Point of Sale (POS) terminals have suddenly become very popular and attractive for small and large businesses in Nigeria.
With the advent of online payments and even the latest issues with naira redesign, doing online payments or via POS machines have become the way to to for small and even micro businesses. It is by far the safest means of receiving cash without collecting physical cash.
A POS machine is a small portable device that enables businesses to receive payments via a bank card. A business can present to to customers to input their card and process due payments which goes to the bank account of the business. It is that simple.
Many business owners yet to adapt to this new reality are now scrambling for ways to get a POS and not miss sales. There are actually three types of POS machines that businesses can deploy
- Countertop POS
- Retail POS
- Mobile POS
The mobile POS machines are by far the most popular for its flexibility, mobility and acquisition costs.
We will show you how to get a POS machine in this post from either your bank or fintech company:
To get a POS machine, you will be required to visit a regular bank or apply for one from a fintech company. The different banks have their own distinct procedures but the fintechs usually have their procedures online on their website.
Today we feature how to get a POS from one of the fastest rising fintechs in Nigeria, OPay. This procedure is basically the same from all the other fintechs where you do not have to visit their office unlike a regular bank.
- Apply for the OPay POS from their website or via their mobile App
- Make sure you select “Merchant” from the login page or app
- Once logged in, click on “My POS”
- Click on “Apply for POS” . This takes you to the page to select the type of POS you want and where you can collect the POS Machine after approval
- There are requirements for you to submit your previous 2/3 months bank statements, Identity documents and other necessary documents
- On approval, you will be contacted by an OPay agent to come and pick up your POS
Here are the general costs for the different types of Opay POS
- Smart POS: ₦60,000
- Traditional POS: ₦45,000
- Mini POS: ₦10,000
This same procedure basically works for all the fintech companies and not just OPay
The fintechs primarily use micro finance banks to process their transactions and operate away from the glitches associated with the traditional banks. Their transactions are very fast and smooth with far less charges than traditional banks. That is another reason for the rise in the use of their services.