The rise of PalmPay has also helped in uplifting many Nigerian citizens (I mean unemployed citizens) and has helped reduce the rate of unemployment a little with the POS business opportunity the company provides.
Of course, you can transfer, send, and save money with PalmPay, also you can pay bills, and even buy airtime to earn cashback from PalmPay.
But, with POS everywhere now, you can become your street’s mini bank just by getting the PalmPay POS and starting the business at the front of your house.
If you’re interested in the PalmPay POS business, just take a sit and gently explore this post, for it contains everything from the PalmPay POS machine price and how to get PalmPay POS, to how to operate PalmPay POS, how to make money from it and lots more.
Without wasting our time, let’s dive straight in.
PalmPay is an e-wallet and online payment platform that offers financial services to users via its mobile app.
The company is one of the best and most fintech companies in Nigeria as its app has over 5 million downloads on Google Play Store.
On that PalmPay app, you can send and receive money to save with ease, you can also buy airtime where you earn cash back, and also pay bills and earn some rewards too.
Apart from being a company that offers bank-like financial services, PalmPay also has many features and platforms that let customers make money with them. Among is the PalmPay POS.
About PalmPay POS
Also known as PalmPay mobile money, and PalmPay partner, PalmPay POS is a service launched by PalmPay to let interested customers make money just by offering financial services such as withdrawals, cash deposits, transfers, etc, to other customers.
PalmPay POS machine owners are also called PalmPay POS agents or PalmPay merchants, and they earn money both from PalmPay, and charges collected from customers.
When you become a PalmPay merchant, you’ll be able to render services such as withdrawals, cash deposits, transfers, bill payments, data and airtime purchases, etc. And the cool thing is that you’ll earn money while performing all these transactions.
If you’re already in the POS business industry, getting a PalmPay POS can help you grow your business through attractive commissions, low fees and performance incentives.
As an agent, you’ll also have access to a dedicated sales manager and the company’s active customer care line to support you.
Read Also: How to Fund Palmpay Account
Types Of PalmPay POS Machine
PalmPay offers two types of POS machine options for applicants to choose from while registering as a merchant.
Here are the two types of PalmPay POS machines.
- Traditional POS: This is a regular or as I like to call it “Old-fashion” type of POS machine that can be used to carry out financial transactions that all POS types can do.
- Android POS: This is the new-fashion type of POS that has an Android interface, and can be operated just like an Android phone. It also carries out financial transactions that all other POS types do.
Both PalmPay POS types are super easy to operate, and their charges on transactions are the same. However, the price to acquire them differs respectively.
How Does PalmPay POS Look Like?
Like I said above, the PalmPay POS machine comes in two types, and below are the images of the two types of PalmPay POS machines.
And that leads us to the popular question: how much is PalmPay POS machine?
PalmPay POS Machine Price in Nigeria
Since PalmPay POS machine comes in two types, the prices, and how much it costs to get each type is different.
The price for the PalmPay traditional (Old-fashioned) POS is 20,000 Naira (₦20,000), while the price for the PalmPay android (New-fashioned) POS is 30,000 Naira (₦30,000).
Note: The above prices are for when you don’t want the POS permanently. Therefore, the prices above aren’t to buy the POS machine, instead, it is the PalmPay POS cautionary fee, in other words, renting fee.
That simply means if you’re no longer interested in the PalmPay POS, you can return the machine and get your money fully refunded, given that no damage is done to the machine.
Check Out: How to Get GTB POS Machine for FREE
PalmPay POS Requirements
Of course, you can’t get the PalmPay POS machine just like that without passing their qualification requirements.
Here are what is needed to get a POS machine from PalmPay.
- A valid identification document e.g. international passport, voters’ card, National ID card, or driver’s license.
- A valid bank account number and Bank Verification Number (BVN) are required.
- Utility bills e.g electricity bill, water bill, waste bill, and so on
- A physical space that isn’t close to other Palmpay agents or merchants.
- Agents must be familiar with the transaction user interface of the app and also know how to carry out basic transactions. Therefore, you must be able to perform multiple transactions using the PalmPartner app.
Once all these requirements are met, you are now ready to become a PalmPay merchant.
How to Get PalmPay POS Machine
After knowing the POS machine types, and prices for each type, the next thing on board is probably how to get the machine, and start your business.
Below is an easy to follow, step-by-step guide on how to get the PalmPay POS machine.
- Download the PalmPay POS app (PalmPartner) from Play Store or App Store.
- After downloading and installing the app, sign in with your PalmPay login information. You can create a new account if you don’t have one already.
- Once logged in, on your dashboard find the “PalmPay POS option and click on the “Apply Now” button.
- You’ll be asked to upgrade your account. If your account is not yet upgraded, you can upgrade it with your BVN and continue.
- Now, complete the application process and wait for a PalmPay customer care representative to get back to you.
- You’ll be asked some questions by the representative, and if you qualified, your application will be approved.
