How Much Does a POS Machine Cost in Nigeria?

HOW MUCH IS A POS MACHINE? – FIRSTBANK, DIAMOND, GTB, ACCESS BANK ETC

Do you know how much getting a POS machine cost at the moment? The Point of Sale (POS) system was introduced by the Central Bank of Nigeria in the year 2012 as part of its plan to enforce the cashless policy to enhance financial transactions for businesses across the country Nigeria.

The initiative since when it was introduced has recorded massive success as it was immediately accepted by business owners across the country, ranging from small scale business owners to major corporations.

COST OF POS MACHINE FOR YOUR BUSINESS

As a business person, you might want to enquire on how much does a POS machine cost in Nigeria. You are definitely at the right place.

From the time when the POS was introduced, which was the year 2012, the deployment of the POS terminal increased from 5000 to about 15,200 after 2 years and as at 2015, the Central Bank has deployed close to 500,000 terminals.

WHAT IS A POINT OF SALE (POS) MACHINE?

The Point of Sale machine is a device that permits the holders of debit cards to make payment for goods and services in either retail or  wholesales environment. The Point of Sale (POS) terminal can be considered as the point or location where the POS is being operated.

The POS can be otherwise referred to as the Point of Service because it is not just a devise used for sales, but also can be used as a point of return or customer order. It can be used to perform other forms of financial dealings as purchase, balance enquiry as well as airtime vending.

BENEFITS OF HAVING A POINT OF SALE MACHINE IN NIGERIA

  1. Business owners are given the opportunity to make instant confirmation for the payment of goods and services in their bank account. Once the transaction is successful, the POS machine will vend a teller and if the merchant receives an SMS alert from their banks, they will as well be notified of the payment made instantly.
  2. The Point of Sale machine reduces the stress of lifting cash from the sales point to the bank. And also eliminates the risk of loss and theft.
  3. It also eliminates the inconvenience of cashing cheques and removes the delay in clearing of cheque transactions especially with inter-bank transactions.

GETTING A POS MACHINE IN NIGERIA

You don’t need to be told or be coerced into getting a POS Machine, as you will be missing out on the benefits we highlighted in the previous paragraph. The most important is loss due to theft. We all understand the risk of carrying cash from one point to another in the country. The POS machine will save the eventual loss, which you might incur as a result of the poor security situation in the country.

Before you think of getting a POS machine in Nigeria, you need to consider the following:

  1. THE NATURE OF YOUR CUSTOMERS: Before you consider getting a POS machine, you need to also consider the nature of the customers that patronise your business. Are they the class of people that have gotten orientation of the use of Debit cards and also understand the positive advantages of tapping into the cashless policy? Or are they just common men that do not understand any form of technology?
  2. THE COST OF POS USAGE: As a business owner, you need to get yourself familiar with the cost of using a POS Machine. If you are to get a POS machine in Nigeria, you will be expected to make some certain payments off the value of every successful transaction or payment that you accept via the use of the POS machine. So it is quite important for you to understand these transaction fees and as they apply with the different banks
  3. POWER SUPPLY: A POS machine uses electricity to power up. It has a rechargeable battery in it and this will need to be with power at all times so it does not run down when you will need it to make a crucial transaction.
  4. AVAILABILITY OF NETWORK: You also need to put into consideration the availability of network in your immediate environment. Network issues will be so disappointing for you and your customers and might even lead to frustrations as well as loss of customers.

THE PROCESS OF GETTING A POINT OF SALES MACHINE IN NIGERIA

What Are The Requirements For Getting A POS Machine?

  1. To get a POS machine in Nigeria, you will need to approach the bank you deal with and tender an application.
  2. You will be expected to run a Current account with the bank, although some of the banks will accept savings account holders to get a POS machine.
  3. You will be asked for some documents by the Account officer of the bank and you will be required to fill some forms as well as a contractual agreement form that you will be expected to append your signature upon.
  4. After the request has been approved, the POS machine will be ready for deployment after 14 days.

WHAT IS THE COST OF A POS MACHINE IN NIGERIA

You might want to ask what the cost of a POS machine is in Nigeria. It is absolutely free of charge to get a POS terminal in Nigeria. However you will be expected to make some POS charges in Nigeria for every transaction you accept with the use of the machine.

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