PalmPay POS Charges, Daily Target, POS Machine Price: How To Get PalmPay POS Machine
PalmPay is a leading fintech company providing payment solutions and financial services in Nigeria. One of their most popular offerings is the PalmPay POS device and payment processing services. With PalmPay POS, merchants can accept card and wallet payments from customers.
In this post, we’ll take an in-depth look at PalmPay POS, including the charges, daily targets, and prices for getting a POS machine.
Whether you’re considering getting a POS device for your business or just curious to learn more, read on for everything you need to know about PalmPay POS!
PalmPay POS Overview
PalmPay entered the Nigerian fintech scene in 2019 and quickly became one of the top players in the payment processing space. Their POS solutions allow SMEs and enterprise merchants to accept payments from customers via debit/credit cards and mobile wallets like the PalmPay wallet.
The PalmPay POS machine connects via GPRS/WiFi to the PalmPay payment gateway. Once a customer makes a payment, the funds are instantly transferred to the merchant’s PalmPay wallet or bank account.
Benefits of PalmPay POS
1. Accept card payments from Mastercard, Visa, Verve, etc.
2. Accept wallet payments via PalmPay, OPay, Paga, etc.
3. Send and receive money from the POS app.
4. Access business analytics and reports.
5. No hidden charges, only transparent fees.
For many businesses, having a POS machine boosts revenue and provides convenience for customers. Now let’s look at the POS pricing, charges, and targets when using PalmPay.
PalmPay POS Pricing and Packages
PalmPay POS comes in 3 package options for merchants to choose from:
Basic Plan
• POS machine rental: Free
• Activation fee: N2,500 one-time
• Transaction fee: 1.4% (capped at N2000)
• Minimum daily target: N20,000
Standard Plan
• POS machine price: N30,000
• Activation fee: N5,000 (one-time)
• Transaction fee: 1.3%
• Minimum daily target: N50,000
Enterprise Plan
• POS machine price: N60,000
• Activation fee: N20,000 (one-time)
• Transaction fee: 1.1%
• Minimum daily target: N100,000
The main differences between the packages are the upfront POS machine cost, activation fee, transaction charges, and expected minimum daily transactions.
The Basic Plan has no upfront POS purchase cost but charges the highest transaction fee percentage. The Enterprise Plan has the highest upfront cost but the lowest transaction percentage.
Merchants should choose the plan that aligns best with their business transaction volumes and budget. For small businesses just starting, the Basic Plan provides an affordable entry point with no POS purchase cost. Bigger merchants who process high volumes should opt for the Enterprise plan.
Understanding PalmPay POS Charges
Now that we’ve seen the different PalmPay POS package options, let’s break down the actual charges you’ll incur when using the POS device:
Activation Fee
This one-time fee covers the activation of the POS machine and merchant account on the PalmPay platform. It ranges from N2,500 for Basic plan to N20,000 for Enterprise plan.
POS Machine Rental or Purchase
With the Basic Plan, the POS machine itself is rented for free. But for Standard and Enterprise plans, you must purchase the POS machine upfront at N30,000 and N60,000 respectively.
Transaction Percentage Fee
This fee is charged on the value of each transaction. It ranges from 1.4% for Basic plan down to 1.1% for Enterprise plan (capped at N2000 max for Basic).
Settlement Fee
When you withdraw/transfer funds from your PalmPay wallet to bank, a settlement fee of N100 applies.
Minimum Daily Target
To avoid account deactivation, you must meet a minimum transaction volume per day. This ranges from N20,000 daily for Basic plan up to N100,000 daily for Enterprise plan.
Internet Costs
You will need a GPRS/WiFi internet connection for your POS terminal. The cost of data will depend on your connectivity provider.
So in summary, the main POS charges are the activation fee, device cost (for Standard/Enterprise), transaction percentage, and settlement fee when transferring funds to bank. Ensure you factor in these charges when planning your budget.
Meeting Your Daily Target
An important requirement of PalmPay POS is that you must process a minimum value of transactions daily to avoid account deactivation. The daily target starts at N20,000 for Basic and goes up to N100,000 for Enterprise.
