POS machines have become a major part of the way we run business in Nigeria today. Asides from easing the collection of payments by businesses, these machines also help in the dispensing of cash. POS businesses are thriving because most people scarcely want to spend time in long bank queues.
There are different POS service providers in Nigeria such as Moniepoint, Opay, and PalmPay. PalmPay is owned by a Chinese company that also owns fintech outfits, Eazybuy and Palm Credit. In this post, we will show you the latest PalmPay POS machine prices in Nigeria and some other important pieces of information.
PalmPay POS Machine Prices in Nigeria
Before you invest in a business venture, it is essential that you first find out how much you need. Part of the cost of starting a PalmPay POS business is knowing the cost of the POS machines. How much does it cost to own a PalmPay POS machine?
There are two types of PalmPay POS machines. Check below for their names and latest prices:
- PalmPay traditional POS machine: N30,000
- PalmPay Android POS machine: N60,000
Asides from the cost of buying the machine, there is also a cautionary fee charged by PalmPay on its machines. This is more like a rental fee. The good news is that you can always return POS machines if you no longer have a need for them. When you do this, the company refunds you the cautionary fee. Check below for the cautionary fees for the different PalmPay POS machines:
- PalmPay traditional POS machine: N20,000
- PalmPay Android POS machine: N30,000
With this information out of the way, let’s look at other important pieces of information about PalmPay POS machines.
Eligibility Criteria to Apply for a PalmPay POS Machine
Different POS service providers have different eligibility criteria for recruiting POS operators. Some of the unique things that you should know about PalmPay with respect to how they recruit POS operators to include:
- There is no minimum float balance requirement.
- PalmPay brands your business venue with banners and flyers for free.
- While other providers require you to pay commissions monthly, PalmPay collects commissions weekly.
Before you become a PalmPay POS operator, you are required to satisfy certain eligibility criteria. Below are the criteria you are expected to satisfy:
- You must be familiar with PalmPay’s user interface and transaction patterns. This means that you have to learn how to use the Palm Partner platform to perform several transactions.
- Get a business space that is not in proximity to any other PalmPay agent.
- Provide a valid means of identification. This could be an international passport, driver’s license, national identification card, or voter’s card.
- Utility bills such as electricity bills, waste bills, water bills, or rent receipts.
- Valid account number.
Once you have satisfied these conditions, you can now request the PalmPay POS machine. Read the next section to learn how.
How to Apply for a PalmPay POS Machine
Now that you know the cost of a PalmPay POS machine and the eligibility criteria for applying, let’s show you how to apply for a PalmPay POS machine. Applying for a PalmPay POS machine is pretty straightforward. The steps below will show you how:
- Visit the Apple Store or Google Play Store to download the PalmPay POS app.
- After downloading the app, follow the instructions on your smartphone to install the app.
- If you already have a PalmPay account, you can sign in after installing the app. However, if you don’t, then you should tap on the “Create a new account” button to quickly set up your account.
- After setting up your account, you should log into the app.
- Go to the dashboard and tap on the “PalmPay POS” option.
- Select “Apply Now.”
- PalmPay will require you to upgrade your account. You can complete the upgrade process by providing your BVN details and selecting “Continue.”
- Complete the rest of the POS machine application process then wait for a customer care representative from PalmPay to reach out to you.
When the representative reaches out, they will require you to provide answers to certain questions. The answers you provide will determine if PalmPay will approve your application or not. Once you qualify, you will receive the PalmPay POS machine in a few days. Note that you will be required to pay a cautionary fee before the delivery of the machine. You can begin your PalmPay POS business when you receive the machine.
PalmPay ATM Card Charges to Agents
As expected, PalmPay has a list of charges that accrue to every withdrawal. The company charges the POS agents a specific amount for each withdrawal depending on how much is withdrawn. PalmPay POS agents can then charge their customers on each transaction based on their discretion.
The list below shows a breakdown of the ATM card charges by PalmPay:
- 1k = 5 naira
- 2k = 10 naira
- 3k = 15 naira
- 4k = 20 naira
- 5k = 25 naira
- 6k = 30 naira
- 7k = 35 naira
- 8k = 40 naira
- 9k = 45 naira
- 10k = 50 naira
- 11k = 55 naira
- 12k = 60 naira
- 13k = 65 naira
- 14k = 70 naira
- 15k = 75 naira
- 16k = 80 naira
- 17k = 85 naira
- 18k = 90 naira
- 19k = 95 naira
- 20k = 100 naira
- 20k to 1 million naira = 100 naira
PRICES LAST UPDATED: MARCH 7, 2023.
Kindly note that there is also a charge for deposits. PalmPay charges a flat rate of 10 naira on all deposits.
Reasons Why You Should Choose PalmPay POS Machines
Are you wondering why you should consider using PalmPay POS machines instead of the others on the market? We will share a few reasons below:
- Daily targets are easy to meet.
- Unlimited funds transfer.
- Seamless cash withdrawals.
- Two different types of POS machines to choose from.
- Easy to check the customer’s account balance.
- Very affordable POS machines and charges.
- Ability to pay utility bills.
- TV subscriptions can be done easily.
- Easy data and airtime payments