Hello and welcome Today we’ll be discussing on PalmPay POS Charges, Daily Target, POS Machine Price: How To Get PalmPay POS Machine.
PalmPay is a leading fintech platform in Nigeria that offers contactless payment solutions for businesses. Their PalmPay POS system allows merchants to easily accept debit/credit card transactions using a smartphone or tablet. But what exactly does PalmPay POS involve regarding pricing, expected targets, and application requirements? This guide covers everything Nigerian retailers need to know about getting set up to process mobile payments via PalmPay’s point-of-sale offering.
Overview of PalmPay POS Payments
The PalmPay POS service essentially transforms your mobile device into a wireless payment terminal. This allows fast and secure acceptance of customer card payments without handling cash. PalmPay’s payment network partnerships facilitate reliable clearing into your nominated business bank account within 24 hours in most cases.
Since launching POS services in 2020, PalmPay now powers payments for over 5,000 active merchants across Nigeria. Their affordable, user-friendly POS interfaces work on both Android and iOS platforms to turn any smartphone or tablet into a flexible point-of-sale machine.
PalmPay POS Pricing – Costs, Charges & Transaction Rates
What fees and costs are involved to accept payments using PalmPay POS? Here are the key rates merchants should understand:
Activation Fee
PalmPay charges a one-time activation fee of N2,500 when new POS merchants are onboarded and their account initialized.
Monthly Rental
If renting a POS device from PalmPay, there is an additional hardware rental charge of N1,500 per terminal every month.
Transaction Commission
Every customer payment through your PalmPay POS terminal incurs a 1.4% transaction fee. Capped at N1,100 maximum per transaction.
Settlement Fee
A flat fee of N100 applies for each merchant withdrawal settlement from PalmPay to your connected bank account.
So in summary—one-time N2,500 activation, optional N1,500 monthly rental, 1.4% transaction commission capped at N1,100 and N100 per settlement.
PalmPay POS Targets – Expected Volumes & Performance
Does PalmPay mandate any minimum processing thresholds or other performance requirements for POS merchants?
Yes, the company generally sets standardized targets based on each retailer’s size and industry. Required daily volumes include:
Small Business
– Minimum 10-15 transactions/day
– Average 200,000 Naira monthly processing
Enterprise Retail
– Minimum 50 transactions/day
– Average 500,000 Naira monthly
Falling short of targets long-term can risk account suspension or further reviews. PalmPay monitors activity to catch fraudulent merchants as well.
How To Apply for PalmPay POS
Follow this application checklist to acquire a POS from PalmPay for your business:
Step 1: Prepare Documents
Have copies ready of your business registration, tax ID, utility bill, business address evidence, directors ID/passport, and passport photos.
Step 2: Install PalmPay App
Download and install the PalmPay Merchant app on the mobile device you wish to use for POS transactions.
Step 3: Open POS Account
Open a merchant account within PalmPay app including bank details and uploaded company documents from Step 1.
Step 4: Order POS
Select POS ordering option and submit order form with any additional requested business or owner ID details.
Step 5: Await Approval
Allow approximately 5 days for PalmPay to review application and confirm approval to ship POS machine.
Once delivered, visit nearest PalmPay agent to make one-time activation payment. Then start accepting customer payments!
Benefits of PalmPay POS Terminals
Why go cashless with PalmPay? Top advantages include:
- Accept payments anywhere via mobile device
- No risks or costs of handling physical cash
- Funds directly settle into your bank account quickly
- Discount packages on bills payment/airtime purchases
- Leverage loyalty program integration and data insights
- Dedicated support 7 days a week from PalmPay team
PalmPay POS empowers businesses to sell more while optimizing operations, reducing expenses, and strengthening security.
Tips to Maximize PalmPay POS Performance
Follow these best practices for getting the most transactions and sales out of PalmPay POS:
- Train staff on prompting POS payment when engaging customers
- Strategically position terminal for high visibility in storefronts
- Incentivize tap-and-pay adoption through small discounts
- Monitor transaction dashboards daily and withdrawals
- Respond quickly to any verification requests from PalmPay
With some staff education and proactive account management, optimizing your POS capabilities is straightforward.
