Student Business: How Much Do You Need To Start A POS Business In Nigeria

Student Business: How Much Do You Need To Start A POS Business In Nigeria; I recently started a POS business, while I am not a student (anymore) my routine and career evolve around them hence I have learned a few things from how much it costs to start a POS business in Nigeria as a student, if its a good student business idea in the first place, and how much money comes in and out.

How POS Business Works In Simple Terms

POS business aims to do one thing, which is save your customers the stress of going to bank ATMs to withdraw cash and for Nigerians, avoid losing their cards to ATM machines. In the past, I used to say a prayer every time I needed to use a bank ATM because the chances of losing my ATM card and money were higher due to network issues. However, with the availability of POS agents and machines, the risks associated with using an ATM have been significantly reduced.

While the POS machine can’t ”swallow” your cards, if the network is horrible like some banks we can’t mention, you might come across a failed transaction.

To simplify how POS business works, I’ll make a list below.

POS agent has the machine and a decent amount of cash
Customers come and request to withdraw from said POS agent using their ATM cards/transfer
The POS agent charges the customer and adds what is called withdrawal charges per 1,000
The customer receives their money and bids goodbye to the POS agent

How Much Does It Cost To Start A POS Business

https://www.studentvillage.com.ng/student-business-how-much-do-you-need-to-start-a-pos-business-in-nigeria/