Are you thinking of starting a P.O.S. (point of sale) business, but you are unsure how to start? Well look no further!
In recent years, Nigeria has witnessed a remarkable surge in digital payments, driven by increasing smartphone penetration and a growing preference for cashless transactions. This shift has created fertile ground for entrepreneurs looking to venture into the Point On Sale (POS) business. Whether you are an aspiring entrepreneur or an existing business owner considering diversification, understanding the intricacies of setting up a POS service can be important. This guide aims to provide a comprehensive overview of navigating the technological landscape to how to spot a potential fraudster.
The Fundamentals to Starting a Successful POS Business
Get a commercial location and make sure you have personal savings other than your business money so that you do not spend your capital. Never spend more than your capital on a business day.
Make sure you limit the number of times you visit the bank to source for cash. It is best to source cash from people around you to cut costs.
Learn how to recognize fake naira notes because many ‘customers’ would come to you with fake naira notes.
Study the P.O.S. machine well and know how to operate it because another P.O.S. agent might disguise themselves as customers, manipulate your machine, and dupe you of your hard-earned money. Most people do not recover from the loss after this. A customer walks in with the pretence of withdrawing a huge amount of money. Innocently, you type the amount and begin to source for cash after giving him the machine to input his PIN. He changes the figure (from 300,000 to 3,000) and gives you back the machine. You won’t realize what has happened until after he is gone. Always be vigilant. Observe all the zeros, as just one zero can destroy your business.
Be disciplined and have strict policies for your business. A business succeeds when friends and family pay for its goods and services.
Always be punctual. Punctuality is the soul of every business. However, close as early as possible to avoid being a victim of robbers.
Be vigilant; see every customer as a suspect. Even women are fraudulent these days. Do not be deceived by a cool or calm appearance.
Count the cash twice before depositing when a customer gives you money to make a transfer. Do not be in a hurry.
If a customer collects cash from you and returns it almost immediately, check the money immediately, or do not accept it. He must have swapped it.
Do a market survey to know how much other P.O.S. agents around you are charging. Do not overcharge, as you may lose customers, and do not undercharge, as you might run into a loss.
Never pay a declined transaction, even if the person was debited 100 times. Log into your account with your P.O.S. machine to check if you received any payment or confirm the transaction via your bank app before you make a payment. Always advise the customer to visit his bank when a failed transaction occurs.
Always count your money twice before paying a customer, as this will give you the confidence to respond to a customer who returns with the claim that the money paid to him wasn’t complete.
Never attend to more than one customer at a time. If they cannot wait patiently, they should visit the nearest bank.
Study fake alerts/notifications from Opay because it is very difficult to identify a real alert from a fake one. Some banks present credit alerts as CR: NGN 54,590.00, while others use CR: N5,000. Know which one your bank uses. Also, pay attention to the case: smaller case or upper case.
Also, study how your bank masks account numbers. Some banks will mask the middle digits, leaving out the first four digits and the last four digits, others will mask all, leaving out only the last four digits.
It is important to know your previous account balance to know if the alert you received is genuine.
Because scammers manipulate SMS, it is better to always check your notifications through your email or Mobile Bank app as these methods cannot be manipulated.
If you have not subscribed to email notifications, go to your bank and fill out a form for email notifications immediately. Emails do not show fake alerts.
The Take Home
POS business is very lucrative, especially now that most ATMs are always out of funds. Many Nigerians have accepted their fate and have continued to patronize POS services. This is the time to take the bull by the horns. There are no excuses for failure. Study this comprehensive guide put together by successful POS entrepreneurs and start making money.