FAQs About PalmPay POS charges, daily target, Pos machine price: how to get PalmPay POS Machine
Still have questions about PalmPay’s POS merchant solution? Here are answers to the top 15 queries:
1. Does the POS work offline without internet?
No, a mobile data or WiFi connection is required for the PalmPay POS to process transactions.
2. Can customers pay via USSD on my POS terminal?
Yes, in addition to card payments PalmPay POS supports linked bank account payments through USSD prompts.
3. How soon do funds from sales settle into my account?
Most POS transactions reach your connected bank within a business day, sometimes sooner if same bank as PalmPay.
4. What devices are compatible with PalmPay POS?
Smartphones and tablets running Android 6.0 or higher and iOS 10 and above can install the POS app.
5. Does my business need to be officially registered to qualify?
Yes, RC registration documents are mandatory during onboarding to verify business identity.
6. Can multiple staff use the POS app with one merchant account?
Yes, the app and paired POS machine can be used by any staff authorized under the same merchant profile.
7. What customer purchase insights do I get?
Dashboard metrics provide real-time sales data. More advanced analytics on customer behavior/purchases through additional merchant services.
8. How do I dispute unauthorized or fraudulent POS transactions?
Log in to your back office dashboard and navigate to transaction history. Select transaction and report issue following prompts.
9. Can customers pay with PalmPay wallet balance at my POS?
Yes, alongside cards your POS accepts payments from PalmPay eWallet account holders.
10. Does PalmPay provide the POS hardware devices?
Merchants can either rent the POS machine directly from PalmPay or use their own smartphone/tablet.
11. How do I change the POS settlement bank account details?
Login via your Merchant Dashboard to your profile and payment settings. Edit the saved bank account information.
12. What POS security & encryption does PalmPay use?
Robust E2E encryption secures transactions. PIN verification safeguards stolen devices. Cyber insurance also protects merchant accounts.
13. Can I use PalmPay POS if my business is unregistered?
No, registration documents are required during onboarding to verify corporate identity and legitimacy.
14. Does PalmPay offer dedicated support?
Yes, PalmPay POS merchants get 24/7 priority support via live chat, email ticketing, and phone assistance.
15. Are there PalmPay POS solutions for small/informal businesses?
Yes, micro-merchants can acquire specially tailored POS product offerings from PalmPay if registration barriers are an issue.
Final Takeaways on Getting PalmPay POS
PalmPay delivers an affordable and user-friendly mobile POS solution for Nigerian SMBs and larger retailers to easily turn cashless. The application process is straightforward with responsive support teams available to guide merchant onboarding. Consider PalmPay POS to modernize your payments infrastructure and gain actionable insight into customer purchasing behaviors through their sophisticated analytics.
Read more: finance how to delete close and deactivate my opay account without stress
Conclusion
PalmPay’s mobile POS system offers an innovative, affordable way for Nigerian businesses to upgrade their payment acceptance. By turning a smartphone or tablet into a flexible point-of-sale device, retailers can tap into the convenience of contactless transactions – no need to handle cumbersome cash payments anymore.
Review PalmPay’s pricing around one-time activation costs, recurring monthly terminal rentals, competitive 1.4% transaction fees and minimal settlement charges per bank transfer. Expect reasonable targets around daily transaction volumes and monthly processing totals which the company will monitor for suspicious deviations.
The application process only takes a few days once required business registration documents, owner IDs and device details are submitted. PalmPay aims to rapidly approve and ship POS machines to qualified SMBs or larger merchant applicants.
Getting setup with seamless mobile POS infrastructure via PalmPay equips your business to meet Nigeria’s accelerating adoption of cashless payments and financial technology.
Consider PalmPay’s point-of-sale offering to securely begin accepting debit/credit card transactions while gaining data-driven customer insights to propel your company’s vision into the digital future.
