Is it Possible to Start a POS Business with 50k? (The Honest Answer)
Good day to you all, in this article I am going to be answering the question, “is it possible to start a pos business with 50k?” I decided to address this question because a lot of people are interested in starting a pos business in Nigeria but don’t know the minimum amount they need to start the business.
So, I believe that, as you are reading this post right now, you are also interested in finding out the minimum amount needed to start a pos business in Nigeria
So I am going to take my time and provide the detailed answer to this question, I am not just going to tell you the minimum amount you need to start this business, but I will also tell you the amount it requires to start a successful pos business
So don’t go anywhere, keep your eyes open, read till the very end to discover this answer, I have written a detailed guide on how to start a pos business with opay in Nigeria
And opay pos business is a good way to start, because I am also into pos business and I am using opay, so if you want to start with opay, then consider taking your time and reading the article.
Meanwhile, if you want to know whether it is possible to start a pos business with 50k, read on.
Can you start a pos business with 50k?
The short answer to this question is no, you cannot start a pos business with 50k, because you need to buy a pos machine, which costs higher than 50k, and you also need a startup capital, which ranges from 25k and above.
If you are asking about the startup capital, then yes you can buy a pos machine and start doing the business with 50k in your balance, but if you are talking about the whole amount needed to start the business, 50k is not enough.
The cheapest pos machine costs around 50k, and you need one to run a pos business, whichever platform you want to start with, you need one of these machines
Although some fintech banks gives free pos machines, but they have some certain criteria that you must meet, these criteria includes you having a sum of amount in you account, and that amount must exceed 50k. so I guess this alone should answer your question.
How much do I need to startup a POS business in Nigeria?
The minimum amount you need to start a pos business in Nigeria is 75k, this includes the pos machine price and the startup capital, where the minimum pos machine price is 50k and the minimum startup capital is 25k.
If you want to include the rent of the office where you want to mount your pos stand, it will cost more than this amount, this amount is for those that already have place where they will run their business.
So if you don’t already have a place where you want to do the business, be aware that you will be needing more than this amount.
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Advantages of POS business in Nigeria
There are some great advantages why you should start a pos business, pos business became popular during the pandemic, when people needed money but couldn’t go into the bank because of the lockdown
That is when entrepreneurs started going into the pos business to ease the problem of going into the bank or the atm to get cash.
- Pos business will yield you good profits
- Pos business will help you attract more customers to your business center
- Pos business eases the problem of standing in a long queue to use the ATM
- Pos will help your customers buy stuff even without cash
Final thoughts
So there you have it, the complete answer to the question “is it possible to start a pos business with 50k?” I hope you enjoyed reading this article, if yes, please help us share this article with other people on social media.
And if you have any questions you want to ask, don’t hesitate to ask in the comment section and I will reply to you as soon as possible.
Thanks for stopping by to read this article, have a nice day 😉