- Finally, your POS machine will be sent to you within a few days after paying the cautionary fee.
That’s simply how to apply for PalmPay POS machine. Once you get the machine, you can start the POS business and start making money.
How to Operate PalmPay POS Machine
Operating PalmPay POS machines depends on the type of POS you get from Opay, although they are very easy to operate.
Irrespective of the type of machine you get, all you just need to operate the PalmPay POS machine is to follow the instructions on the machine’s screen.
Now, let’s see the features on the PalmPay POS machine to make it easy for you to Operate.
PalmPay POS Machine Features
Here are all the transactions you can perform on the PalmPay POS machine.
- Cash withdrawal
- Fund transfer/deposit
- TV/Cable subscription
- Utility bill payments
- Airtime Purchase
- Data bundle subscription
- Account balance checking for customers
- Betting account funding
- And more.
Whichever transactions you want to do on the POS machine, all you just need is to follow the instructions step by step, and that’s all.
Check Out: How to Open PalmPay Account on Your Phone
PalmPay POS Charges
Now that you’ve gotten your POS machine from PalmPay, and all ready to start the business, knowing the amount being charged for POS transactions is ideal.
As said earlier, irrespective of the POS machine type you acquire from PalmPay, the transaction charges are the same, so let’s see the PalmPay POS withdrawal charges.
PalmPay POS Withdrawal Charges
As a PalmPay agent or merchant, all withdrawals attract a charge of 0.5%. That simply means when you make a withdrawal transaction of ₦1,000, you’ll be charged ₦5 as a service fee.
PalmPay POS Deposit Charges
Unlike the withdrawal charges that are calculated in percentage, the PalmPay POS transfer charges are fixed.
Regardless of the amount of money you want to deposit, you’ll be charged ₦10 for the transaction.
That simply means whether it is ₦100 you’re depositing or ₦10,000, ₦10 is the fixed service fee that will be charged.
PalmPay POS commission & Daily Targets
If you’re wondering, PalmPay also pays you for some transactions made as a merchant. That simply means you can earn more with PalmPay as an agent.
As an agent, you’ll get paid incentives when you reach a milestone whether daily, weekly, or monthly. You’ll also earn some commissions on bill payments and airtime purchases.
PalmPay POS Banner – How to Get it
Now that you’ve applied for the PalmPay POS machine, and waiting to get it, you may be wondering how to get the PalmPay POS banner in order to advertise your business once you start.
Usually, bank POS services line Firstmonie, and Opay do come with banners. That means once you get your POS machine, you’ll get your banner as well.
Of course, PalmPay also has a POS banner to make you quickly get your business rolling and grow as well. That simply means the PalmPay POS banner may come alongside the POS machine.
More, you can also contact PalmPay customer care support to request the banner if you already have the POS machine without the banner. You can also make more inquiries about the PalmPay POS banner.
Keep in mind that the PalmPay banners and flyers for branding are completely free.
PalmPay POS Benefits
Whether you’re already familiar with POS business in Nigeria, or you’re a newbie, you’d probably been wondering what are the PalmPay POS benefits, and why you should use PalmPay POS.
Here are some reasons to choose the POS machine on PalmPay.
- No minimum float balance is required as a merchant.
- Unlike other POS services that pay commissions on a monthly basis, your PalmPay commission is paid weekly.
- More commissions are earned on bill payments.
- PalmPay transactions fee is very low, and beginner friendly.
- Incentives are earned on performance. That means when you reach a milestone, you’ll earn some monetary bonuses.
- Your space or business location/centre is branded for you using PalmPay banners, flyers, and so on. It is all for free.
See Also: How to Become Baxi POS Agent
PalmPay POS – FAQs
How do I get PalmPay pos machine?
You can get the PalmPay POS machine by simply downloading the PalmPartner app, creating or signing into your account, and then clicking on the “Apply Now” button in the PalmPay POS option.
Is palmpay pos caution fee refundable?
Yes, if you no longer want to be a PalmPay merchant, or not interested in the POS business anymore, you can return the POS machine given to you by PalmPay, and the caution fee paid to get the machine will be fully refunded to you, given that there is no damage done to the machine.
Does palmpay pos have target?
Actually, PalmPay made the POS business flexible for merchants, as there are no daily targets required to be met. However, if you reach certain milestones, you’ll be rewarded with cash for hitting the target.
How much is PalmPay android POS?
The PalmPay android POS cost 30,000 Naira (₦30,000) as a cautionary fee, and it cost around ₦60,000 to get it outright.
With the increase in the need for quick money withdrawals, POS business keeps trending up every day, and PalmPay is here to help you level up your business and start earning more.
With this comprehensive guide that contains information about the PalmPay POS, we believe that we’ve been able to help you know how much PalmPay POS machine costs, its requirements, how to get it, charges, commissions, and lots more about the PalmPay POS business.
If you still have any questions concerning the topic, please feel free to use the comment box below, I will be glad to help.