Here are some tips to help meet your daily targets consistently:
• Choose the right plan based on your average transaction volumes. Don’t take Basic plan if you process over N50,000 daily for instance.
• Promote your POS payment options prominently in-store via posters and stickers. This attracts more card/wallet payments.
• Offer small incentives for customers to pay via POS e.g. discounts or loyalty points.
• Maintain a good credit record by paying your POS charges promptly to avoid account freeze.
• Stay active by processing transactions throughout the day rather than leaving it late.
• Track your daily performance to identify low-volume periods that need improvement.
• Increase your marketing to draw in more customers using POS as a payment option.
With the right plan, promotion, and efficient operations, you can meet your PalmPay POS targets successfully every day.
How To Get A PalmPay POS Machine
If you’ve decided PalmPay POS is right for your business, here are simple steps to get set up with your POS device:
Step 1 – Fill out the online or offline application form
Visit the PalmPay website or office to fill out a merchant application form with your business details like name, address, owner info, projected processing volumes, etc.
Step 2 – Submit KYC documents
Provide documents for KYC such as business registration/incorporation documents, ID of owners, etc. This is required to verify your business for regulatory compliance.
Step 3 – Activate merchant account
Once your application is approved, PalmPay will activate a merchant wallet account where processed payments will be credited.
Step 4 – Make payment for the package
Pay for your chosen PalmPay POS package option: Basic, Standard, or Enterprise. Payment can be made to PalmPay online or at their office.
Step 5 – POS delivery
For Standard and Enterprise packages, PalmPay will deliver your POS machine to your business location once payment is confirmed.
Step 6 – POS setup
Connect your POS device to the internet via WiFi/GPRS and activate it by entering the verification code sent to your registered phone number.
Step 7 – Start processing payments
Begin accepting customer payments through debit/credit cards and mobile wallets. You’re all set.
The key steps are choosing your preferred package, completing the application with KYC documents, making package payment, receiving the POS terminal, and finally setting it up to start processing transactions seamlessly.
Frequently Asked Questions
What payments can I accept with PalmPay POS?
You can accept payments from major debit/credit cards like Mastercard, Visa, and Verve cards. It also accepts payments from mobile wallets including PalmPay, OPay, Paga, and others.
How much does a PalmPay POS machine cost?
The POS machine costs N30,000 for the Standard plan and N60,000 for Enterprise plan. The Basic plan has no upfront device cost.
What network does PalmPay POS use?
PalmPay POS connects to the internet via GPRS or WiFi. You need a data connection from a provider like MTN, Airtel, Glo, or 9Mobile.
How do I get paid for payments from my PalmPay POS?
Transactions from your PalmPay POS are instantly credited to your PalmPay merchant wallet account. You can then transfer to your bank.
Is there a transaction limit on the PalmPay POS device?
There is no transaction limit. But charges are capped at N2000 per transaction on the Basic plan.
What are the charges for using PalmPay POS?
The main charges are activation fee, transaction percentage fee, settlement fee, and device cost (for Standard/Enterprise).
How do I track my PalmPay POS transactions?
You can view real-time reports and analytics of transactions on the PalmPay merchant app and online dashboard.
Can I use PalmPay POS without internet?
No, a GPRS/WiFi data connection is required for the POS to connect with the PalmPay platform.
Is customer support available if I have issues?
Yes, PalmPay has 24/7 customer support via email, phone, and chat to assist you.
How long does it take to get a POS machine?
Once approved and payment made, delivery of the POS machine takes 1-2 business days within Lagos and 3-5 days nationwide.
Conclusion
PalmPay POS enables businesses to tap into the growing cashless economy by accepting card and wallet payments. By understanding the POS pricing, charges, and daily targets outlined in this post, you can make an informed decision when getting your own PalmPay POS machine.
Pick the right package, meet your transaction targets consistently, and leverage PalmPay POS to take your business to the next level. You can boost revenue, satisfaction, and convenience for customers paying digitally.
To recap, the main charges are activation fee, device cost, transaction percentage fee, and settlement costs. Target the minimum daily transaction volumes to avoid account freeze. Apply for your POS seamlessly by filling out the application, submitting KYC, making payment, and setting up once delivered.
