Are you interested in PalmPay POS machine price in Nigeria, types, daily target, banner, review, aggregator, how to operate, become an agent to get yours, commission, transaction and withdrawal charges?
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PalmPay makes it easy to send and receive money and pay for airtime, bills and shopping, all while saving money through discounts and cashback.
It gives you an opportunity to become your neighborhood’s mini bank.
In Nigeria, it is one of the fastest growing FinTech companies with over 5,000,000 users.
In a recent survey, 99% of the users have voted the mobile money operator licensed by the Central Bank of Nigeria as the most reliable payment network in the country.
The certified fraud and security systems always keep your money and data protected.
98% of transactions carried out on the app are successful within 60 seconds, and most failed transactions are reversed immediately.
For the rest, there’s the PalmPay Performance Guarantee.
You will be sent a discount coupon for any payments that take longer than 60 seconds to process, and another one should it take longer than 5 minutes – irrespective of the cause of any delays.
PalmPay differs from other POS merchants that recruit agents for transactions.
It requires no minimum float balance requirement.
They brand your space for your using banners, flyers, and so on. It is all for free.
The commissions are paid weekly, not monthly, like the others.
What are the requirements to become a PalmPay agent?
You will need a bank verification number (BVN) and other necessary documents to become a PalmPay agent.
Steps to Getting PalmPay POS Machine in Nigeria
Here are the steps to apply and get PalmPay POS machine in Nigeria:
- Create an account.
- Download the app on the Google Play Store for Android users or the Apple app store for iOS users.
- After downloading, sign in with your login details or you can create a new account if you don’t have one yet.
- After you log in, find a button that says apply for POS. Click and follow the next instructions.
- Upgrade your account. Do this in the settings section within the palm partner app.
- Wait and one of their customer care representatives will get back to you.
How do I Become a PalmPay Agent?
To become a PalmPay agent, submit your information in the form at the bottom of the website, or call the hotline 018885000.
You will be contacted by a dedicated customer representative.
Every agent is allocated a dedicated sales manager.
There are several support channels for you to reach anytime you have a question or need help.
Your customers don’t need to worry about following up on issues with transactions, as PalmPay will automatically work to resolve them on your behalf.
You’ll also have access to an easy-to-use online portal to help you monitor your activities and manage your account.
What’s the fee policy if I want to get a PalmPay POS?
Different cooperation modes have different fees policies, about 0.4% – 0.5% per transaction, and different transaction fees have different capping fees.
What if I want to return PalmPay POS?
You can return your POS terminal to the PalmPay office or contact your sales.
And the deposit will be returned to the credit card account within 15 days after the acceptance of no damage.
PalmPay POS Types
These are the two types of PalmPay POS machine in Nigeria:
- Traditional POS
- Android POS
These two POS types come with different prices, but their transactions charges are the same.
Both traditional POS and android POS machine have printers to print out transaction receipts for your customers.
PalmPay POS Machine Price in Nigeria
1. Caution Fee
- The Traditional PalmPay POS caution fee is ₦20,000.
- The Android PalmPay POS caution fee is ₦30,000.
This amount is not the price for buying the PalmPay POS machine, it’s just a cautionary (rent) fee.
If you are not interested in running the POS business or you have got another POS machine elsewhere, you can return it and your money will be refunded back to you, as long as no damage is done to the machine.
2. Outright Purchase
To buy and own the POS machine, here’s the price:
- Traditional PalmPay POS is ₦40,000.
- Android PalmPay POS is ₦60,000.
Note that PalmPay can withdraw their POS machine from you if you don’t meet up to their daily target.
So, it’s best to buy the POS machine outright and not pay a cautionary fee.
PalmPay POS Charges and Commissions
For withdrawal, PalmPay charges 0.5% of the transaction amount.
These are PalmPay POS transaction and withdrawal charges:
- For ₦1,000 withdrawal, PalmPay charges ₦5.
- For ₦5,000 withdrawal, PalmPay charges ₦25.
- For ₦10,000 withdrawal, PalmPay charges ₦50.
- For ₦15,000 withdrawal, PalmPay charges ₦75.
- For ₦20,000 withdrawal, PalmPay charges ₦100.
These are PalmPay POS commission structure for Data Top Up:
- MTN = 3% commission
- Glo = 4% commission
- 9Mobile = 4.5% commission
- Airtel = 4% commission
These are PalmPay POS commission structure for TV Subscription:
- DStv = 2% commission
- GOtv = 2% commission
- PHCN = 2% commission
- StarTimes = 2% commission
To make more money on PalmPay as an agent (merchant), increase your daily transactions on the terminal.
Deposits Charges and Commissions
For deposits, PalmPay charges ₦10 regardless of the amount.
This means that when customers ask you to help them send money to someone, ₦10 will be charged for the transfer, even if the money you’re transferring is ₦100,000.
- Tier 1 – The daily transaction limit is ₦50,000 and can only hold up to ₦300,000 in account balance.
- Tier 2 – The daily transaction limit is ₦200,000 and can hold up to ₦500,000 in account balance.
- Tier 3 – The daily transaction limit is ₦3m and can hold up to ₦5m in account balance.
How to Fund PalmPay POS Account
The phone number (without the first 0) that you used while creating a PalmPay account is your account number.
To fund your PalmPay account, send the money through any bank app to your account with your phone number as bank account and PalmPay as the bank.
Alternatively, you can just log in to the app and fund your account from there.