How to Start a POS Business with Opay Step by step
How to Start a POS Business with Opay: If you’re looking to start your own POS business in Nigeria, then opay will be a very good platform to start with.
Starting a POS business may seem difficult when you look at it, but once you know all the process and how much you can start with, everything will become clear and easy.
And it is advisable that you know all the process before going into the business, in this way, you’ll know what to expect once you get into it.
That’s why I’m writing this article, to help you know all the process of starting a successful POS business with Opay in Nigeria.
Even if you don’t know what opay is, I’ll introduce it to you so that you become familiar with it before even stating out with it. I have experience in POS business because I also have my own successful POS business that I am doing in Baylesa state so I think I am in a good fit to teach you about the business, I’ve done this pos business for more than 3 years, so this alone should give you confidence in what you’re about to learn here.
And the good thing about all these is that I am also using Opay for my POS business, so you see, you’re in the right place and don’t worry, I’m going to leave no stone unturned so without further ado, let’s proceed with the article.
Related posts:
What is opay?
Opay is a digital wallet where you can store, send and receive money in Nigeria from any bank that is available in Nigeria, the good thing about opay is, it is registered with the central bank of Nigeria, so you’re in safe hands when using it.
Opay has branches across Nigeria, which means it is even easier to get started with it from wherever you are.
although they don’t have branches in all the states of the country, they are doing their best to do so, we all know that it is not that easy to get branches in all 36 states.
How much can I use to start a POS business with Opay?
The exact amount you can spend for starting a POS business with Opay is 100,000 Naira, which includes the machine, and the minimum startup capital.
Please take note that this amount does not include money for your business office, before you can start your own POS business you need to have a place where you want to do the business anyway
and we can’t calculate the exact amount you can use to rent an office apartment in your area, so we are only focusing on the amount you can spend when getting the opay machine and also the minimum amount you can start with.
How much does opay POS machine cost?
Opay POS machines cost anywhere from 20,000 Naira to 50,000 Naira, because they are of different types.
I am currently using 2 different opay machines, the one with a touchscreen and one other one that has buttons, please see the images below.
and the one with touchscreen costs N50,000, the other one with buttons cost N30,000 respectively, but there’s another one that costs less than this amounts, so if you’re on a budget, you can start the less expensive one.
Besides they are both doing the same thing so there’s basically nothing wrong with starting with the smaller one.
How much does opay charge per POS transaction?
Opay charges 0.5% for withdrawals less than N20,000, and for withdrawals above N20,000, they charge N100, this is the commission that they charge for POS transactions.
opay POS transaction charges are Okay, and if you are living in a an area where POS are scarce, then you’re going to have a lot of customers and then you’ll make good profit from the business.
How to start a POS Business with Opay
1. Ready your POS business capital beforehand
Get your capital ready before beginning the business, this will save you a lot of time and money, if you’re taking a loan to start the business, make sure you’re taking the complete capital, and make sure your intended location is good and have a lot of passerbys
this will help you build a bigger customer base and will help you repay the loan faster, you can also take loan from opay, which is a good start.
The minimum amount you can start your opay POS business with is 100,000 Naira, that’s the exact amount i started with.
this does not include business apartment cost, it only includes the POS machine and the startup capital for the pos business.
2. Open opay account
You need an account with Opay to be able to start doing business with them, here is how to open opay account within minutes.
Read through it and open your own account for free, take note that you need an active phone number to open an opay account.
3. Become an opay POS agent
After you’ve opened your opay account, you can then become an opay agent, the only way to start doing business with them is by becoming an agent.
becoming an agent is also easy, read how to become an opay agent here.
it will take not more than 10 minutes to become an opay agent, so kindly click on the link and go through the process carefully.
4. Order for opay POS machine
After you’ve become an agent, you can order for the machine immediately after your application is approved, it will take a few hours for your application to be approved.
Then open your opay agent dashboard and click on, order for opay POS machine, make sure you have up to the pos machine amount in your opay account.
because you’ll be using the opay balance to purchase the machine, just decide your choice and order for the machine.
it will take a period of 7 days to get the machine depending on your location, if you live in Bayelsa, it will take 7 days to get your machine
so be patient, and if you’re living in Lagos, it may take less than 7 days. once the machine arrives, you’ll be called to come pick it up.
5. Start your POS business
After your POS machine is delivered to you, you can start doing business with it immediately, but know that you need to deposit the minimum of 20,000 Naira into your opay agent account first
because it is your first time, after the first time, you can deposit lesser amount for the pos business.
so that’s all, if you follow the 5 steps mentioned in this guide, then you’re on your way to doing business with Opay, congratulations.
What’s the best way to do POS business?
The best way to do POS business is when you already have a business center, because many customers will request to pay you using their ATM card
and if you already have a business center, you’ve probably already have some customers who will start compensating you right off the bat.
but no worries, even if you don’t have a business center, as long as you have a good location with exposure, then you’re already on the right path.
Also avoid areas with too many POS business centers.
How much can you make from POS business?
It all depends on where your business is located, if your business is in a good location, you can expect to make a lot of money from POS business.
because people are currently interested in making transactions in a POS center rather than going to the bank for ATM machine.
I already have a POS business, and I’m making N70,000-N90,000 per Month from the business.
Final thoughts on opay POS Business
So there you have it, the complete steps of starting a POS business with Opay, go through the steps carefully and you’ll be on your path to doing business with Opay.
If you have any questions, don’t hesitate to ask in the comments section, don’t forget to share this post with others that are interested in POS business in Nigeria.
thanks for stopping by, have a good day.