How to make money with a POS Business

Everyday you step out of your house is a reminder of the money-making opportunity that a POS business is. Despite the advancement of our banking system, bank branches are too far away from most neighbourhoods. If performing every financial transaction, meant you had to find a bank that will be a lot of stress.

That’s why POS businesses are so popular making it easy for anybody to perform a financial transaction in the comfort of their street or neighbourhood. With so many people making withdrawals, sending money, paying bills and doing so much more with POS, it is an easy way to make extra cash.

It is one thing to understand why POS businesses are important but that’s not the most important question for you. You want to find out if there is money in POS business and how to make money from POS business.

Not to worry. This article answers all your money questions. We will take a deep dive and uncover the answers to how you can make money with POS business.

In this article, you will find the answers to these questions:

Is there money in POS Business?
Why POS Businesses are important?
What should I consider before starting a POS business?
How do I start my POS Business?
Where do I locate my POS business?
How do I succeed as a POS agent?


The answer to the question; “is there money in POS business” is a fantastic yes! POS businesses make money by collecting a commission for the services they offer. This is an average of N100- 500 per transaction depending on the amount of money involved and the type of transaction.

As a POS agent, you can perform transactions such as:

Cash Deposits

You can collect cash from customers and pay it into any bank account of their choice by initiating a transfer.

Cash Withdrawal

Your customers can make withdrawals from their bank account by using their ATM cards on the POS terminal.

Bill Payments

With a POS, your customers can pay everyday bills in one place. They don’t have to make multiple trips to different service providers in order to settle utility bills.  From electricity bills to cable subscriptions, everything can be settled in minutes!

Airtime purchase

Your customers can buy airtime and data from their preferred network provider by simply using a POS. They will get value for their purchase immediately.

Account opening

In partnership with designated banks, POS agents can open bank accounts on behalf of partner banks. With this service, you can save customers the stress of going to banks to open a new bank account.


POS businesses and POS agents are important because they provide a safe, stress-free experience for their customers. They ensure:

Safety- Going to the bank to withdraw a large amount of money can attract attention and make you a target for robbers. Withdrawing it in your neighbourhood reduces this risk.

Stress- You help your customers avoid the queues that come with banks.

Save money- Because you exist, your customers don’t have to pay expensive transport fares in search of the bank branches close to them.

Save time-  Ultimately, you help them complete financial transactions in minutes without stress.



A high-traffic area is an important consideration before starting your POS business. The higher the number of people in your business location, the more likely it is that you will get customers.

Ensure that your preferred location is not close to a bank to prevent the competition that comes from ATMs.


Your POS will depend on a sim card or a Wifi connection to process transactions. Setting up your POS business in a place with a bad network will leave you and your customers frustrated.

A simple network test in the area you are considering will save you a lot of future stress. Also, make sure that you are using a 4G sim card from a reliable network.


To stand out from your competitors, you need bold branding materials that will help people locate you easily. From banners to umbrellas and flyers, these materials will ensure that the services you provide are visible.


POS businesses are considered easy targets for robbers looking to break into shops. To protect your business, ensure that your place of business is not isolated. Having other businesses around reduces the chance that you will be robbed.

Also take protective measures like locking up your shop, training your staff and keeping your valuables on you at all times.


To start a POS Business you need to obtain a POS terminal from an accredited provider. Before you are given the terminal, you will need to provide the following documents as requested by the Central Bank of Nigeria.

These documents are

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.


If you plan to set up a POS business in your neighbourhood or move your POS business, here are 5 locations to attract traffic and get your POS business moving!

Event Centres

Event centres are a major hotspot for POS businesses because it attracts a steady flow of guests who come for events. Starting from Wednesday, you can expect events to be booked and guests to flood your POS business.

With a reliable network, people will come to depend on you for fast transactions to fuel their event spending!


Situating your business inside universities and around areas with off-campus residences is a great way to ensure steady patronage of your POS business. Building a relationship with students will make you a favourite among the student community.


Malls are a great location because they are home to several restaurants, arcades, stores, businesses and cinemas. This means a lot of people come with the intention to spend money.

Your strategically positioned POS business will help people get the money they need to spend while having fun in all the great locations in the mall.


Locating your POS business close to or at the entrance of a market is a sure winner. However, with so many people realising it, there will be stiff competition for locations in the market.

To stand out, carefully scout locations for places where you will get a lot of people passing through your POS business. The market car park is a prime location because people are coming in and your POS business serves as a reminder to withdraw money and perform other transactions

Religious Centres

Religious centres particularly large ones attract a lot of people during peak periods. There is a steady flow of people from midweek to Sunday services.

Religious centres are also often ignored by other POS businesses so if the location works for you then it is a great place to locate your POS business.

The beauty of running a POS business is the location flexibility, so don’t hesitate to move to peak locations where there’s an event that can make you a lot of money like trade fairs or similar events that attract a lot of people willing to spend money.


Be Security Conscious

To grow your POS business, you must be attentive to your staff and customers to ensure you are not defrauded. This means taking physical security measures like locking up your store kiosk properly and keeping your valuables (Cash, cards and keys) on your person at all times

It also means not believing everything you hear. If anyone calls you to say they need your PIN, card details or personal information, a security-conscious POS merchant will recognize that the person is a fraudster.

Be Calm & Polite

The POS business is a very competitive one that requires extra attention to detail to attract and keep customers. One way to do this is by providing the best customer experience possible.

In your interaction with customers, be calm and polite. Make an extra effort to greet them and thank them for patronizing you after every transaction. This is a sure way to build a loyal customer base.

Monitor Cashflow

One of the exciting things about the POS business is how quickly you can make extra cash on every transaction. However, if you do not track your profit. It is very easy to mismanage your profit.

Be Attentive

As a POS merchant, you are making major financial transactions possible every day. Some of these transactions involve a lot of money. This means you must be attentive so you do not make mistakes.

The difference between an everyday transaction and a costly mistake can be one zero! Always double-check transactions to ensure that the details are correct.

Invest in Your Staff

As your POS business expands, you will need more people to manage customers and carry out transactions. It is important to hire trustworthy people and train them properly.

Ensure that they understand how to relate with customers, handle disputes and detect fraud. The only way you will expand profitably is if you have staff that can deliver value.


You have all the answers you need to start a POS business and make money with your POS business. Now it's time to get to work and bring all your plans to life!

If you have any questions, want to request a POS or need more information on the POS business in Nigeria then you can reach out to us at 08162450093 or

Solomon Nzere

Solomon Nzere