POS is a short abbreviation of Point-of-Sale. It is a business that helps to facilitate transfer payment at the point of purchase using electronic means. A small machine known as POS machine makes the operation possible. All the user will need to present is a valid bank ATM card which can be inserted into the machine to execute the transfer.
A lot of posts have been made regarding POS business but not all was able to address vital issues regarding this business. Just like in every other business, there are secrets you need to know in order to stay ahead of others and succeed in your POS business. You are reading this post because you are planning to start a POS business or probably running a POS business already. I will use this post to reveal all the secrets you need to know about this business.
HOW DOES POS MACHINE WORKS?
POS machine is an electronic device that connects with banking services. The machine is able to execute electronic transactions between bank accounts. After purchasing or acquiring a POS machine, the machine will be linked to the owner bank account services such that it can credit and debit the owner account as well as accounts of ATM cards inserted into it.
HOW CAN I OBTAIN A POS MACHINE?
You have two options when it comes to getting an ATM machine. One is to buy it directly from online stores such as Jumia, Konga, etc. another option is to get it from your bank or any bank of your choice. After paying for the machine in any of the source, you will need to take it to your bank where you have active bank account to get it configured for mobile banking services.
HOW CAN I OPERATE A POS MACHINE?
To operate a POS machine, first of all link it to your bank account. Charge it and turn it on. Open the screen menu and follow all the navigations in it to understand how its software is arranged. Try to make bank transfer from your bank account using the POS machine. Insert a client ATM and try to transfer money to your own account using the ATM card.
If you can operate smartphones properly then using a POS machine will just be like using a smartphone to you because they have similar interface and software arrangement.
WHAT ARE PROBLEMS OF POS MACHINES?
The problems of a POS machine includes:
Short duration of battery power after charging.
Unreliability of continuous Internet service availability.
Keys and buttons problems.
ATM card recognition problems.
Incomplete transactions leading to late completion and misunderstanding with customers.
Failed transaction due to service failure.
WHAT OTHER SERVICES CAN I RENDER WITH POS BUSINESS?
POS business has become a known business such that it can be seen in almost every streets and junctions. This popularity has made the business to be able to extend to other services. Before now, POS service is only known for issuing of cash currency to customers while the customer will pay the same with interest to the users bank account electronically using their ATM cards.
However, the modern POS business has included the following services:
- Receiving of cash currency and transferring electronically to bank accounts presented by customer.
- Payment of utilities bills such as electricity bills, waste management bills, and lots more for customers using their ATM cards.
- Bulk Data bundle (internet service) Subscriptions for companies and individuals.
- DStv, Gotv, Startimes, and other television services subscriptions for customers.
- Checking of bank account balance and mini statements.
- Ratifications of failed transactions for customers.
WHAT ARE SECRETS IN THE POS BUSINESS?
For you to stand out in POS business there are secrets you need to know. I have taken some time to highlight these secrets in categorical form. Each list discusses the detail of its secret. Below are the secrets:
CHOICE OF LOCATION
The main consideration when citing for a POS business location is the ability to choose the right location. Just like every other business, it is not everywhere that POS business can flourish. There are locations that can boom and generate more profit for you. If you are more interested in making profits then you need to look for those locations. For instance, campuses, busy junctions, open market roads, and highly congested streets. Above all, you must consider the closeness of any bank or active bank ATM center in any of these locations you will choose. If active ATM center is within consider another location that cannot trekked with leg to the ATM center, this will make the intended ATM users to come to your POS center after considering spending money for transportation to the ATM center or the stress of trekking such distance.
MULTIPLICATION FACTOR
You may not have heard this before but I am bring it to you as a secret. There is what is called ‘multiplication factor’ this helps to scare away competitors and helps you to monopolize the business to your own advantage. Assuming you came or found a suitable location to open your POS business and happens to be the only one operating a POS center within the location, you can stop others from opening another POS center using the multiplication factor.
Multiplication factor in tis post implies multiplying the number of POS center within that location and extending it to as much areas you which to dominate and discourage competitors.
By simply mounting simple structures of POS center and using printed banners and signboards, you can position as many POS centers as possible within the chosen locations. This will give the impression of enough or over numbered POS centers thereby making anyone targeting the area for POS business to look for somewhere else. Remember you still do this even when you are using only one POS machine if the locations are close to each other.
STAFF EMPLOYMENT
When employing staff for your POS center business, consider the business as a mini-bank therefore the worker must have some characteristics of a banker. Financial disciple and proper accountability must be the first priority.
There are cases of POS center staff running away with the money meant for cash payments. You can avoid such occurrence by carrying out proper research about your staff previous lie and ensure each staff presents a suitable referee that can stand on behalf of the staff in case of such incident.
Customer service is the ability to retain customers using proper satisfaction of you service to them. If you have good customer service people can be referring customers to you.
Good customer service includes manner of approach, sincerity, accurate information, ability to understand your customer at every situation, being polite, be cheerful, and keep smiling face to your customers.
Conclusion
POS business has come a long way and this post has touched some important areas you need to know about this business. Feel free to ask questions and drop your feedback using the comment section.
