How to make more profit on pos business

Making a profit is one of the sole purposes of running a business, so this article will focus on how to increase your profit as a POS operator or agency banking agent while minimising your expenses.

As an agency Banker agent, there are some little expenses that reduce the profit made when running the business which is unknown to so many agents.

Here is how to reduce cost and increase profit as a pos agent

Stop SMS Alert Notification

Most pos agents make use of multiple bank accounts which will result in receiving a series of bank SMS Alert that cost 4 Naira each, So an agent using 4 different banks can be charged up to 2k and above for SMS charges. So in order to reduce the cost, such an agent should disable SMS alerts and use email alerts and also should download the bank mobile app.

You can also switch to fintech banking apps like Kuda, palmpay, Opay and the like for smoother operation

Minimize issuing out-of-receipt

Printing receipts to customers should be based on request and also for failed transactions. The agent should try and disable printing multiple receipts. You can check out this article on how to stop multiple receipts.

Avoid stamp duty charges

As it is directed by the CBN governor that transfer deposits of 10k and above should be charged 50 Naira. To avoid being charged for stamp duties you can switch to either palmpay Opay or vpay app for receiving transfers from your customers.

Make a withdrawal from the bank with the same debit card

Most agents don’t know that 35 Naira is always deducted when making withdrawals from a bank using another debit card after making 3 withdrawals in a month. So if an agent is to withdraw the sum of 150k, the agent will lose 525 Naira for bank charges on withdrawal. So to cut this type of cost make sure you make use of their debit card on their ATM.