An easy way to miss out on opportunities is by constantly listening to excuses and assuming the worst. This is true for starting a POS business.
Every day, you see thriving POS businesses providing financial services in your neighbourhood and you keep thinking that you can never start one because of myths like; it’s expensive to start, the processes will be so complex, the business is hard to manage or you won’t find customers.
In this article, we will address all these myths and expose you to the realities of running a POS business.
Myth 1- It Is Difficult To Start A POS Business
We hear this a lot! And it’s entirely false.
Starting a POS Business is super easy. All you need to get started is to get the right set of documents and provide your relevant personal and business information.
As requested by the Central Bank of Nigeria, you need the following documents to operate as a POS agent-
- Your personal information (name, email, phone number, and address).
- Your business information (business name and address).
- Your bank account information (account name, account number, and your Bank verification number - BVN).
- A valid ID card.
- Utility bill.
- A passport photograph.
Once you have these ready, you can request a POS and start providing financial services in your neighbourhood.
Myth 2- You Need An Accountant to Run A POS Business
A lot of people run away from starting a POS business because of the fear of numbers. Money is sweet o but balancing books every day to ensure you make profit is a lot of work!
Because of this, a lot of people think they need to hire an accountant to help manage the books and ensure that everything is in order.
The truth is you can manage your books all on your own without stress by using the Kippa app. With Kippa’s bookkeeping feature, you can record all your daily transactions and access reports that show you the financial health of your POS business in one click!
All your transactions are saved on your KippaPay app so you will be able to access real-time updates on all the transactions performed daily.
No need to hire an accountant. You have the tools to get the job done.
Myth 3 - You Need A Loan To Start A POS Business
This one is a major thought that keeps a lot of people from starting a POS business. From a distance, the POS terminals look shiny and expensive meaning they must cost a lot of money. Wrong!
POS terminals are affordable meaning you require very little capital to get started with your POS business.
KippaPay POS terminals are affordable and come with free branding materials that help you to launch your business and attract customers.
Myth 4- There Are Too Many POS Businesses
This one is from people in the business who don’t want you to join them! POS businesses have witnessed rapid growth in the last two years because a clear need exists. People need to perform financial transactions quickly and reliably in their neighbourhoods. This means across the length and breadth of Nigeria there is an opportunity for a POS business to succeed.
Don’t let the increase in the number of POS businesses scare you, select a great location where there are a lot of people ready to transact like markets, motor parks, estate gates, etc & you will be well-positioned to succeed as a POS agent.
PS: A POS business does not restrict you to one location, feel free to move around to areas with more concentration of people who can patronize you.
There you go! You know what they say about the truth, it sets you FREE! Now that you know the reality of setting up a POS business in Nigeria, you can take the bold step of requesting a POS and begin your journey to running a successful POS business.