POS Machine business is a fast growing business in Nigeria and this is because of how lucrative it is. POS machine business tends to make good profit hence the large number of POS dealers in the country. There are lots of people looking to withdraw money and the easy way to do it these days is through the POS Machine.
With the large cue in the bank’s ATM, it is easier and quicker to just withdraw money using the POS machine. Also when you consider the charge and the stress of banks ATMs it is an easier choice to withdraw from a POS machine.
The large number of people that rely on POS machine has resulted in the search of the best POS Machine. Those who intend to start a POS Machine business tend to look for the best POS Machine. A machine that would work well and serve the large number of people looking to withdraw money.
Also POS machine is a good tool for business owners who sell good and services. Customers can make a purchase and pay for that purchase with their cards easily. Instead of carrying cash around businesses choose to offer POS as an easy method of paying, making transactions seamless.
Our goal is to reveal the best POS Machine in Nigeria, their location and the advantages of using them. Before we dive into that topic, let us first define POS to those who might not know the meaning.
What Is POS
POS means Point of Sale or point of purchase. It was popularly used by business owners for the payment of goods and services. This service has quickly turned into a business of its own in Nigeria, especially with the large population of people looking for easier and faster ways to withdraw and transfer money.
POS Machine is used in withdrawing and depositing of money. Business owners use this machine to interface with their costumers. They take charges in exchange for withdrawing money with the POS machine. This machine has become an easier means of transacting with the bank and bypassing the long cues and bureaucracy.
Types Of POS
There are different types of POS and they all have their function. Below are the different types of POS machine.
1. POS Apps
This type of POS are cloud based. They are app program that you can download on your phone and use. They are compactible with mobile devices and have all the features of a POS machine. These apps can be downloaded on android and IOS phones.
2. Touch-screen POS System
The touch screen POS machine works on touch screen devices like computer and tablets. It has all the POS features and can be mostly found in restaurants and supermarkets. This device sometimes come with its own screen.
3. Mobile POS System
The Mobile POS system like the name implies is a POS machine that can be moved around. It has all the features of the POS system and also helps in making transaction accurate and easy. This device is used by different sectors and mostly by commercial sellers.
4. Cloud POS System
Cloud POS System works with the internet. It records transactions in real time, so you can access your data quickly from anywhere with an internet connection. This POS system can be used on multiple device as long as you are logged in. Retailers mostly make use of this type of POS system.
Best POS Machine In Nigeria
1. Opay Mini POS Machine
Opay Mini POS machine is one of the cheapest POS machine you can buy in Nigeria. With as little as ₦8,500 you can buy this POS machine and start up a business. Opay is a mobile-based platform for payments, transfers, loans, savings and other essential services for every individual.
The payment platform has over 18 million registered app users and 500,000 agents in Nigeria. OPay is making financial services more efficient for millions of users. It was founded by Opera Norway AS Group. The initiative is to help small businesses earn a stable income.
Opay mini POS machine comes with 12months warranty with the ability to have any repairs done free of charge by their customer service team. Businesses that use Opay mini enjoy Enjoy lower charges (as low as 0.5% per transaction). Multiple transactions can be done like check-outs, withdrawals, deposits, airtime/data top-ups, pay bills and other mobile banking services. It is also durable.
2. Flutterwave Mobile POS Machine
This POS machine is one of the best in Nigeria. For businesses that wishes to accept payment from customers it is the best option. This POS accepts all ATM card types. From Verve, Interswitch, Visa and MasterCard it makes transaction less stressful.
POS operators can buy this machine and use for their businesses. It has a transaction charge of 1% which is charged to the customer. Aside from cash withdrawal this POS machine can be used for airtime sales via VTU at 1.1% commission, as it doesn’t print out recharge PINs.
3. Kudi POS Terminal
Kudi now known as Nomba has a POS Terminal that is able to accept payments on the go at lightning speed. It allows businesses to manage daily financial transaction. Kudi POS operators can easily take payments with any type of bank card.
