The name POS is a common thing among us today, but only a few knew that the term POS is an acronym. We have POS operators everywhere and in every corner of our streets, but we have not taken our time to study or know what a POS stands for or the full function of a POS.
The term POS stand for as “Point Of Sale.” It is designed to carry out transactional functions, track sales inventory and records, and also issue receipts. POS has become a business tool around today. With the advent of POS, payment of goods and services has been made easy, and every business center can afford one since it is very affordable and accessible as well.
However, because of the availability of this device, fraudsters have capitalized on this to rob people off their hard earned resources. So in 2023, CAC (Corporates Affairs Commission) Had mandated every POS operator to register his/her POS machine.
This exercise is to help curb the level of theft going on with POS. In this article, we shall look at 5 ways to register your POS business with CAC in Nigeria and other salient facts that will help us narrow our points home. Such as: CAC registration process for POS operators, the requirement process of POS registration, and the document needed for POS registration in Nigeria.
What are the 5 ways you can register your POS business with CAC in Nigeria?
- One can use the online method, which is contracting online agents.
- Vista CAC office
- Hire a Lawyer or CAC licensed agent
- Fintech apps with CAC
- Using the CAC website
The Online Method
In this process, one can contract the registration to someone online or use online apps that are designed for this purpose. There are apps out their that can help you with step-by-step processes of registering your businesses, especially the POS business since it is our focal point here. On the other hand, there are those whose offices are virtual. You can reach them, and they will also help you to perform this function.
Go to a CAC office or building
If you are more of the old school type or you don’t feel like entrusting the registration of your POS business to another, you can go to a branch close to you and you still get your POS business registered. It is the same process, but in this case you just want to see the black and white of every process involved. But be warned, it is time-wasting, and you can spend an entire month trying to do this, and yet you might not be able to accomplish this task. In my opinion, it is best we contract it to a good and trusted lawyer or licensed CAC agent instead of wasting time.
Contract it to a good lawyer or licensed CAC agent.
A good agent or lawyer will handle the registration of your POS business without you being physically involved. All that is required of you is to pay the needed amount of cash for the registration and the agent service fee, and you will see your POS business registered and your certificate will be handed over to you. This process is common and it can be reliable as well. In fact, it can be seen as the most reliable because it has been tasted over the years.
You can use the CAC website to register your POS business.
You can login to CAC website to get your POS business registered. Just fill in your details and every document that was asked of, and you are good to go. It might require you to scan some documents if you don’t have them on your system already. Aside these little thing like; scanning, signing, and thumb printing you can do it yourself through their website.
Vista CAC office
This can be referred to as an ad hoc office. This vista CAC office was created as result of the urgency in the matter at hand. CAC created this center to help the citizens of FCT to register their POS in bulk and to meet up with the first July deadline before it was postpone to September. This center is not available in other states, however, the organization might be magnanimous enough to establish it in other major cities and state to help meet up with the deadline for registration of POS business in Nigeria.
Fintech Apps with CAC APIs
Some fintech and traditional banking apps, like Moniepoint, Kuda, and Sterling Bank, offer built-in business registration features.
If you’re using a fintech POS terminal, you likely have access to their business banking app. Look for a section dedicated to business registration within the app, especially if it’s integrated with an API like Norebase.
We will illustrate the registration process with Moniepoint business app as a case study
With your Moniepoint Business account, you can register your business directly through the app. Below are processes or step-by-step processes involved.
- Find the section for business registration in the app.
- Review the details and costs.
- Choose the type of registration and make sure your NIN is linked.
- Enter your business details, preferred names, ID proof, and address.
- Review everything, confirm, and make the payment.
- Track your registration status in the app, and once approved, download your certificate. You’ll see the details and next steps on your dashboard if it’s rejected.
One thing we should bare in mind, is that Fintech app integration is an exciting development, but its availability may vary depending on the platform. It is not all the POS providers that has this process available, one thing you should do is to check the availability of the POS business registration app before you buy or other for one.
Why Register Your POS Business with the CAC?
- Below are why you need to register your POS business with the CAC.
- Legal Recognition: Registering your business makes it officially recognized by the government.
- Access to Services: You can open a corporate bank account and access other financial services.
- Trust and Credibility: Registration boosts your business’s credibility with customers and partners.
- Compliance: It helps you avoid legal penalties and follow government regulations.