How To Get Moniepoint POS Machine, Charges, Price, Daily Target
With digital payments on the rise, having a point of sale (POS) machine has become crucial for small businesses and merchants to accept non-cash payments. Moniepoint by SBI is one of the popular POS machines, allowing merchants to accept payments through credit cards, debit cards, UPI apps, and even contactless methods like NFC.
In this blog post, we will cover everything you need to know about getting a Moniepoint POS machine for your business. We will discuss the Moniepoint POS machine pricing, the one-time deposit you need to pay, rental charges per month, transaction charges, and daily targets you must meet as a merchant to avoid penalties.
We will also share a step-by-step process to apply for a new Moniepoint POS machine for your shop or retail store. Whether you run a small shop, restaurant, salon, medical store, or tuition center, this post will help you understand how to get the Moniepoint POS machine and start accepting non-cash digital payments through cards, UPI apps, and other methods. So without further ado, let’s get right into it.
What is Moniepoint?
Moniepoint is a robust, user-friendly POS terminal provider owned by GPC Technology Resources Limited. They aim to drive financial inclusion and cashless payment adoption across Nigeria. Moniepoint offers affordable POS hardware and software solutions to help small, medium, and large businesses accept quick cashless payments. Their POS machines work with debit/credit cards, bank transfers, and mobile money like Paga and OPay. Moniepoint also has competitive transaction rates and charges.
Benefits of Using Moniepoint
Some key benefits of using Moniepoint POS terminals include:
• Accept card payments seamlessly: Increase sales by accepting debit/credit card payments from customers.
• Mobile money payments: Accept transfers from popular mobile money apps like Paga, OPay, etc.
• Low transaction charges: Competitive rates for debit/credit card payments and transfers.
• User-friendly interface: The POS machines are easy to use, even for those new to technology.
• Reliable technical support: Moniepoint provides support via phone, email, and WhatsApp to resolve any issues.
• Deployment across Nigeria: They have POS device coverage across all 36 states including Abuja.
• Secure payments: Moniepoint uses advanced encryption and protocols to protect customer card details during transactions.
• Detailed reporting: Sales reports can be accessed anytime online or via email and text. Reports include statements, reconciliation data, and more.
Getting a Moniepoint POS Machine
If you have decided that Moniepoint meets your business needs, here is a step-by-step overview of how to acquire their POS terminal:
Step 1 – Fill application form: Go to a Moniepoint agent or visit their site to fill out a POS merchant application form. This collects key details about your business.
Step 2 – Business details verification: After applying, Moniepoint will verify details about your business registration documents, office location, etc.
Step 3 – Due diligence checks: They also perform mandatory KYC (Know Your Customer) procedures stipulated by financial regulations in Nigeria.
Step 4 – Approval and deployment: Once approved after verification, you will pay the requested deposit and Moniepoint will deploy the POS to your preferred business location.
Key Requirements
To successfully get a Moniepoint POS terminal, you need:
• Active business registration documents (CAC, TIN, etc)
• Verifiable company location/office address
• Business bank account statement showing transactions
• Valid government-issued ID card of business owner
• Passport photos of account signatories
• Utility bill (electricity, waste disposal etc)
Moniepoint POS Charges
The pricing model has two main components – the upfront hardware cost and the transaction fees per successful payment.
Hardware Costs:
Buying the POS machine outright attracts the following indicative costs:
Moniepoint Lite POS: NGN 30,000 – NGN 35,000
Moniepoint Smart POS: NGN 38,000 – NGN 42,000
Moniepoint Pro POS: NGN 43,000 – NGN 47,000
Rental Fee:
Renting the POS machine monthly includes:
Moniepoint Lite: NGN 5000 – NGN 5500
Moniepoint Smart: NGN 5500 – NGN 6000
Moniepoint Pro: NGN 6000 – NGN 6500
Rental fees already include maintenance/repairs. But damaged machines must be replaced at their own cost.
Transaction Fees:
• Debit/Credit card payments: 1.25% per transaction
• Bank transfers (NIP, USSD, QR code): N50 flat fee
• Mobile money payments (Paga, OPay): N100 flat fee
Transaction fee percentages and caps differ per integration. All fees are exclusive of applicable government taxes.
How to Increase Daily Sales on Moniepoint
To maximize daily revenues and transactions after getting your Moniepoint POS terminal, you should focus on:
Product display
Showcase products/services close to the POS machine to attract impulse buys after customers pay.
Staff availability
Have dedicated staff manning the POS device at all times to assist customers in making payments. Customers may leave if no one is available.
Signage
Place visible signs, banners, and posters around your store to make sure customers accept card payments via POS.
PA announcements
Make occasional PA announcements in-store that you accept cashless payments.
Mobile money partnerships
Integrate with mobile money apps used by target customers in your location. Drive adoption through promotions like a 5% discount for the first 10 Opay payments daily.
Loyalty programs
Offer store loyalty points, discounts, or cashback for customers who pay via POS consistently. This incentivizes cashless payments.
Tower placement
Move the POS machine intermittently between high human traffic spots within the store.
Receipt branding
Print customized text/images on payment receipts to advertise products or other outlets.
Staff commissions
Incentivize staff to proactively ask walk-in customers about paying with cards through the POS machine.
Implementing combinations of the tips above will significantly increase transactions and revenues from your Moniepoint POS device daily.
Frequently Asked Questions
What payment methods can I accept on a Moniepoint terminal?
You can accept payments from debit cards, credit cards, bank transfers, QR payments, and mobile money services like OPay and Paga.
How much does it cost to buy a Moniepoint POS terminal?
The prices range from 30,000 Naira to 47,000 Naira depending on the type – Lite, Smart, or Pro model. Rented terminals incur a monthly fee of 5,000 Naira and above.
What are the transaction fees for payments on a Moniepoint device?
The fees are – 1.25% of the transaction value for debit/credit cards, an N50 flat fee for bank transfers, and an N100 flat fee for mobile money payments. Taxes extra.
What documents do I need to get a POS from Moniepoint?
You will need valid business registration documents, company bank account statements, a registered office address, a valid ID of business owners, and a utility bill.
Does Moniepoint provide technical support?
Yes, Moniepoint provides 24/7 technical support via phone, email, and WhatsApp to help resolve any issues with their POS devices.
How long does it take to get a POS machine after applying to Moniepoint?
If your business details are verified, you can get the POS machine deployed to your preferred location within 1-2 weeks after paying the required deposit.
Do I need an internet connection for the Moniepoint device to work?
Yes, you need a stable internet connection via LAN, WiFi, and SIM card for the POS to process transactions. Network downtimes will prevent card payments.
Can I print customized receipts on the Moniepoint POS machines?
Yes, receipt branding is available so you can print promotional messages, coupons, images, and more on payment receipts from the terminal.
How do I view my daily/monthly transaction reports and statements?
All your reconciliation reports can be accessed 24/7 via the Moniepoint merchant portal dashboard or they send daily reports automatically via email.
What should I do if my POS machine develops a fault or stops working?
Contact Moniepoint customer support immediately if your device has any technical faults. Damaged devices should be promptly replaced at the merchant’s cost to avoid revenue losses.
Conclusion
I hope this detailed guide gives you fantastic insights into getting and optimizing a Moniepoint POS terminal for your small business or retail store in Nigeria. POS systems like Moniepoint are critical for scaling up revenues in today’s cashless economy. Use the information here to successfully accept debit/credit cards and mobile money to grow your cashless sales and revenues daily.
