Hello and welcome, Today we’ll be discussing on How to get Moniepoint POS Machine, Charges, Price, Daily Target.
Moniepoint by TeamApt provides Nigerian merchants secure point-of-sale machines enabling card payments. This guide explains how businesses can acquire Moniepoint terminals plus associated costs, pricing and usage procedures around meeting daily targets.
Launched in 2015 and based in Lagos, Moniepoint aims to drive financial inclusion by allowing small shops and retailers accept in-store card payments affordably. Major partners include Visa, Mastercard and Nigerian Acquiring banks ensuring smooth platform integration.
For consumers, paying with debit cards is convenient, faster and safer than cash helpful even for smaller purchase amounts. Moniepoint positioning in neighbourhood stores facilitates such cashless adoption by cardholders navigating everyday spend.
For merchants, integrating cashless payments grows sales enabling modern shopper preferences. However complex POS machine costs and learner curves hindered such uptake previously.
Moniepoint solves this through intuitive design and low charges increasing market access. Their affordable, portable wireless terminals now reach over 3000 merchants nationwide and expanding daily.
Getting Moniepoint POS Machines
To acquire Moniepoint POS terminal at your store location:
- Visit website Moniepoint.com and click Become a Merchant
- Fill signup form providing business, owner and location details
- Sales agent contacts you to discuss requirements
- Place order depositing 50% cost price as commitment
- Moniepoint configurations and delivery follows within 72 hours
- Start accepting debit/credit payments upon activation!
Dedicated account manager supports every step ensuring smooth onboarding and usage.
Buying the Moniepoint Device
The Moniepoint terminal costs ₦70,000 for merchants to fully own device.
However, affordable monthly rental schemes allow getting unit without huge upfront capital. Customers needing multiple POS machines qualify additional quantity discounts.
Financing Options
Merchants can also pay over 6 or 12 months through partner lenders if unable to buy outright. Interest rate varies between 10-20% p.a depending eligibility.
The buy now pay later programs makes Moniepoint adoption easier for more Nigerian SMBs boosting sales.
Moniepoint Charges and Fees
When agreeing merchant terms during signup, pricing model options include:
1. Commission Rates
Each card transaction deducts small percentage fee calculated on payments volume processed daily. Typical commission around 1.5%-2%.
2. Flat Monthly Plans
Alternatively pay fixed ₦5000 or ₦10,000 monthly subscription irrespective transaction amounts to use terminal.
Rates stay consistent nationwide so merchants accurately forecast service costs.
Incidental Expenses
Additionally account for sundry monthly expenses like:
- ₦500 for internet data bundle
- ₦300 for printer paper roll
- ₦1000 cashout charge above daily limits
Moniepoint otherwise maintains terminal, supplies stationery and handles support without recurrent fees.
Daily Targets Meeting Usage
To grow adoption, Moniepoint sets suggested targets for member merchants as follows:
Transaction Volumes
POS devices should handle minimum 10-20 customer payments daily averaging ₦2000-₦5000 value each.
This equals about ₦50,000 sales passing through terminal daily indicating healthy utilization.
Card Payment Ratio
Aim for card transaction percentage above 50% of total collected payments instead of mainly cash.
So if ₦100,000 total sales daily, ₦50,000 should be via debit/credit cards and remainder cash.
Higher card volumes reflect consumer cashless preference sticking over time.
Managing Shortfalls
If struggling to achieve targets, Moniepoint reviews usage patterns offering tips like:
- Shift branch location attracting more traffic
- Train tellers promoting card payments
- Highlight POS acceptance at storefront
- Offer small discounts for card-using customers
Falling significantly below expectations prompts exploring return options if unviable long run.
Accepting POS Payments
Guidance for merchants processing customer card payments:
- Greet customer indicating card payment option
- Enter amount on POS interface for customer confirmation
- Customer inserts debit/credit chip card into terminal
- Customer inputs PIN and taps OK onscreen
- Await approval display and remove card gently
- Print or email receipt as reference documenting sale
Contact helpdesk for any error messages or decline notices during transactions. Keep terminal charged and ensure internet connectivity.
Withdrawing Sales Proceeds
Moniepoint settlements disburse merchant earnings twice monthly directly into designated bank account through:
- Autobank Option – Sweeps account balance automatically
- Request Payouts – Manually liquidate sums via POS machine interface as needed
Withdrawn amounts reflect previous days sales less platform fees per terms. Monitor settlements matching against your records.
Accepting Mobile Money
To further boost payments diversity, merchants can also activate mobile money acceptance from major providers like:
- MTN MoMoPay
- Airtel Money
- OPay
- PalmPay
Upon customer request, merchants enter mobile wallet details into POS machines completing transfers. This captures cashless demand across consumer segments.
FAQS About How to get Moniepoint POS Machine, Charges, Price, Daily Target.
Does Moniepoint offer POS integration services?
No. Moniepoint specializes in plug-and-play POS hardware rental for retail/restaurant owners instead of custom software development.
Can I negotiate Moniepoint pricing plans?
Yes. Costs can be customized for merchants with large order volumes. Discuss deals with sales representatives during signup.
Does the Moniepoint POS machine need internet access?
Yes. Continuous internet connection via WiFi or SIM card enabled allowing real-time terminal usage for payments.
Can I upgrade my Moniepoint device model?
Yes. Merchant accounts allowing switch to enhanced POS machines with larger screens, whizzers, extended battery as needed with applicable costs.
Is customer card data safe on Moniepoint terminals?
Yes. Moniepoint deploys robust security protections for payment systems monitored against cyber threats to global standards.
Who handles Moniepoint device repairs and maintenance?
Merchants should not attempt repairs independently. Log support tickets for approved technicians visiting site for certified servicing.
Can I use my personal bank account for Moniepoint settlements?
No. Payout bank accounts must be registered business names undergoing verification for tracking and compliance.
Where do I purchase Moniepoint receipt paper rolls?
Stationery items like thermal paper refilled via helpdesk requests or visiting nearest Moniepoint branch location as directed.
How soon after sale are Moniepoint payments credited?
Card transactions approve immediately deducting from customer bank balance. Merchant accounts receive net proceeds twice monthly after aggregations.
Can multiple staff use the Moniepoint POS device?
Yes. Assign unique login codes for employees accessing relevant functions like reporting without permissions risk.
Who underwrites the card payments risk for Moniepoint terminals?
Flutterwave and Nigerian acquiring banks provide payments infrastructure for Moniepoint system underwriting settlement delivery.
Read more: finance stanbic ibtc customer care whatsappnumber phone number email address and office address
Conclusion
Moniepoint makes card acceptance accessible for Nigerian SMBs through affordable POS terminals and usage models. Storeowners undergoing quick signup verification can acquire units with reasonable upfront costs.
Competitive commissions or monthly subscriptions plus performance benchmarking assists first-time adopters regularly process card-based payments complementing existing cash sales.
After reading this blog you know about How to get Moniepoint POS Machine, Charges, Price, Daily Target.
