Read more about FinTech
Choose a Suitable POS Provider
Before getting a POS machine, you need to select a provider that offers the services you need. There are several POS providers in Nigeria, such as OPay, PalmPay, Paga, Paystack, MoniePoint, Flutterwave, Interswitch, and many others. Also, commercial banks such as First Bank, Access, UBA, and so on are suitable providers. You can research their features, pricing, and customer support before choosing the one that best suits your business.Provide Necessary Documents
To get a POS machine, you need to provide some essential documents such as a valid identification card, utility bill, and bank account details. This is to verify your identity and ensure that you are the rightful owner of the business account. Some POS providers may require additional documents, such as business registration certificates, depending on their requirements. To ensure honesty and integrity in the financial services industry, the Central Bank of Nigeria has established specific requirements for individuals or businesses interested in becoming agents. These requirements are also mandated by most commercial banks, and failing to meet them can result in an application being rejected. Among these requirements is the need for the applicant to have an established business that has been in operation for at least one year, along with a physical location for conducting business. Others include:- Valid means of identification, e.g., national ID card, driver’s license, international passport, or voter’s card.
- Bank Verification Number (BVN);
- Two (2) passport photographs;
- Two (2) current account references;
- Evidence of business registration (CAC Certificate);
- Tax Identification Number (TIN);
- Memorandum and Article of Association;
- Credit Bureau Report;
- A minimum working capital of ₦50,000
Open a Business Account
To use a POS machine, you need to have a business account with a bank in Nigeria. This account will be linked to your POS machine to receive payments from customers. You can either open a new business account or use an existing one if you already have one.Sign up for the Connect Nigeria daily newsletter
Apply for a POS Machine
After providing the necessary documents and opening a business account, you can now apply for a POS machine. You can either apply online or visit the nearest branch of your preferred POS provider to fill out an application form. Some POS providers may require you to make an upfront payment or pay a monthly fee for using their services.Wait for Approval
After submitting your application, you need to wait for approval from the POS provider. This can take a few days or weeks, depending on the provider’s processing time. During this period, the provider may conduct a background check on your business to ensure that it meets its requirements.Receive and Activate the POS Machine
Once your application is approved, the provider will send the POS machine to your business address. You will also receive instructions on how to set up and activate the machine. Ensure that you follow the instructions carefully to avoid any issues during the activation process.Train your Staff
After setting up and activating the POS machine, you need to train your staff on how to use it. They should be able to handle transactions, issue receipts, and troubleshoot any issues that may arise during the payment process. Ensure that your staff understands the importance of keeping the machine safe and secure.Test and Start Accepting Payments
Before accepting payments from customers, you should test the POS machine to ensure that it’s working correctly. You can use a test card to make payments and confirm that the machine is accepting payments and issuing receipts correctly. Once you are satisfied with the test, you can start accepting payments from customers using the POS machine.Register to attend the CN Business Mixer
Conclusion
Getting a POS machine for your small business in Nigeria is a simple process that involves selecting a suitable provider, providing necessary documents, opening a business account, applying, waiting for approval, receiving and activating the machine, training your staff, testing, and accepting payments. Ensure that you choose a reliable and secure provider and follow the instructions carefully to avoid any issues during the process. Having a POS machine in your business will not only increase your sales but also make payment transactions faster and more convenient for your customers. Featured Image Source: The Guardian NGGot a suggestion? Contact us: editor@connectnigeria.com
You might also like:
- How To Market Your T-shirt Business Offline
- Consumer Technology: Smartphone Penetration in Nigeria
- Consumer Technology: E-commerce and Digital Payments
- 10 Tips for Starting a Dropshipping Business in Nigeria
