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 be focusing on how to increase your profit as a pos operator or agency banking agent while you minimize 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 as well switch to fintech banking apps like Kuda, palmpay, Opay and the likes for more smooth 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.
Open a bank account closer to your location
As a pos agent, it is always advisable to open a Bank that is closer to your location to reduce transportation costs.