Are you looking to purchase a Palmpay POS device in Nigeria? You can receive answers to any queries you may have about purchasing a Palmpay POS from this guide. like the costs associated with the Palmpay POS machine.
Because of how inexpensive it is to purchase and the reasonable prices it offers, Palmpay POS has emerged as one of the most well-liked Point-of-Sale terminals for Agents in the Nigerian market.
Since it appears to be a profitable industry to be involved in, many Nigerians are flocking to the POS market to make ends meet, creating a very large market. Other than Palm Pay, there are several Mobile Money Agent services available in Nigeria, including GTB POS, Kudi POS, Opay POS, and Moniepoint POS.
You have the chance to establish yourself as the local community bank by working as a POS agent. As a result, people of your town can execute any of these banking operations by going to the closest POS agent rather than a bank branch or an ATM.
In addition to offering POS services, Palmpay also functions as a payment app in Nigeria that enables users to send money, make bill payments, shop, and receive cashback. A Mobile Money Operator (MMO) with a CBN license is Palmpay. Trassnet is Palmpay’s owner (a joint venture between Transsion and Netease). Additionally, Transsion owns PalmCredit and EazyBuy (a Buy Now Pay Later app in Nigeria).
Offer consumers payment services using the PalmPay Terminal to become a Palmpay Mobile Money Agent and earn big commissions.
Over 40,000 mobile money agents for Palmpay in Nigeria are earning a living, and they prefer Palmpay POS because it differs from other POS companies in Nigeria.
Agents don’t have to be concerned with any minimum float balance requirements while using the Palmpay POS. Instead of renting a POS device and paying a cautionary charge, agents might own the POS equipment entirely.
Banners, flyers, and other free firm branding items are also used by Palmpay to mark their agent’s premises.
Like the other POS providers, Palmpay POS commissions are paid weekly rather than monthly.
Price of a Palmpay POS device in Nigeria
Both Palmpay POS machines cost the following amounts in Nigeria:
A traditional Palmay POS terminal costs N40,000 to buy outright and N20,000 for a cautionary fee/rental.
Android Palmpay Point of Sale Machines cost N30,000 (advance/rental) and N60,000 to purchase outright.
It is crucial to remember that the fees are only intended as a precaution and will be returned to the agent when the Palmpay POS system is returned in good condition.
If you choose the rental option, PalmPay may decide to take your POS equipment away if you don’t meet their target.
However, if you purchase the POS directly from Palmpay and pay a full purchase price of N40,000 or N60,000 rather than a cautionary cost of N20,000 or N30,000, you won’t have to worry about Palmpay reclaiming the POS from you.
What activities are available on a Palmpay POS device?
As a Palmpay agent, you can provide the following services while utilizing the Palmpay terminal:
- Withdraw money
- Payment Transfer
- settling utility bills
- Check the balance of the customer’s account with their ATM card.
Types of POS systems from Palmpay
There are various Palmpay POS models in Nigeria.
- Traditional Palmpay POS: This was the company’s original iteration of POS and it works similarly to the modern type (both in features and in charges)
- Palmpay Andriod POS (Screen touch): A new POS from Palmpay featuring Android features and a user-friendly interface made possible by screen touch technology.
Although Palmpay’s conventional POS and Android POS have different costs.
Their output capabilities are equivalent (they both print out receipts). The fees for both transactions and withdrawals are the same.
Getting Palmpay POS
You must fulfill a number of conditions and requirements in order to receive the Palmpay POS, such as:
- Nepa bill, passport photo, and a valid ID card (national ID card, driver’s license, voter’s card, or international passport).
- Business Permit (For Registered business only)
- Genuine BVN
- Account Number is real
- Evidence of a location for starting your POS firm
- Your name, date of birth, gender, email address, phone number, and mother’s maiden name are additional details you will need to apply for Palmpay POS.
Here are the procedures to take if you satisfy these conditions and requirements to obtain the Palpay POS:
- Install the PalmPartner app first (Available on Android and iOS)
- Then register and submit all the necessary data for approval.
- The POS will then begin the payment and delivery process after that (It can take up to 7 days)
- Yesss! A Palmpay representative will call you to inquire about your approval or disapproval…
To swiftly receive your Palmpay POS, you can also travel to PalmPay’s Lagos location at 20, Opebi Road, Ikeja, Lagos. Just be certain you are carrying the necessary papers.
The Palmpay POS Fees (Deposit & Withdrawal Charges)
On its POS devices, Palmpay levies fees for both withdrawal and deposit transactions. These specifics are:
Palmpay POS Fees for Withdrawals
Both of Palmpay’s POS systems—android and conventional—have the same price. On withdrawal transactions, the Palmpay POS withdrawal fee is 0.5%.
Therefore, each agent must pay N5 for a withdrawal of N1,000. For every N1000 you spend, you’ll pay N5, for every N5000 you spend, N25, for every N10000 you spend, N50, and so on.
Agents will be charged a flat fee of N10 regardless of the amount being placed for deposits made at the POS machine.
Therefore, whether you transmit N10,000 or N100,000 when using the PalmPay terminal, PalmPay will charge you N10 for the agent’s services.
How to Use a Palmpay POS System
Watching this video will teach you how to use a Palmpay POS machine.
Is the Caution Fee for Palmpay POS Refundable?
Yes, if you return the POS to Palmpay in excellent functioning order, the caution cost is refundable.
POS banner for palmpay
You’ll receive a banner and other free branding materials from Palmpay when you’re accepted as an agent.
How do I access my Palmpay dashboard?
You can download the Palmpay partner app for Android or iOS to view your dashboard.
What percentage of the services’ commission does Palmpay give?
The commissions Palmpay pays its representatives when consumers pay for electricity, TV subscriptions, or airtime.
– 3% commission for MTN
4% commission for Glo
4.5% commission from Etisalat
– 4% commission for Airtel
– 2% commission for DStv
– 2% commission for GOtv
– 2% commission for PHCH
2% commission for Startime
Palmpay Client Support
You can use the following ways to contact Palmpay customer service:
– Call: 017005700
– Support@palmpay.co Email
– Live chat: Using the Palmpartner app, you can also live chat with Palmpay.
Customer service for Palmpay is available from 8 am to 7 pm, Monday through Friday. While they are open from 10 am to 4 pm on Saturdays and holidaysP
The Palmpay office is located at 20 Opebi Road. Ikeja. Lagos.
Daily Target for Palmpay POS
The daily transaction goal for agents using Palmpay POS is NGN30,000.
Does Palmpay requires BVN?
To verify that the personal information given is accurate for proper KYC (Know-Your-Customer) verification as required by the CBN, Palmpay needs the BVN (Bank Verification Number).