With the recent issue of naira scarcity affecting the country, there has been a growing preference for making financial transactions online. Card payments are fast replacing the traditional cash payment option for making purchases and soon it is going to be a new normal. In this article, I will share a few of the suitable and best POS Systems for Small Business and the requirement needed to acquire each of them. The good thing is, they are affordable and most have zero to minimum POS sales taxes.
Table of Contents
What is POS?
Point of Sale(POS) is a device or place that allows customers to process transactions and make payments for goods and services. POS range from cash registers to POS terminals which is a physical device and a more popular option.
How does POS work?
A POS works by calculating the purchase amount(transaction amount) which is usually inputted, sums the sales tax for the entered purchase amount, processes the transaction(which could either be failed or approved), and then logs the time and date of the transaction. Most POS systems generate payment slips or receipts at the end of every transaction and provide details regarding the transaction made.
Why you should get a POS for your small business
Acquiring a POS for your business would go a long way in ensuring your business maintains its daily financial operations, effectively track cash flow, and also takes away the need for handling large amounts of physical money which is often considered cumbersome by many business owners.
Listed below are some of the best POS systems for small business and the requirement needed to acquire each of them.
Best POS System For Small Business In Nigeria
OPay or Opera Pay is a mobile-based platform that works as a fintech service offering financial solutions through the use of technology. OPay satisfies its goals by providing several services and one of the ways it adopts to make financial transactions easier is the electronic POS terminal. With OPay your business can carry out limitless transactions and there is also a 12-month warranty with the free repair of the device attached to every POS purchased this is one of the reasons it is one of the best POS systems for small businesses in Nigeria.
OPay POS acquisition requirements
The basic requirements for acquiring an OPay POS include:
- A BVN number
- Proof of utility bills payment
- A valid passport and other means of identity(National ID card, Voters card etc)
- Business /company information
- Other basic details are needed to complete registration.
Moniepoint is one of the most used and also one of the best POS systems for small business or any kind of business. A Moniepoint POS can be acquired for as low as 25 thousand naira, and it can also be obtained for free but you would have to become a Moniepoint agent first. The requirements for obtaining a Moniepoint POS are similar to that of OPay and it is quite easy to complete the registration process.
BaxiBox POS is another popular POS system in Nigeria and it is linked to a smartphone. This feature makes it easier for businesses to track payments effectively. Another reason the BaxiBox POS is one of the best POS systems for small businesses is the ease of carriage(comes in small-calculator-like sizes) and it is pocket friendly. The Baxibox POS also allows earnings for every transaction made which makes it a convenient way to also earn money on the side.
Requirements for the acquisition of BaxiBox POS
The basic and mandatory requirements for obtaining a BaxiBox POS in Nigeria are:
- Registration on the BaxiBox mobile platform from where you will be given prompts on how to acquire the POS.
Banks like Firstbank, Access, Zenith, Guaranty Trust, Polaris, Eco Bank etc are also convenient options for acquiring a POS system in Nigeria and it is an option considered by many businesses.
Still, to acquire a POS system from these banks you would have to meet the criteria.
Some of the basic criteria for obtaining POS through banks are;
- A valid means of identification
- Proof of account with the bank you intend to obtain the POS from(most banks prefer an account with 6-12 months operational status).
- Proof of utility bill paid
- And at least 50 thousand in working capital for an individual and 250 thousand naira capital for registered businesses etc.
The flutterwave POS is another POS system widely used in Nigeria. It is among the top choices for companies and businesses who are looking to make efficient financial transactions because its network is stable and allows swift transactions.
FlutterWave POS accepts all types of atm cards, but it has a 1% charge fee which would be paid by the customer making the transaction. With FlutterWave you can also engage in other financial services like selling VTU top-ups and earn a 1.1% commission fee for each sale. FlutterWave POS makes transactions less stressful and more reliable.
Other best POS systems for small businesses include; Kudi POS, Accelerex POS, Surebanka POS, Palmpay etc.
Final Thoughts on POS Systems For Small Business in Nigeria
Getting a POS for your small business is an effective way to grow your business and maintain a good customer retention rate especially during this cash scarcity era. The list provided above is based on research from many small business owners, POS agents and customers.