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How to get a POS Terminal Machine for POS Business in Nigeria
It is no longer news how the POS business has dominated the financial market and making financial services easy for consumers beyond just payment. While it may look like another simple business, you can start up by the roadside, there’s a lot going on in the background.
From choosing the best provider, to applying, then, to settling off some charges before you can actually get that sleek machine for your business.
And, that is why we have put down this comprehensive article to show you how to get a POS terminal machine for business in Nigeria.
Read through!
What is a POS Terminal Machine?
A POS terminal machine is a sleek electronic device that processes card payments, reads card information, notifies the bank to approve transactions and make easy the transfer of funds.
Features of the POS machine include the following:
- Card reader
- PIN pad
- Display screen
- Printer for receipts
- Internet or phone line connectivity
Types of POS Machines
- Desktop POS System
- Handheld POS
- Phone POS System
- Tablet POS System
- Self Service Kiosk
- Open-Source POS
- Multichannel POS
How to get a POS Terminal Machine for POS Business in Nigeria
Since the introduction of the agent banking system in 2013, the POS business has been a sustainable way to curb the long queues at the several banking halls and made easy, the carrying of bulk money about.
For you, who intends to start up a business, here’s a list of things you’ll need to do to get one.
1. Make your Choice of a Bank
One of the first things to do is to go over the number of banks that provide POS machines in Nigeria. Almost all the banks do but you have to go over their terms and conditions to be sure it suits your kind of business.
2. Open a Merchant Account
To get this type of account up and rolling, you would need to provide a business registration ID to let you accept payments from people.
Read: How to Transfer Coinvest Money to Capitec
3. Apply for a POS Machine
Next up after opening a merchant account is to apply for a machine. At this level, the bank would ask you to provide the name of your business, confirm its registration.
Additional information they would request is your contact information and location.
4. Set up the POS Machine
Immediately the bank approves your application, they’ll hand you one and provide you with the necessary guidelines to follow to get your device running. Remember, you will mostly connect it to an active phone line and internet supply.
5. Start Taking Payments
Now that you have your machine fully installed, you can accept payments using either the credit or debit cards.
You should also see this: How to Borrow Money from Sportybet in Nigeria | A Step-by-Step Guide
Documents to Provide to get a POS Machine
Amongst the several requirements before having a POS, one of which is to have a business running for a year, here are additional documents to provide to certify you of getting a POS machine.
- A valid form of identification, such as a national ID card, driver’s license, international passport, or voter’s card.
- Bank Verification Number (BVN)
- Two passport-sized photographs
- References from two current account holders
- Proof of business registration, like a CAC Certificate
- Tax Identification Number (TIN)
- A working capital of ₦50,000
Banks that give POS Machines in Nigeria
Most of the Nigerian commercial and microfinance banks can give you the POS if you meet their eligibility requirements. We have compiled a list of some of them for you to help you decide.
- United bank for Africa
- First Monie
- Zenith bank
- Wema bank
- Opay
- PalmPay
- Polaris bank
- Moniepoint
- Quickteller
Frequently Asked Questions
How long does it take to get a POS machine after applying?
Usually, it takes a few days to a couple of weeks from the time you submit your application until you receive and set up your POS machine. Factors can influence this timeframe such as the provider’s processing speed and how complete your documents are.
Can I get a POS machine if I am a small business owner?
Yes, POS machines are available for businesses of all sizes, small businesses, inclusive.
How much does it cost to set up a POS business in Nigeria?
The cost of setting up a POS business determines the scale of your business. Usually, for 1 POS unit, you’ll need between ₦50,000 – ₦100,000.
Conclusion
By knowing what your business needs, finding the right provider, and carefully following the steps to apply, you can easily bring a POS machine into your business.
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References
- Lightspeedhq.com – Types of POS Systems: The Ultimate Guide for Businesses
- Moniepoint.com – How to get your POS
- Benjamindada.com – How to get a POS terminal machine for your business in Nigeria
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