POS business is currently one of the most flourishing side businesses in Nigeria. As you walk through Nigerian streets, you can count multiple POS spots. Agents charge as little as N100 to as much as N1,000 and above, depending on the transaction type and amount. As a result, it’s a bankable venture.
If you intend to start a POS business in Nigeria, there are many solutions you can use. OPay is undoubtedly one of the best and most widely used in the country. You can get an OPay POS machine via an uncomplicated process. In this post, I’ll explain all you need to know.
OPay is a financial services company that lets users make payments, spend, and save. Anyone can create an OPay account by downloading the mobile app, which is available for Android and iOS mobile devices.
You can also use OPay offline without a smartphone. The platform features a USSD service you can use by dialing *955#. A good number of functionalities are available via the USSD service.
You can use OPay as a regular customer to make transfers, pay bills, and others. Alternatively, you can use OPay as a merchant and help others access the service. OPay merchants facilitate transactions using the mobile app or a POS. In other words, you need to be an OPay merchant to access the POS.
How To Get OPay POS Machine
Below is a detailed step-by-step process on how to get an OPay POS Machine in Nigeria:
Step 1: Create A POS Merchant Account
Follow the below steps to create an OPay POS merchant account:
- On the OPay Merchant page, you’ll find an option to “Create a POS Merchant Account.”
- On the next page, you have two options. You can choose to be a Payment Gateway & App Biller or a POS Vendor. Select the “POS” option. Choosing the Payment Gateway option limits you to facilitating transactions using the mobile app.
- Next, click on “Sign Up” to create your account. If you have an existing OPay account, you can log in instead.
- To create an account, you will enter details like business or app name, name, email, and a password. You’ll need to verify your email before proceeding to the next step. The verification is easy. You only need to provide the code sent to your inbox.
- Afterward, click on “Sign up and log in.”
That’s it. You’ve successfully created an OPay POS merchant account.
Step 2: Verify Your Identify
What you did in the previous step was email verification. Here, you have to verify your identity, as required by every financial operator in Nigeria. Some alternative service providers will request your CAC document to create a business or merchant account. With OPay, you can create a merchant account without a CAC.
With OPay, you only need to provide your BVN, a passport photo, a government-issued ID (national ID card, driver’s license, or international passport), and your recent utility bill (not over three months) as proof of address.
After submitting these documents, your account will be under review. The review is quick,, and if the documents you provided check out, you can start operating immediately.
Step 3: Order The POS
Now you have access to your dashboard, you can order for a POS. OPay offers three POS types: smart POS (touchscreen), traditional POS (buttoned), and mini POS.
While the application is free, the POS machine is not. The Smart POS machine costs about N50,000, the traditional POS machine costs about N35,000, while the mini POS costs around N8,500.
You can opt for any of the POS machines. However, for transaction fluidity – to complete transactions faster and more efficiently – the smart POS is the best, followed by the traditional POS machine. The mini POS is most suitable for “mini” tasks.
Make the payment, and you’ll get your POS in under 24 hours – the turnaround time is that fast. You’ll get an email confirming the delivery of your POS via your registered email. It’s either they deliver the POS to your address, or you go and pick it up.
Step 4: Start Using The POS
After all is said and done, you have gotten your POS, and you can start using it. You must have familiarized yourself with how to operate a POS machine. It’s easy and more so with OPay.
Advantages Of Using OPay POS
As mentioned in the introduction, many POS solutions are available in Nigeria. Why use OPay? Well, you get to enjoy some benefits, including:
- Instant transactions: OPay POS lets you perform a bulk of instant transactions. You can facilitate deposits, withdrawals, check-outs, bill payments, airtime and data payment, and several other mobile banking services.
- Instant settlement: occasionally, a poor network causes unsettled transactions. People complain about getting debited while the POS machine displays “failed transaction.” It’s bad for business when it happens frequently and is a fast track to losing customers. With OPay, you can resolve these failed transactions instantly.
- Low charges: you can make higher profits with OPay as the service provider charges relatively low transaction fees. The fees get as low as 0.5% per transaction. It’s a win-win situation for you and your customers.
More than five million Nigerians use OPay, which is a testament to the reliability of the financial service. With the above information, you can easily apply for, and get an OPay POS machine in Nigeria.