Today, POS business have a distinct advantage, outpacing traditional commercial banks in terms of accessibility and efficiency. By giving convenient doorstep services, they enable customers to conduct business transactions effortlessly, without the hassle of lengthy queues or bureaucratic hurdles unlike traditional banking experiences.
Imagine the frustration of spending hours trying to access your money at the bank, only to be met with disappointment and failure, with no POS vendors available to provide a convenient alternative. Life would have been a nightmare.
It’s lamentable that banks often hesitate to disburse large sums, such as up to 5 million, to even three customers in a single day. Instead, they redirect customers to alternative channels like POS terminals, fueling stations, and large supermarkets, which can be inconvenient and time-consuming.
What is Pos business
It is quite true that some POS operations in certain areas may be fraudulent, the benefits of POS businesses far outweigh the risks, especially for older adults in rural areas. Pos business is;
- A convenient place to withdraw cash or make payments
- A nearby location to pay bills, buy airtime, and send money
- A friendly agent who can help with financial transactions
- A quick and easy way to access financial services without needing to visit a bank or join queue
- A reliable and efficient way to manage daily financial needs
- A one-stop-shop for various financial services
- A cost-effective alternative to traditional banking services
Self-experience
I successfully managed a site with a team of 56 individuals for a period of six months, during which they received daily compensation from me, the site manager. However, I encountered persistent difficulties with my bank, leading to embarrassing delays in remitting payments to the workers.
This issue caused frustration for both myself and the team. Fortunately, I had the serendipitous encounter with a reliable POS vendor who became my trusted partner, streamline daily transactions and ensuring timely payments to the workers without any further disruptions or delays as bank would do.
The challenges and opportunities encountered then, taught me a valuable lesson that POS businesses excel by offering a unique combination of ease of use, personal touch, efficiency, convenience, and accessibility. These key elements are all customers wants in their financial journey.
Steps on how to Start Pos business today
| Acquire understanding | In every business venture, it’s crucial to understand both the potential losses and gains, how the industry functions, and who it caters to. This principle also applies to the POS industry. During your research, study what factors contribute to failure and success, and gain insights into what makes people succeed or struggle in this field. |
| Meet requirement | Today in Nigeria, the federal government has ordered POS vendors to register their terminals with the Corporate Affairs Commission (CAC). This registration requires a business name, the original owner’s name, age, 2 proposed business names, National Identity Number (NIN), and other essential documents. |
| Choose POS brand/company provider | Choosing a POS brand to partner with can be a lucrative decision, and it’s an essential step in the POS business. When selecting a POS company or brand, consider one with reasonable charges, such as Payattitude, Moniepoint, PalmPay, OPay, and Kuda, to avoid high interest rates. In addition, select brand that is known to your customers. |
| Attend training | You need an expert or coach from the same brand you’ve chosen to partner with, to train you extensively and provide guidance on how to effectively handle customers, build business trust, and maintain a high level of professionalism. |
| Get your capital ready | Every business requires sufficient capital to operate smoothly, grow, and succeed. Adequate funding enables businesses to invest in essential areas for business productivity and profitability. |
| Secure good Location | A strategic location is important for a booming POS business. Ideal locations include high-traffic areas such as:
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| Firm stays afloat | Be always ready to keep your business available at all times. Consistency is the most vital tool to boost and keep a business afloat. Satisfy your customers by ensuring funds are readily available for withdrawal and deposit. |
| Call customers | Establish your business as a reliable partner, distinguishing yourself from other vendors. This reputation can serve as a powerful marketing tool, promoting your brand both within and beyond your business location, and attracting loyal customers and partners. |
| Get equipment | After training, you’ll need to purchase essential items to get started, including;
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| Hire a Staff | Hiring staff is a great idea, It’s like having a team of people who can help you achieve your business goals and make your life easier as a business owner. With a staff, you can share responsibilities, leverage each other’s strengths, and provide better customer service. |
Business life
To be business-friendly means;
- Being passionate about what you do
- Being trustworthy and reliable
- Being open and honest to customers in all dealings
- Having a clear vision for your business
- Making smart, informed decisions
Conclusion
In conclusion, life is about solving people’s problems with your knowledge and skills, and being compensated for it. A successful business is a daily profit-generating venture that requires willingness to make sacrifices. By being consistent, trusted and reliable, you can build a sustainable income stream from pos business that can fuel other projects and endeavors.