Palmpay POS Review: How Much is PalmPay POS Machine Price in Nigeria

Last Updated on December 31, 2022

Are you 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. Like the Palmpay POS Machine Price and the Charges.

Palmpay POS has become one of the popular Point-of-sale terminals for Agents in the Nigerian market because of how cheap t is to get and the low charges it offers.

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 gives you an opportunity 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 and shop and earn cashback. 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 owners of PalmCredit Loan app and EazyBuy (a Buy Now Pay Later app in Nigeria).

Checkout: Buy Now Pay Later Apps & Stores 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 that 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 outrightly 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 also paid weekly, not monthly like the other POS services.

Also See: How to Start POS Business in Nigeria

What are the things you can do on a Palmpay POS Machine

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 in charges)
• Palmpay Andriod POS (Screen touch): the new version 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.

Palmpay POS Machine Price in Nigeria

The Price for both Palmpay POS Machine in Nigeria are:

• Traditional Palmay POS costs N20,000 (cautionary fee/rentage) and N40,000 to own the POS terminal forever
• Android Palmpay POS Machine cost N30,000 (cautionary fee/rentage) 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 back 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 up to 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 Price in Nigeria

How to get Palmpay POS

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

• 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 Palpay POS:

• 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 Charges (Deposit & Withdrawal Charges)

Palmpay charges for both withdrawal and deposit transactions on its POS machines. here 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.

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 if 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: