A Point of Sale (POS) terminal machine is a portable device that allows businesses to accept ATM card payment for transactions.
Today, you can not only pay for items you bought through POS but also withdraw money from your bank account and deposit money into your bank account with a POS system.
All you require is your ATM Card.
The POS system was introduced in Nigeria in 2012 by the Central Bank of Nigeria in a bid to enforce the cashless policy in financial transactions in the country. Today, the POS system is very valuable especially to those who live far away from banks or ATM Terminals.
This article is a review of the prices of POS machines in Nigeria and a list of POS terminal dealers in Nigeria.
How Does POS System Work?
POS System often consists of the main server, a terminal station, a credit card swiper and a receipt printer. It also consists of a software system that registers, processes and stores transactions details.
The software system consists of a frontend interface for the point of sale and a backend side for behind-the-scenes analytics and management functions. It stores information such as the number of transactions made, the amount withdrawn, deposited or transferred. It can also store the details of the ATM Card that made any given transaction.
Popular Brands of POS Machines in Nigeria
There are various popular brands that manufacture POS machines. However, you wouldn’t be the one to choose when it comes to purchasing the POS machine. Popular brands that manufacture POS machines include VeriFone, Ingenico, and Hypercom.
If you own or operate a POS machine that is manufactured by one of these brands, then you are in luck because their machines are quite durable and have improved functionality.
How Much Does POS Machine Cost in Nigeria?
While I’ve listed the popular brands that manufacture POS machines, you will be surprised to find out that getting a POS machine in Nigeria is absolutely free of charge. This is only true if you get yours from one of the popular and reputable commercial banks in Nigeria
Banks offer POS machines to customers for free as they stand a lot to gain from every transaction made on the machine. The issuing bank charges a fixed commission per transaction done through each POS terminal.
However, you can also purchase POS systems from some organizations and dealers for a fee. These dealers, unlike banks, wouldn’t charge you for transactions made on the POS terminal as you would have paid for the machine and entirely own every transaction made with it.
How to Obtain a POS Machine in Nigeria
Different Banks have different requirements before giving out POS machines to their customers. The best way to know the requirements and your eligibility status is to visit any bank with which you have an account and make an inquiry.
Some banks require you to open a current account with them before you can be issued a POS machine while other banks will give you the machine even if you only have a savings account with them.
Advantages of Using POS Machines in Nigeria
Although POS machines were introduced by the Central Bank of Nigeria to enforce a cashless policy of financial transactions in the country, there are several benefits a business owner will enjoy when using the POS system.
- POS systems help you track and manage your inventory in real time. So you can easily balance up your account and daily sales through this system.
- POS system monitors your sales records and alerts you when you are running low on items. However, this is true for only sophisticated models of the device.
- Using a POS system as your main transaction model helps you keep a record of the daily transaction and reduces the chances of loss or theft in your business
- POS terminal makes it easy for you to look up past transactions and reduce the chances of miscalculations
- It is the alternative to the traditional means of payment and handling of money. This eliminates human errors and saves you a lot of money in the long term.
POS Machine Dealers in Nigeria
Below is a list of some POS machine dealers in Nigeria and their addresses where you can get a functioning one and skip the commission deducted by banks for transactions.
POS Machine Dealers in Lagos, Nigeria
Address: 160, Suite 24, Herbert Macaulay Way, Veteran Plaza, Yaba, Lagos Mainland, Lagos, Nigeria
Address: 5, Mojisola Street, Ifako-Agege, Ifako Ijaiye, Lagos, Nigeria
Ict And I
Address: Suite 4, 21, Opebi Road, Opebi, Ikeja, Lagos, Nigeria
Address: 36B, 2nd Floor, Toyin Street, Toyin Street, Ikeja, Lagos, Nigeria
Neo Hitech Solutions Ltd
Address: 62B, Opebi Road, Opebi, Ikeja, Lagos, Nigeria
Address: 5, Medical Road, Adjacent Computer Village, Ikeja, Lagos, Nigeria
Boromax Global Limited
Address: 12, Simbiat Abiola Way, Computer Village, Ikeja, Lagos, Nigeria
Address: E13/01, Arena Shopping Complex, Bolade, Oshodi Isolo, Lagos, Nigeria
Address: 368, Ikorodu Road, Maryland, Ikeja, Lagos, Nigeria
CVP Integrated Solutions Limited
Address: 2, Francis Oremeji Street, Computer Village, Ikeja, Lagos, Nigeria
Mabisoft Nigeria Limited
Address: 8, Unity Road, Omole Phase 1, Ikeja, Lagos, Nigeria
POS 4 All
Address: 5A, Thomas Laniyan Street, Anthony Village, Lagos Mainland, Lagos, Nigeria
Deglobal Technologies Limited
Address: 5A, Thomas Laniyan Street, Anthony Village, Kosofe, Lagos, Nigeria
POS Machine Dealers in Abuja, Nigeria
JDD Technologies Limited
Address: A8 Block B2, El Rufai Block Mordern Market, Gariki International Market, Garki, Abuja, Nigeria
Mask Data System
Address: Shop D9/10, Sky Memorial Complex, Zone 5, Wuse, Abuja, Nigeria
POS Machine Dealers in Ondo, Nigeria
Samuel And Co.
Address: 99A, Ajeloro Street, Isolo, Akure South, Ondo, Nigeria
POS Machine Dealers In Oyo, Nigeria
Address: 18, Boni Close, Ring Road, Ibadan South West, Oyo, Nigeria
Helpline Telecoms Nigeria Limited
Address: 6A, Olaniyan Fagbemi Street, Iyajanku, Ibadan South West, Oyo, Nigeria