They can print a receipt, track payments across your business outlets, view all payments received on the terminal, enjoy wireless connectivity and confirm all funds settled to your Nomba account at the end of the day.
The POS machine is pocket friendly, light and sleek and easy to operate. It works on 4G/3G/2G WiFi therefore you are sure of the speed. There is also Bluetooth connectivity. This company was formed in 2016 and has been catering for small businesses since then. Interested business owners can buy the POS machine for as low as ₦25,000.
4. Monie Point POS Terminal
Monie Point POS is one POS terminal that accept payments from your customers with zero downtime. POS operators can receive money instantly from your customers into their bank account when they pay. Business owners can get instant receipts on your POS when your customers pay via bank transfers.
There is top-tier security across all their payment channels to ensure your funds are secure from fraud or theft. When using the POS terminals businesses can track payments from their walk-in customers. It also accept instant payments from customers when they transfer money via their bank’s app, website, ATM, USSD, branch or online banking platform.
POS operators get charged 0.5% charged of the transaction amount for transaction above
N20,000 and a flat rate of N20 for transfers.
5. GTBank POS
The GTbank POS is one POS that is offered free of charge. POS operators just need to show their valid ID card, utility bill and passport and a current account with the bank. The POS operator will be charged a fee of 0.75% for all POS service.
GTbank POS is portable, easy to operate and fast. GTbank POS terminal provides a convenient, modern & efficient means of processing payment online & real-time as value is credited to the Merchants account within 24 hours.
6. Bankly POS
Bankly POS is one of the best POS in Nigeria. It is good for business owners who do day to day transactions. With Bankly customers can Make withdrawals with ease. Pay utility bills promptly & seamlessly. Access airtime, cable tv, data, electricity, and other services.
The Bankly POS machine cost around ₦30,000 and operators can get access to float and overdraft from your Bankly account based on your usage. They can also Deposit cash for your customers into their bank accounts at the speed of light.
POS operators get charged 0.3% on every withdrawal and a flat rate of
N35 on all transfers.
7. Kolomoni POS
Kolomoni POS Terminal is another POS that is good and offers cheaper rate. The POS is fast and portable. Nigerian businesses can carry out seamless transaction with this POS. It is good for retailers as well as wholesalers.
To apply for Kolomoni POS interested businesses request using their Vaild ID card, Utility bill like Nepa bill and passport. The charge on this POS is 0. 5% on withdrawal from
N1,000 to N19,900. A N30 fee for transfer of N20,000 and above.
The cost to obtain this POS for your business is
8. Accelerex POS
Accelerex POS is a handheld android-based POS Terminal, which supports tap-and-go functions, whereby the user taps the payment card on top of the terminal, and the transactions start processing. When you use this POS you are sure of maximum security, efficient operations and most importantly – fast transactions.
The POS uses 4G LTE network and also uses the Wi-Fi for smooth, uninterrupted transactions. With its 5200 mAh standby power, the battery lasts very long.
9. Surebanka POS
This is one of the cheapest POS machine in Nigeria. Surebanka provides cash vending services to customers who can’t withstand the long queues at the nearest financial institution or automated teller machine. Customers can send money instantly to any bank account using Surebanka.
Bill payment for any subscription is easy. There is also a 24hours customer support. The POS cost ₦10,000 and Surebanka charges 0.6% on withdrawal and N20 on average on every deposit of any amount. To apply for this POS you should have your ID card (whether national ID card, Driver’s license, Voter’s card or international passport), Nepa bill, and passport photograph.
10. Paycenter POS
The Paycenter POS cost ₦14,000 to buy and it is efficient and reliable. It is an online POS that grants you the freedom to receive and provide banking hall services by offering you the best agency banking solution in Nigeria.
Paycenter charge between 0.75% and 1% for every transaction. It is a reliable mPOS that give businesses access to financial services from the comfort of their phones.