How Does The cash back Business Work?

In a cash back business, the customers first request transaction, this could include withdrawal, transfer, or bill payment and for this, they would usually give you their debit card. Next, you indicate the type of transaction needed on the POS terminal device and enter the transaction value (amount), at this point you collect the debit card, insert it, initiate the transaction, and let the customer enter their pin privately. Then, using the internet connect to our server to authorise the transaction. Whether successful or not successful, it immediately prints out a receipt. If not successful, you figure what’s wrong, and repeat the process. Problems usually result from wrong pins.

You can repeat this process for as many customers as you can so long as they’re available.

The Importance Of POS Business

Because of cash back businesses, a larger population bow has access to banking services and also offer more flexible and convenient access to existing and new customers. In addition, they ensure customers’ safety and help reduce the distance people have to cover to access banking services like ATMs and over the counter bank transactions. Most importantly, it significantly increases financial inclusion, especially for people in rural areas.

How Do POS Agents Make Money?

Cash back businesses have not just helped in reducing unemployment, but helped a lot of the Nigerian youth gain financial independence fast, and here are a few ways you can earn as a cash back vendor;

Service Charges; By rendering service to customers,  cash back vendors can charge customers a fee  cash back transactions,on bills payments, taxes, and subscriptions. Customers usually do not mind these fees because they would usually spend a lot more than that to transport themselves to a bank, and let’s not even talk about the stress. So yes you would be providing a lot of value that cannot be overlooked.

Float; Depending on your cash management policy, you can also make use of cash deposits, net of withdrawal for your primary business.

By operating this cash back business, you are not only increasing your stream of income, but you are also serving the needs of the people in your community. Also this business would easily serve as a funnel that would bring more people who do not know of your primary business to patronize you.

What Does It Cost To Start A POS Business

Starting a cash back business using QPay, is relatively cheaper as compared to banks or other POS operators. We have designed our systems to make POS machines a lot  more affordable and a lot of people have been able to start their business with us, with just 10,000 naira deposit and have grown from there with our continued support.

Conclusion

A POS business is an additional way of getting income. Aside from your existing business, it is a way to expand service offerings and one of the best methods to cross-sell your products/services to walk-in customers who would otherwise never have found your primary business

This business is best situated at an area far from banks as possible, and at a good sure neighborhood. You can most definitely increase how much you earn if you get everything right.

If you are intending to start a cash back business, then please visit this oagevtobget a full breakdown of all requirements needed to successfully start a cash back business.

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If you want a POS for your new cash back business, then you can reach us on 09075452301 and we will tell you all it takes to get a QPay POS.