Which Bank is best for POS business?

Most Nigerians have probably used a POS service offered by a POS business before. They save time and are not as stressful as queueing in banks or at ATM stands.

Using a POS service is one thing but actually starting a POS business is entirely another. There are best practices, do’s and don’ts you should be aware of.

 In this article, I will explore facts about the POS business such as costs, profitability, and why you should consider starting this type of business.

Cost of POS machines in Nigeria 

There are many financial institutions that give POS machines. We have detailed the cost of these machines below

S/NFinancial InstitutionCost of POS Machine (N)
1Moniepoint 21,500
2Opay (Smart POS)50,000
3Opay (Traditional POS)35,000
4Opay (Mini POS)8,500
5Palmpay60,000
6Kudi (Nomba)20,000
7Accelerex20.000
8Pay Center 15,000
9Pay Force25,000
10First BankFree (Conditions apply)
11Zenith BankFree (Conditions apply)
12GT BankFree (Conditions apply)
13Stanbic IBTCFree (Conditions apply)
14Wema BankFree (Conditions apply)
15Access Bank (Access Closa)20,000
16Sterling BankFree (Conditions apply)
17UBA BankFree (Conditions apply)
18Flutterwave23,000
19Bankly POS25,000
20DOTPAY POS30,000
21Sure Banka15,000
22Baxi android POS30,000
23ECOSA POS25,000
24Sure Pay POS25,000
25DotPay POS30,000
26Paga POS30,000

While traditional banks do not often charge upfront for POS machines, they often charge a merchant service fee.

The best bank for you will depend on your needs and preferences. It also depends on how much you are willing to invest in a POS machine.

How do you start a POS business?

Starting a POS business in Nigeria is quite straightforward. The first step is to get a good location for your business. Ideally, a busy location where there are no banks or the banks are crowded works well.

The next step is to get your POS machine. Consider the charges for the POS machine you intend to use and ensure you can be profitable. 

If you are satisfied with the charges get your POS machine and start your business. For those who are applying for a POS from a traditional bank, you would normally need to meet the following requirements;

  • Present a Valid ID card
  • Have an account with the bank
  • Have a registered business

How profitable is POS business?

One great fact about the POS business is that it is a business that gives daily income. You can earn up to N20,000 in a single day while operating a POS in a busy area with a lot of traffic.

Why you should consider starting a POS business as a graduate?

If you are an unemployed graduate you can start a POS business to make a living. The entry barrier is low and it gives daily income you can save to invest in other business ideas.

Conclusion

POS business is quite lucrative. The best bank for POS would depend on individual situations. For example, the cost of the machine, transaction charges, speed of obtaining the machine, and machine performance determine which bank is the best. I believe different banks have a combination of positive factors.

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