POS (Point of sale) business is among one of the most profitable small business startups.
It requires very little capital to set up and has become very profitable in recent times.
The aim of the government to push the cashless economy has helped to further improve the business.
They offer services ranging from cash withdrawals to card transfers, bank transfers, and even online bill payments.
As a result of the cashless policy, having a POS is also a crucial requirement for all businesses. In this article, we will consider how to get a POS machine and some of the Fintech businesses where you can acquire a POS machine.
How to get a POS machine – Top Fintech Giving out POS in Nigeria
The steps in getting a POS machine in Nigeria are almost the same everywhere.
However, some financial organizations might have a few variations.
Below are some general procedures for getting a POS machine;
Choose a financial institution
The two organizations that offer POS machines are Banks and Fintechs.
Bank POS is usually free, but it comes with a lot of terms and conditions and the profit is usually small.
In addition, they are typically subject to poor network conditions associated with the bank.
Fintechs on the other hand, sell POS machines, and the charges are relatively less than the ones collected by banks.
Fintech POS machines typically have better network conditions and fewer issues of failed transactions.
Create a Merchant Account
Once you’ve decided on the organization you want to get the POS machine from, the next step is to create a merchant account with them.
Download the mobile app on your phone and create a merchant account.
This is the account where your business transactions will be displayed.
You can also monitor the status of your transactions with this account.
Apply for a POS terminal
Once you’ve created a merchant, most platforms will require you to perform a given number of transactions before you are qualified to apply for a POS terminal.
Once this is done, proceed to apply for a POS terminal
Install the Pos terminal and start conducting transactions
Once you receive your Pos terminal, you can proceed to install it.
This involves installing a sim card or connecting it to a wireless network connection and linking it to your account.
Once this is done, you can start performing transactions.
Documents Needed to Apply for a POS Machine in Nigeria
Some Documents Required to get a POS Machine in Nigeria, include;
Valid identification method. This could be your National identity card, driver’s license, or a Voter’s card
Your Bank Verification Number (BVN)
Two (2) clear passport photographs
Two (2) current account guarantors
CAC Certificate, this serves as proof of business ownership
Tax Identification Number (TIN)
Startup capital of at least ₦50,000
Fintech Organizations Giving out POS Machines in Nigeria
Below are some of the most popular Fintech organizations in Nigeria that give out POS terminals
1. Moniepoint
Moniepoint is the number one POS agent banking platform in Nigeria today.
It was created by TeamApt, a well-known fintech company in Nigeria.
It gained its reputation as one o the most reliable POS agent banks due to its seamless transaction flow, low amount of failed transactions, and fast services.
It is used by over 150,000 business owners in Nigeria today.
According to the Moniepoint website, the cost of getting a Moniepoint terminal is N21500.
The machine itself costs N10000, with an additional N10000 as a caution fee, this covers repairs if the machine has issues.
The final N1500 is taken as an insurance fee for a year.
2. Opay
OPay is also among the most popular financial technology firms that has gained prominence in Nigeria.
Opay offers different payment services including money transfers, bill payment, and deposits with low transaction fees.
Creating an Opay merchant account is very easy all you have to do is download the merchant app on the App Store for iPhone users and Play Store for Android users.
An OPay Pos costs N20000, this amount is refundable only if the terminal is returned.
3. Paga
Paga is another well-known mobile payment enterprise in Nigeria.
It was established in 2009.
The main purpose of this organization was to create a digital platform that allows individuals to conduct banking transactions easily.
A Paga Pos terminal costs about N30000. primary objective is to establish a digital platform that enables individuals to send and receive money quickly while providing straightforward financial access for all.
Paga company’s main emphasis is on assisting buyers and sellers to conduct payments, receive payments, and gain access to financial services efficiently.
As of now, the company boasts over 19 million users across Nigeria.
4. PalmPay
PalmPay is also a very prominent mobile banking enterprise.
With over 20 million users nationwide.
The company first launched its business in 2019 and has since become very popular amongst mobile banking users.
The platform is also popular for its customer reward programs where users are rewarded on each transaction. The PalmPay terminal can be obtained by applying through their mobile app or visiting the closest PalmPay branch office in your state.
There is at least one branch office in each state in Nigeria.
The price of a Palmpay POS machine ranges from N20000-N40000, depending on the type of terminal you want.
5. Kudi POS Machine
Kudi is a Fintech company that is an extension of Kuda Microfinance Bank.
To get a POS machine from Kudi, you must first become a Kudi merchant.
You can do this by registering on the Kudi Merchant app. Once this is done you can proceed to apply for a POS terminal.
A Kudi Pos terminal usually costs at least N25,000.
Conclusion
The steps in getting a POS machine are very easy and straightforward.
You can get a bank-issued POS machine, which is issued to you at your bank, or you can apply for one through a Fintech company.
Some of the popular Fintech companies giving POS terminals and the cost of getting the machine have been discussed in this text. Just follow the steps above and you can your business a working POS machine in no time.
