If you are thinking of starting a lucrative POS business in Nigeria in this era of cashless policy, you should consider getting a PalmPay POS machine. If you are new here, you should also check out our article on how to start a POS business in Nigeria.
PalmPay POS machines, like other POS machines in Nigeria such as OPAY and Moniepoint, provide financial services through their mobile app. The POS machines enable you to send and receive money, pay bills, recharge airtime, and more.
In this post, I will be breaking down the PalmPay POS machine price, how to get it and more.
Why Choose PalmPay POS Machines
When you talk about flexible daily targets, weekly commissions, discounts, and cashback, PalmPay comes to mind.
PalmPay POS machine prices in Nigeria are known to be among the cheapest POS service providers in Nigeria.
There is no floating balance requirement for you to become an agent. The Palmpay POS service provider also helps brand your workstation using flyers and banners at no extra cost.
Types of PalmPay POS Machines
Another reason to choose PalmPay is that there are two types suited to your needs;
- The button POS machine is the traditional POS machine with buttons. It can be used to transact as with all other POS.
- The Android POS machine looks like an Android phone with a touch-screen feature. It is operated like an Android phone and can be used for all transactions like a button POS machine.
Features of the PalmPay POS Machines
Here are all you can do on the PalmPay Machine;
- Cash Withdrawals
- Fund transfer/deposit
- Airtime Purchase
- Data Bundle Subscription
- TV/Cable Subscription
- Betting Account Funding
- Balance Check.
PalmPay POS Machine Price in Nigeria
There are two kinds of prices for the PalmPay POS machine.
You can get the PalmPay POS machine for a cautionary fee. This is a rental fee you pay to use the POS machine for a period of time. The cautionary fee enables you to return the POS machine and get a refund of your money at any time you decide.
The POS machine will be received by the PalmPay service provider once it is confirmed to still be in good condition.
The Button PalmPay POS caution fee is N20,000
The Android PalmPay POS caution fee is N30,000.
To purchase the PalmPay POS and own it permanently, you can get it for;
Button PalmPay POS costs N40,000
Android PalmPay POS costs N60,000.
Understanding PalmPay POS Charges
Before you get the PalmPay POS machine, it is important that you know the charges that come with each transaction. This will enable you to know if you will profit or not.
Also note that, whether you are getting the Android or button POS machine, the charges are the same.
Charges on the PalmPay POS vary depending on whether you are making a withdrawal or a deposit.
PalmPay POS Withdrawal Charges
The charge on withdrawals using the PalmPay POS machine is 0.5%. This means,
- charge on N1000 withdrawal is N5
- charge on N5000 withdrawal is N25
- charge on N10,000 withdrawal is N50 and so on.
PalmPay POS Deposit Charges
The charge on deposit transactions done with the machine is N10 flat. This means that no matter the number and amount of deposits you make, the charges remain the same.
Getting a PalmPay POS Machine
Now that you know the PalmPay POS machine price and charges, the next step is to know how you can apply for and get the machine.
Requirements to get the PalmPay POS Machine
Getting the PalmPay POS machine is easy, once you meet the requirements.
The following will be required of you;
- Knowledge of the PalmPartner App and its usage
- Valid means of identification (any of these, voter’s card, National I.D card, international passport
- Utility bills, for example, electricity bills, rent receipts, and others
- Valid Account Number
- Valid Bank Verification Number (BVN)
- CAC certificate (for registered business owners)
- A physical workstation for your business not too close to other PalmPay Agents.
Go ahead and apply for the POS machine, once you have the necessary requirements.
Applying for PalmPay POS Machine
Here are the steps to apply for PalmPay POS Machine in Nigeria;
You can go to the Google Play Store on Android or the Apple App Store for iOS users to download the PalmPartner app.
Log in with your details if you already have an account or you can create a new account.
On your PalmPartner dashboard, go to the POS option and select and click the “Apply now” button
Fill out the application form completely and upload all required documents as requested.
Wait for a call from their customer service agent within some days. They will call to ask some questions to determine your eligibility.
When your application is approved, you will be required to pay the cautionary fee before your POS is delivered to you. You’ll receive your POS in a few days after payment.
You can also visit the PalmPay page to apply for your machine.
How to activate the PalmPay POS Machine
There is a need to activate the PalmPay POS machine before you can transact with it.
To activate the machine, follow the instructions that come with it when you receive it. Once this is done, you can start using the POS to transact with customers.
Becoming a PalmPay Agent
PalmPay Agents are those who own or use the PalmPay POS for business. They are also called PalmPay Merchants.
As a PalmPay agent or merchant, you will be able to offer services such as cash withdrawals, fund deposits, data and airtime purchases, and more.
How to Become a PalmPay Agent
To become a PalmPay agent or merchant, you must meet the requirements for getting a POS machine, as I have shown above.
Follow these steps below to become a PalmPay Agent or Merchant,
- Go to the PalmPay website
- Click on the “Agent” icon on the far right corner of the website title bar
- Click on the “Get Started Now” button
- Fill out the application form that pops up with the necessary details
- You will be required to agree to their terms and conditions
- Then, click on the “Apply Now” button.
Alternatively, to become a PalmPay Agent you can go through the process by,
- Downloading the PalmPartner App from the Google Play Store for Android or on iOS phones (Apple store)
- Signing up on the App
- Inputting the required information on the application form
- Clicking to agree to the terms and conditions
- Submitting the application and awaiting feedback from the customer care representatives.
All PalmPay agents have sales managers attached to them.
Using PalmPay POS as a Business
The PalmPay POS machine enables you to make seamless withdrawals, cash deposits, quick airtime and data purchases, and more. Apart from these, there are certain benefits to using the PalmPay POS as a business.
Benefits of Becoming a PalmPay POS Agent
Alternatives to PalmPay POS Machine
- OPAY (here’s how to get an Opay pos machine)
- Nomba POS machine (here’s our post on getting a Nomba machine)
- Pay Force
- CLOSA Agent
- QuickTeller and more.
There are other POS alternatives to choose from apart from the PalmPay POS machine.
Frequently Asked Questions (FAQs)
PalmPay Android POS: What’s special?
The PalmPay Android POS works like an Android smartphone. It has a touch-screen feature that enables faster usage compared to the button POS machine. The PalmPay Android POS is also easy to carry as it is not as weighty as the button POS.
Is the PalmPay POS caution fee refundable?
Yes! The PalmPay POS caution fee is refundable. If you are tired of being an agent or want to switch to another POS service provider, you can return the PalmPay POS machine to the service provider.
Your cautionary fee will be returned to you only if the POS is returned in good condition after assessment.
How much percent does PalmPay charge?
PalmPay charges 0.5% on cash withdrawals. This means that for a withdrawal of N1000, PalmPay charges N5, for N5000, a charge of N25 is removed, and so on.
For cash deposits, PalmPay charges a fixed amount of N10 per transaction. So, even a deposit of up to N100,000 still attracts the same charges.
Does PalmPay POS have targets?
PalmPay POS has flexible targets for its agents or merchants. So, there are no daily targets to be met. However, there are incentives for agents to reach certain milestones, up to N50,000 daily.
How much is PalmPay Android POS?
PalmPay Android POS machines cost N60,000 if you want to own the POS. But you can also rent the Android POS by paying the cautionary fee of N30,000.
The PalmPay POS machine price is one of the cheapest in Nigeria, and they offer attractive commissions and incentives to their POS agents. You can start the PalmPay POS business immediately by following the process in this post. Download and apply on the Palm Partner App or on the PalmPay website, and start your journey to earning more money.