This article will elaborate on the current PalmPay POS Machine Prices in Nigeria, how you can get a palmpay POS machine, how much you need to apply for a PalmPay POS Machine in Nigeria and more.
In Nigeria today, particularly since the scarcity of naira notes due to the instruction by the President to return the use of old naira notes by citizens and only new naira notes should be in circulation by the public.
This has been a very lucrative though illegal business for POS businesses as at the early stage of the naira scarcity which have ridiculously persisted for about three months now.
The new currency itself had been sold at double to triple rate by those who had immediate access to it, against the usual accepted one hundred naira by individual banks to every 5,000(five thousand naira).
For reasons such as this, and more generally acceptable profits from the POS business. The business has been fast growing to become a more desirable job for many educated and un-educated Nigerians, who are yet to find a white or blue-collar job.
What makes the POS business all the more attractive are the new emergence of online banking platforms which tend to have faster responses and more decent charges than most of the Nigerian physical local banks.
Just before we fully elaborate on PalmPay POS Machine Prices in Nigeria, we need to identify that the Palmpay POS business comes with a ton of attractive features such that gives you an opportunity to become your neighborhood’s “mini-bank”.
Palmpay just like other online Financial tech companies like OPay, Moniepoint, etc, offers a lot of advantages as you provide these mini-bank services to your immediate environment.
As a Chinese company PalmPay provides flexible work time and good income realization on a monthly basis.
This article gives an exposition on PalmPay POS Machine Prices in Nigeria, as well as how you a PalmPartner can get/apply a POS (Point of Sales) terminal for withdrawals, transfers, deposits, bills payments, and so on in Nigeria.
Also Read: How to Start a POS Business in Nigeria
What makes PalmPay POS business unique?
PalmPay is unique for various reasons, when compared to other POS merchants.
PalmPay makes their partners convenient in such a way that no minimum float balance is required.
They also pay weekly commissions, unlike others that pay monthly which enables their partners to have access to funds for spending.
Palmpay brands their partners spaces for them all for free using banners, flyers, etc.
Palmpay POS has is affordable and easy to get and also the preferred option due to the low charges it offers.
Becoming a POS agent goes beyond knowing PalmPay POS Machine Prices in Nigeria but it allows you to serve your community and earn as well. So instead of the residents of your community patronizing a bank branch or an ATM to perform their financial transactions unless absolutely necessary they can visit the nearest POS agent to do so.
Palmpay doubles as a reliable payment app in Nigeria that supports bill payments while earning cashback. Which could only be fair enough when people ask about PalmPay POS Machine Prices in Nigeria, as just like other businesses strive for profit maximization so does this Mobile Money Operator (MMO) licensed by the CBN.
Palmpay POS Machine Prices in Nigeria
Now, PalmPay POS Machine Prices in Nigeria differ with type. This implies that the price varies between Android palmpay POS machine and traditional Palmpay POS machine.
The Traditional PalmPay POS which refer to the first generation of POS manufactured by Palmpay but with all the functions of the newer version both in features and in charges
The costs is N20,000 (cautionary fee/rentage) and N40,000 to own the POS terminal solely for yourself.
While, the Android Palmpay POS Machine(Screen touch): comes with Android features and an intuitive interface powered by screen touch capabilities. The cost is N30,000 (cautionary fee/rentage) and N60,000 to own the POS terminal for yourself.
Their output functions are the same and both print out receipts. Also, it is important to be intimated that the costs are a cautionary fee and will be refunded back to the agent when they return the Palmpay POS machine in good condition, if under rentage.
PalmPay also insist that you meet their POS if you are are on the renting option.
But, these conditions doesn’t affect you if you buy outrightly at N40,000 or N60,000 for the machine to be fully yours.
Also Read: How to Start a POS Business in Nigeria
Requirements to Apply for a Palmpay POS in Nigeria?
Since, palmPay has all the numerous benefits enlisted above it is scattered with over 40,000 mobile money agents across Nigeria. You too can own a POS machine having known the PalmPay POS Machine Prices in Nigeria rather than rent one and pay a cautionary fee. Here are what you need to apply for a POS as a PalmPartner:
Agents must be familiar with the transaction patterns and user interface of the PalmPartner app.
You must have a physical space that isn’t close to other Palmpay agents.
A valid identification document e.g. NIN, international passport, voters’ card, or drivers’ license.
Utility bill e.g light bill, water bill, etc is also part of PalmPay’s requirements.
A Valid account number is required too.
To Request for a Palmpay POS machine, you need to download the necessary application software into your phone from either iOS or Android Playstore.
- Complete the application form in the app.
- Agree to the terms and conditions
Upload the required documents
Submit - Sit back and expect a call from the PalmPay team (within 7 days)
Alternatively, you can visit PalmPay’s Lagos address @ 20, Opebi Road, Ikeja, Lagos for quick enrollment and setup. The PalmPay application is ABSOLUTELY FREE.
Palmpay POS Charges (Deposit & Withdrawal Charges)
Palmpay charges for both withdrawal and deposit transactions on its POS machines. here are the details:
Deposit Charges
For deposits on the POS machine, agents will be charged a fixed fee of N10 naira each time a deposit is made regardless of the amount being deposited.
So when you send money using the PalmPay terminal, Palmpay charges you the agent N10 regardless of if you’re sending N1,000 or N100,000.
Withdrawal Charges
Palmpay charges the same amount for both its android and traditional POS machines. The Palmpay POS withdrawal charge is 0.5% on withdrawal transactions.
So in essence, every agent is charged N5 Naira for a withdrawal of N1,000. e,g For N1000 ( you be charged N5), for N10, 000 (you will be charged N50), etc.
Palmpay’s Agent service commissions
Here are the commissions PalmPay gives its agents when customers buy airtime, pay for TV subscriptions or pay electricity bill.
- MTN 3% commission
- Glo 4% commission
- 9mobile 4.5% commission
- Airtel 4% commission
- Startime 2% commission
- DStv 2% commission
- GOtv 2% commission
- PHCN 2% commission
Palmpay Customer care
You can reach Palmpay customer care for any enquiry on PalmPay POS Machine Prices in Nigeria or other findings via the following channels:
– Call: 017005700
– Email: support@palmpay.co
– Live chat: You can also live chat with Palmpay via the Palmpartner app as well
Palmpay customer care are available from: Monday to Friday 8 am to 7pm. While on Saturdays and National Holidays, they’re available from 10 am to 4pm.
The article above is an insightful one that guides you on PalmPay POS Machine Prices in Nigeria, how to be a PalmPartner and lots more with ease.