Palmpay POS Charges -How to get PalmPay POS Machine

last Updated on January 10, 2024

The Palmpay POS is one of the popular Point-of-sale terminals for mobile agents and small business owners in the Nigerian market because of how cheap it is to get and the low charges it offers.

If you’re interested in getting a Palmpay POS Machine in Nigeria, this guide will help you with all the questions you might have regarding getting a Palmpay POS. Questions like the Palmpay POS Machine Price and the Palmpay POS Charges.

The POS business in Nigeria has become a very big market, as many Nigerians are turning to it to make ends meet as it seems a lucrative business to be involved in.

There are lots of Mobile Money Agent services in Nigeria other than Palm Pay, there are GTB POS, Kudi POS, Opay POS, and Moniepoint POS.

Becoming a POS agent allows you to become your community’s bank.

So instead of the residents of your community visiting a bank branch or an ATM to perform banking transactions, they can visit the nearest POS agent to do any of these banking transactions.

Palmpay doesn’t just provide a POS service, it’s also a payment app in Nigeria that lets anyone transfer money, pay bills, shop, earn cash back, and borrow money.

Palmpay is a Mobile Money Operator (MMO) licensed by the CBN. The owner of Palmpay is Trassnet (a joint venture between Transsion and Netease). Transsion is also the owner of PalmCredit Loan app and EazyBuy (a Buy Now Pay Later app in Nigeria).

You can become a Palmpay Mobile Money Agent and earn high commissions by offering people payment services using the PalmPay Terminal.

Palmpay has over 40,000 mobile money agents across Nigeria who are making money and the reason they like Palmpay POS is because it’s different from other POS agencies in Nigeria.

See: What is the Full Meaning of POS in Nigeria

With the Palmpay POS, agents don’t have to worry about any minimum float balance requirement.

Agents can also own the POS machines outright rather than rent one and pay a cautionary fee. Palmpay also brands their agent’s spaces using banners, flyers, and other company branding materials, all for free.

Palmpay POS commissions are paid weekly, not monthly like the other POS services.

In this comprehensive review, we’ll delve into the features, benefits, pricing, and how to get the Palmpay POS machine in Nigeria.

How to Get Palmpay POS Machine

To get the Palmpay POS in Nigeria you need to meet certain conditions and requirements:

• Valid ID card (National ID card, Driver’s license, Voter’s card or international passport)
• Nepa bill, and passport photograph.
• Business License (For Registered businesses only)
• Valid BVN
• Valid Account Number
• Proof of a space to set up your POS business
• Other details you will need to apply for Palmpay POS are your personal information like your Name, Date of birth, Gender, Email address, Phone number, and your Mother’s maiden name.

If you meet these conditions and requirements here are the steps to take to get the Palmpay POS Machine in Nigeria:

• First Download the PalmPartner app (Available on Android and iOS)
• Then Sign up and provide all the required information for approval.
• Next, the payment and delivery process for the POS will start (It can take up to 7 days)
• A Palmpay employee will call you to confirm your approval or otherwise

Alternatively, you can visit PalmPay’s Lagos address at 20, Opebi Road, Ikeja, Lagos to quickly get your Palmpay POS. Just make sure you have all your documentation with you.

Palmpay POS Daily Target

The Palmpay POS daily target is a transaction total of NGN30,000 for Palmpay mobile money agents.

How Much is Palmpay POS -Palmpay POS Machine Price

The Palmpay POS Machine prices in Nigeria are:

• Traditional Palmay POS costs N20,000 (cautionary fee/renting) and N40,000 to own the POS terminal forever
• Android Palmpay POS Machine costs N30,000 (cautionary fee/renting) and N60,000 to own the POS terminal forever

It is important to note that the costs are a cautionary fee and will be refunded to the agent when they return the Palmpay POS machine in good condition.

PalmPay can also decide to withdraw their POS machine from you if you don’t meet their target if you are on the renting option.

But if you buy the POS outright from Palmpay and do not pay a cautionary fee of N20,000 or N30,000 and instead pay N40,000 or N60,000 for the machine to be fully yours you won’t have to worry about the POS machine being taken away from you by Palmpay.

Also See: All POS Machine Prices in Nigeria

Palmpay POS Machine Features

Some of the services you can offer as a Palmpay agent using the Palmpay terminal are:

• Cash withdrawal
• Fund Transfer
• Payment of Utility Bills
• Check the customer’s Account balances with their ATM Card.

Also See: How to Block GTB ATM Card

Types of Palmpay POS

The types of Palmpay POS in Nigeria are:

• Traditional Palmpay POS: The first version of POS from Palmpay and functions the same as the new type (both in features and charges)
• Palmpay Andriod POS (Screen touch): the new version of POS from Palmpay that comes with Andriod features and an intuitive interface powered by screen touch capabilities.

While the prices of the traditional POS and Andriod POS from Palmpay are different, their output functions are the same (they both print out receipts). Their transaction and withdrawal charges are the same as well.

Related: Palmpay USSD Code to Transfer, Check Balance and for Airtime & Loans

Palmpay POS Charges (Deposit & Withdrawal Charges)

Palmpay charges for both withdrawal and deposit transactions on its POS machines. These are the details:

Palmpay POS 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 N5000 (you be charged N25), for N10000 (you will be charged N50 ) and so on and so forth.

Palmpay Agent Deposit Charges

For deposits on the POS machine, agents will be charged a fixed fee of N10 naira regardless of the amount being deposited.

So when you send money using the PalmPay terminal, Palmpay will charge you the agent N10 regardless of whether you’re sending N10,0000 or N100,000.

See: The Cheapest POS Charges in Nigeria

How to Operate Palmpay POS Machine

You can learn to operate Palmpay POS machine by watching this video:

Is Palmpay POS Caution Fee Refundable?

Yes, Plampay’s caution fee is refundable when you return the POS to Palmpay in good working condition.

How do I Access my Dashboard on Palmpay

You can access your dashboard via your Palmpay partner app which you can download on Android or iOS.

How much Commission does Palmpay give on services?

Here are the commissions Palmpay gives its agents when customers buy airtime, pay for TV subscriptions, or pay electricity bills.

• MTN 3% commission
• Glo  4% commission
• Etisalat  4.5% commission
• Airtel 4% commission
• DStv 2% commission
• GOtv 2% commission
• PHCH 2% commission
• Startime 2% commission

Palmpay Customer care

You can reach Palmpay customer care 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 is available from Monday to Friday 8 am to 7 pm. While on Saturdays and National Holidays, they’re available from 10 am to 4pmP

Palmpay’s Office address: is 20 Opebi Rd. Ikeja. Lagos.

Does Palmpay require BVN to get POS?

Palmpay requires BVN (Bank Verification Number) to confirm that the personal information submitted is valid for proper KYC (Know-Your-customer) verification as demanded by the CBN.