Are you looking for the best point of sale (POS) machine in Nigeria? If yes then you are at the right place. This article will give you a detailed review of 7 of the best POS machines in Nigeria and their cost.
Table Of Contents
- What is a POS Machine?
- 7 Best POS Machines In Nigeria And Their Cost
- How to Start a POS Business in Nigeria
What is a POS Machine?
Point Of Sale (POS) machines are used to process payments. Companies use them to sell products and services. Some companies also use them to collect payments. They are commonly found at restaurants, convenience stores, gas stations, bars, and other places where consumers make purchases.
A POS machine is a computerized device that allows people to pay for goods and services using cash, debit card, credit card, or gift card. POS terminals are popular in communities without banks or ATMs because they’re easy to use and to avoid long lines at bank branches.
Why Choose A POS Machine?
There are several reasons why businesses choose POS systems over other methods of payment processing. Here are some of the top benefits:
1. Easy To Use
If your business requires frequent transactions with customers, it’s important that the POS system be simple to use.
POS machines are simple to use and require minimal training. You don’t have to worry about learning complicated settings on the machine. The POS software handles everything for you.
2. More Convenient
POS machines reduce the stress of cash handling by reducing the time spent counting money and keeping it safe. This reduces the risk of loss or robbery while cashing checks. Cheque clearing delays are completely eliminated.
In short, POS machines make life easier for both small business owners and their customers.
3. Instant Payment Confirmation
The instant confirmation feature means that when someone pays via a POS machine, your company gets paid instantly and the transaction history is stored safely. There are no more waiting days or weeks for payments to clear.
4. Safe Funds
With POS machines, there is no need to keep large amounts of cash on hand since all transactions can be done electronically. POS machines eliminate the risk of theft and fraud.
7 Best POS Machines In Nigeria And Their Cost
Moniepoint POS is an African fintech company that helps people manage their finances online.
Moniepoint POS provides a transaction channel platform which allows you to access multiple transactions on the go, including mobile apps, POS and SmartPOS.. This makes it easy to start a POS business, and it is also very profitable. Among the top tier of POS service providers, Moniepoint POS stands out as providing one of the best services.
Baxi Box POS allows you to easily make transactions through a variety of payment methods. It has been designed to help small businesses increase sales, automate processes, and streamline operations.
Paga provides financing of POS devices for small businesses and merchant. Paga’s POS devices make it easier for merchants to get paid while providing other value added financial services to customers.
With Paga POS, you can accept any form of payment, including Visa, MasterCard, and Verse. You can even send and receive western union payments directly from your POS terminal account.
Paycentre is an online POS and mobile app that allows agents to receive and provide banking services. It offers great benefits to agents who wish to start or grow their business as well as for those who want to start a POS business and make decent wages.
Paycenter is a banking network that helps people make banking easier, faster, and more convenient. It offers many more opportunities to make banking simpler and faster. Commercial banks work together with Paycenter to provide solutions to banking problems.
Kudi is a leading international financial technology company based in Nigeria with many offices in Kenya and Ghana and is quickly expanding across Africa. Kudi POS terminals can be used with low fees. However, you must show proof of your ability to meet the daily transaction targets on the POS terminal before receiving one.
Kudi is an innovative financial service provider that aims to help people by providing them with easy access to pay bills, send money, and operate a POS as a business. Their main goal is to provide businesses with a platform to accept payments. A lot of people use this POS because it makes it easier for them to get paid.
Firstmonie is a POS service offered by First Bank Nigeria Plc. Transactions done on Firstmonie POS Machine include opening a FirstBank Account, depositing money into your account, withdrawing money from any bank, sending money to any bank, paying bills, buying airtime, enrolling for BVN.
Firstmonie agent network is a bespoke bank for the poor. It provides banking services to people who are unbanked or underbanked. The Firstmonie Agent channel provides financial services to up to 1,000,000 people daily. THeir agent network bridges the gap between low literacy clients and high-tech services.
7. GTBank POS
GTBank POS terminal is a device that allows Nigerians to make payments for goods & services in a retail terminal using an electronic card. Instead of going to GTBank bank to make withdrawals or deposits this device carries out the same functions offered by the banking hall. This device provides a convenient, modern and efficient means of making payments online & in real time as value is credited to your merchant account within 24 hours.
How to Start a POS Business in Nigeria
1. Conduct Feasibility Study
The first step is to conduct a feasibility study. You will need to do market research and determine whether there is enough interest in your product or service among customers.
Before you begin this business, do a feasibility study. Find out how much it will cost before starting the business. Speak to other operators in your area. This gives you a clear idea of what to expect. Your findings will help you create a business plan.
2. Choose A Location
Once you have determined that the location you want to buy is feasible, choose a location. If possible, choose a location where many people gather.
Your business should be located near busy streets and places where people congregate. You must make sure that your environment is safe. Don’t locate your business too close to ATMs or bank locations because this may cause problems for you.
3. Raise Capital
Raise capital for your new business. There are several ways to raise capital. You can borrow from friends or family; sell your unwanted products; or apply for a business loan from banks or microfinance institutions.
4. Buy a POS Machine
After raising capital, you’ll need to purchase a point-of-sale (POS) terminal. These machines allows you to accept credit cards and process transactions quickly and easily. Selecting the right machine depends on your budget and needs.
Starting a point-of-service (POS) business can be profitable if you select the correct location, obtain some capital and invest in a reliable machine.