Opay POS business has remained one of the most lucrative business in Nigeria today. Opay which stands for Opera Pay, is own by the same Chinese Company that owns Opera Mini; and it has been known to be one of the most reliable mobile money companies in Nigeria.
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POS business generally is very lucrative, but the kind of profit you make as a merchant/agent depends on the charges your POS company collects from you.
There are many POS companies today, of which each of them collect different amount of transaction charges from their merchants, but Opay POS has remained one of the cheapest in terms of charges.
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How much is Opay POS Machine
Opay POS machine is totally free, but there are always some requirements that must be met before getting an Opay POS machine.
Usually once you have met the requirements and are qualified for the Opay POS machine, you would be required to fund your Opay account with N20,000 which will be taken by the company once your application for Opay POS machine has been approved.
The N20,000 would however be returned to you anytime you return the Opay POS machine to the company.
Opay POS Business Requirements
There are not really much things required from you before you could start making money from Opay POS business.
All you need is just to get your Opay POS machine; get a good location/shop and register your business.
Depending on how big you want to start, you can actually start Opay POS business with a capital as low as N100,000 or higher.
Getting Opay POS machine was very easy, but the story is no more the same today. Because of the high demand of Opay POS machine and other regulatory reasons, it now requires strict processes before an Opay POS machine would be issued to you.
Many people have kept applying and not making it in getting the Opay POS machine, while some waste a lot of time before they would finally get it.
But the interesting thing about Opay is that if you understand their secrets and follow their processes correctly, you would be able to get their POS machine as easy, and as fast as possible.
Many people we have guided have gotten their POS machine and are already running their Opay POS business.
But as we kept receiving questions from our readers on how to easily get Opay POS machine, I decided to save myself the stress and created a very comprehensive article on how you can easily get your Opay POS machine as easy as possible.
If you follow the guide in this article, you would not really waste your time or experience any difficulty in getting your Opay POS machine.
How To Make Over 150k In A Month From Opay POS Business
I know definitely that it would sound unbelievers to some people that one can make over N150,000 from Opay POS business; but the truth is that there may not even be limit of amount of money you can make from Opay POS business.
It all depends on your ability to get a good location, and manage your business very well.
Get A Good Location
When talking of how to make really make money from Opay POS business, then location is that major factor that plays the major role.
How lucrative your Opay POS business would be depends on where you situate your shop or POS point.
Generally, POS business would do very well in place or business area where there is much population, but has few or no bank.
Close To Market
Market area is one of the best location that will greatly favour your Opay POS business. This is because both traders and buyers would always need the final point where they would have run their transactions.
Close To Mechanic Site
Motor or motorcycle repair site is another location that would enhance the lucrative nature of your Opay POS business. This is because those that came to repair their cars, motor or motorcycle don’t always have the right estimate of the amount they would spend. In this, they would always need where to make withdrawals if needs arises.
Thinking of the best location for your Opay POS business, then Campus environment would really be a nice option. Campus environment greatly favours POS business because of the presence of students, especially if there is no banks close to the Campus.
NYSC Orientation Camp
National Youth Service Corps (NYSC) orientation camp is another hidden lucrative location that would favour your Opay POS business.
Though NYSC orientation is not always a constant program, but the amount of money you would generate within the 21 days orientation exercise in every Batch, would really surprise you.
Run Many Services On Opay
One of the advantages that Opay has over other mobile money companies is that there are many Services you can render to customers and be making your money.
These services are really a great way you can be generating massive income from your Opay POS business. Some of these services are:
Opening Of Accounts
Recharge Card Printing
Payment Utility Bills like Electricity, Cable TV, Tax, etc
Mobile Data Subscription
Sports Bet, etc…
Then how would you really make money from Opay POS business by running these services listed above? of course you know that you can actually make money from these services simply by charging customers to complete any of the service for them.
But apart from making money from the customers, the major way to make money from these services is from the commission that Opay pays her agents for running any of the service.
This means that as an Opay agent running Opay POS business, the company would always pay you a certain commission whenever you help any of your customers to run any of the services listed above.
Below shows the commission that Opay would pay you for any service you complete for customers.
30 – 45
Just as can be seen, Opay would also pay you a percentage of their charges as commission when you help customers make withdrawl or deposit.
To understand this better, Opay charges about 0.6% when customers withdraw below N20,000; and N120 when customers withdraw from N20,000 above. Then Opay would now pay you as their agent 30% to 45% rebate commission from these charged instantly.
Make Money By Charging Your Customers For Services
The major way to generate income from Opay POS business is by charging customers for each service you render to them using the Opay platform.
So, Let’s break down how you would actually be making over 150k in a month:
Depending on your location, you may be charging your customers at least N100 for every withdrawal/deposit of N10,000. This means that any withdraw/deposit less than or equal to N10,000 would be charged at N100; while withdraw/deposit from N11,000 to N20,000 would be charged at N200.
Then let’s assume that in your location, customers are able to make transactions of at least up N500,000 in a day.
This would give you 500,000 ÷ 10,000 = 50 (You charge N100 for transactions of ever N10,000 and there are N10,000 into 50 in N500,000)
So, 50 × 100 = N5000 in a day; and in a month, it would amount (N5,000 × 30) = N150,000 in a month.
This doesn’t mean you won’t be making transactions higher than this; if you are in a good location, I am sure that you would be realizing more than what we just described.
Not only this, there are still some other services that customers would also demand within the same day, through which you can also be making your money.
Remember that Opay charges about N120 for every withdrawal above N20,000; but they would still pay you back about 30% to 45% of these charges as commission. These means that you would even be collecting back some percentage of the charges.
In this analysis, there is no way you won’t be making more than N150,000 in a month as long as you are in a good location.
If you have any problem regarding Opay POS business or you don’t really know how to go about getting your POS, then just drop your question on the comment section.