₦airaland Forum

Is it profitable? What are the pros and cons? How much is daily or weekly profit after expenses and bank charges?

Anyone into it should educate us please.

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!

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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

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

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

Somehow

Some people get 'leg' for this NL o. Lol

it depends on the environment where u are

I dont think so because majority of Igbo business men dont use it. They dont want to share their profit with anybody. They always prefer cash.

Let me pitch my tent here

Its profitable but depends on traffic in your area.

Yes it is. I've been in the business for over 5 years

Very profitable, but almost everyone w doing it. who will patronize who when everyone has it

My worries; what if they steal POS, THE MONEY AND THE OPERATOR

If it is not, most people won't do the business. We have over 5 in my street.

I heard there are commissions. But let me join you and learn together here

Good

I think its profitable depending on location..if u have atleast 20 people a day its okay..

Business like this depends on volume.
The higher your volume of transaction, the better profit margin.

If you see a place that's under banked and has a decent population as well as a good market/economy, you could consider going into it.
Be sure to get a strategic location for your office.

I think what they do is take a little commission on payouts. Overall , I will say slightly better than recharge card biz.
Experts pls come shed some light.

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

Ho

it is, though it has its advantages and disadvantages

Yeah it is,just reside near school or sabo where there is no bank and see how you will buy new Airbus in just one year

leonard002:
Is it profitable? What are the pros and cons? How much is daily or weekly profit after expenses and bank charges?

Anyone into it should educate us please.

Please how do I start thia business, what are the requirements. I have the traffic already

Depot:
I dont think so because majority of Igbo business men dont use it. They dont want to share their profit with anybody. They always prefer cash.

When did Igbo's determine the profitability of business?

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!

and who told you money market business and Bonds are for poor people

the financial advise on NL at times is a joke

Mrkumareze:
My worries; what if they steal POS, THE MONEY AND THE OPERATOR

What a question! Is the money in the POS machine?

BabaCommander:
Business like this depends on volume.
The higher your volume of transaction, the better profit margin.

If you see a place that's under banked and has a decent population as well as a good market/economy, you could consider going into it.
Be sure to get a strategic location for your office.

Simple and short. Also try middle class neighborhoods where car users are not much. Most people who trek would prefer using a pos than stress themselves, but a car user can just drive to an ATM except its urgent

sexiestharam:
What a question! Is the money in the POS machine?

The operator gives cash n receive deposits via POS Mach.

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.