How to get money to start POS business

No business can exist without funds. The funds are used to run the business and to sustain it.

To start a POS business, the major thing you need after terminal is money. Most business fold up or run on limited scope due to lack of funds.

HOW TO GET FUNDS
1. FAMILY AND FRIENDS: I'm putting this as number one because its the closest to you. Your POS business should have at least #100,000 to start. Can you raise at least #10,000 from 10 family friends, then you are good to go. It will be hard for one person to give out an huge amount of money but getting it in bits can amount to something huge. 

Mind you, if you can't raise #100,000 from your friends, then change your cycle. Its important. 

2. SHARK LOANS: As much as this is advised against, it's a source of fund too. The major reason its advised against is only due to its high interest rate. But you can still go for it if you are sure of being able to make enough returns as profit and still make a repayment without defaulting.

Some of these shark loans are affiliated to some online banks as Opay and Palmpay. This makes it easier for them as your account activities are tracked to increase your loan limit. You can get up to #500, 000 from these loan apps. 

Always have it in mind to make a repayment whenever you get the loans. Defaulting affects your credit score. This is Nigeria where you will always need loan so don't spoil your credit score.

3.Banks: This is one of the trickiest way to get funds.  Apart from salary earners whose accounts are linked to these banks, these ones can easily get loans. But if you don't receive salary using your account,  then you have to build it.

How do you build your account? This means increasing your inflows and outflows. To do this, make regular or daily deposits in the account and withdrawals from the account. E.g. deposit #10,000 in the account in the morning and withdrawal it at night. Do this everyday for some months, then request for loan. You are guaranteed of an offer because your monthly turnover would have increased to millions.

Most banks offer loans but not all are friendly. Wema bank, Access bank , Sterling bank and GTB are among friendly banks that can be approached for this facility. 

You can also approach thr customer care for assistance if you are not offered and you are sure of being eligible.


4. Kuda bank: This bank rewards loyalty and patronage. And to this tone, they offer overdraft. Overdraft is like a daily amount of money given for you to use and if returned same day, you don't pay a dime as interest. But if it sleeps till the next day, 0.3% of the Overdraft Facility Amount accruing on a daily basis until fully repaid. 

This has proved to be very useful for most business owners. Imagine being given up to #200,000 to be used daily without interest. 

To open a Kuda bank account, click here and join with this code: RylPfDH1

Its hoped that these points above will help you sustain your business.  

Comments section is open for more suggestions. 

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