How To Start Up A POS Business With 100k and Make 250k Monthly.
The rate of unemployment in Nigeria has become so severe that graduates have started settling for N15000 monthly pay jobs or even less. Some have equally engaged themselves in what ordinarily they wouldn’t.
Today a lot have resorted to criminality as a way out of the joblessness.
I never wanted to share this idea so as not to raise competition for myself. But on a second thought the space is large enough to contain us.
I started this as a side hustle but got amazed at how much I’m getting from it and I begin to wonder how I neglected it all these while.
Lets get started
If you select your location well you’re sure to make over 250k monthly. In center where you can get an average of 30 withdrawals and 15 deposits then you can be making around 10k daily. To me this is not a bad business.
2.How To Get A POS Terminal
Getting a terminal is not a difficult task. Walk to any Bank to request for POS terminal. You will be required to open account with them while they start processing your terminal immediately. Although it might take up to 2 weeks before you get except you are so fortunate they have any that has not been allocated to anyone, which is very rare.
Besides going to banks, they are still other mobile money agency companies that give POS terminal. You can as well walk in to any of them for enquiry.
3.Types Of Terminal
These terminals come in different types. They all look alike but their functions differ.
There are those that can be used for withdrawal and the same time for deposits while there are others that can only permit for withdrawal.
For those ones that only withdraw you will need a smart phone that will be used for the deposits or funds transfer. The bank’s App will be downloaded in your phone to serve that purpose. However if you are using mobile money agency company then you will equally need an e-wallet that will be created in their App as well.
Besides this classification there is a more important classification that you will consider before going into the business.
(a) There is a type of POS that any withdrawal from it will not drop until the next working day. That means you will not be able to access such fund until the next working day. By implication, transactions on Fridays are accessed on Mondays. This is not advisable especially when you have limited fund.
(b) There is another type that the money drops immediately in your e-wallet. From your wallet you can transfer to your bank and withdraw immediately. With this even if you have less than 100k all you just do is keep revolving it. You can can do a turnover of even a million naira (N1,000,000) in one day