the terminal for sure!I can say POS business is really for the strong or maybe I got the wrong terminal,That decline and debited my clients card and sometimes transfer didn't drop in the recipients account.
Lol 😂😂😂 that year i went to different banks with some client to despute failed transactions.
At some extend I stopped the POS business cause am faint hearted,
This was during the cashless policy and bank servers were down tho
500k as start-up capital is more than enough
I recommend an Opay terminal for you sir don't even go for monie point
Then there's Nomba the one I used their customer service is top notch
When a card declines twice don't try it again if you are to try it wait for sometime
Always keep receipts of failed transactions
Make sure the person withdrawing actually owns the card 💳 cause e dey cause trouble if possible take down the clients NIN cause e fit save you tomorrow (from 100000 and above)
By the way I don leave POS for strong people
Am into driving and cocoa farming now😉

Dat2jo:
Afternoon sir. I'm thinking of going into POS business using moniepoint. What are their rates pls? What other advice would you give a newbie?

Except you have a busy location, POS business is not that lucrative compared to three or four years ago because of the number of people using POS for businesses now. Almost every shop now has a POS machine for payment and many more are still buying for use.

So for locations, look for busy bus stops, especially in the mornings and evenings when workers are going to work or coming from work. or you look for spaces around a market.

Another option is to have a steady supply of cash. this you can meet some market women, fuel stations, i will not recommend banks or ATM machines because you will not get much.

For the POS to use, i will recommend the Opay Smart POS (not because I work with Opay) because Opay has the ability to switch networks while the transaction is going on while other companies cannot do that. That is why you hardly see very low percentage when talking of failed transactions with Opay. Then also consider the internet service provider that is very good in your area. 1gig of data will not finish on the POS for a month. so choose a very strong network. Please run away from Glo.

Don't expect any POS to come with Umbrella, T-shirt, table or any branding materials. anybody mention that to you, just know say na scam.

eghuan1:
Except you have a busy location, POS business is not that lucrative compared to three or four years ago because of the number of people using POS for businesses now. Almost every shop now has a POS machine for payment and many more are still buying for use.

So for locations, look for busy bus stops, especially in the mornings and evenings when workers are going to work or coming from work. or you look for spaces around a market.

Another option is to have a steady supply of cash. this you can meet some market women, fuel stations, i will not recommend banks or ATM machines because you will not get much.

For the POS to use, i will recommend the Opay Smart POS (not because I work with Opay) because Opay has the ability to switch networks while the transaction is going on while other companies cannot do that. That is why you hardly see very low percentage when talking of failed transactions with Opay. Then also consider the internet service provider that is very good in your area. 1gig of data will not finish on the POS for a month. so choose a very strong network. Please run away from Glo.

Don't expect any POS to come with Umbrella, T-shirt, table or any branding materials. anybody mention that to you, just know say na scam.

Thanks so much

Ransomtheking:
Yeah I got the terminal for sure!I can say POS business is really for the strong or maybe I got the wrong terminal,That decline and debited my clients card and sometimes transfer didn't drop in the recipients account.
Lol 😂😂😂 that year i went to different banks with some client to despute failed transactions.
At some extend I stopped the POS business cause am faint hearted,
This was during the cashless policy and bank servers were down tho
500k as start-up capital is more than enough
I recommend an Opay terminal for you sir don't even go for monie point
Then there's Nomba the one I used their customer service is top notch
When a card declines twice don't try it again if you are to try it wait for sometime
Always keep receipts of failed transactions
Make sure the person withdrawing actually owns the card 💳 cause e dey cause trouble if possible take down the clients NIN cause e fit save you tomorrow (from 100000 and above)
By the way I don leave POS for strong people
Am into driving and cocoa farming now😉

Thanks so much

Dat2jo:
Thanks so much

You are welcome