Welcome, Today we’ll talk about Paga Pos Machine Price, Charges, Daily Target: How to get Paga Pos Machine
Paga is a leading Nigerian fintech company that offers mobile payments and money transfer services. One of Paga’s most popular offerings for businesses is the Paga Point of Sale (POS) machine. This allows merchants to conveniently accept cashless payments from customers right from their retail stores. But what exactly does the Paga POS solution entail and how can you acquire one of these payment terminals for your company? This guide covers everything you need to know, from Paga POS pricing, associated charges, and expected targets, to a step-by-step application process to get set up with this innovative financial technology.
Overview of Paga POS Payment Acceptance
The Paga POS machine system essentially turns any smartphone or tablet into a flexible payment acceptance portal. It allows instant authorization of customer debit/credit card and Paga wallet transactions. This empowers businesses to easily collect fees, reduce cash handling, and expand their reach to modern, tech-savvy buyers.
Launched in 2012, Paga’s POS terminals now facilitate over $2 billion annually in transaction volumes across Nigeria. Their seamless integrator partnerships with major banks and payment networks like Mastercard enable smooth financial transfers into merchant accounts.
Paga POS Machine Pricing, Charges & Commission Rates
So what does it cost merchants to get set up with Paga’s POS solution? Here are the pricing details business owners need to know:
One-Time Activation Fee
Paga charges a one-time activation fee of 5,000 Naira to process and ship a POS machine to newly approved applicants. This covers their administrative Account Opening costs.
Device Rental Fee
If you opt to rent your POS device directly from Paga rather than provide your own, there is an additional 1,500 Naira monthly rental charge per terminal.
Transaction Commission
For every customer payment accepted through your Paga POS machine, the company collects a 1.5% transaction commission. This sliding-scale fee is capped at a maximum of 2000 Naira per transaction.
Account Maintenance
An annual 5,000 Naira account maintenance charge applies to cover periodic POS merchant account reviews and renewals.
So in summary—a one-time 5,000 Naira activation fee, optional 1,500 Naira monthly device rental, 1.5% transaction commissions, and a recurring 5,000 Naira annual maintenance cost comprises Paga’s POS pricing structure.
Paga POS Expected Targets and Performance Thresholds
Does Paga impose any sales expectations or performance standards that POS merchants must meet? Yes, the company does set certain monthly transaction and revenue targets based on each business’ size and segment. Required targets include:
SME Retailers
– Minimum 15-20 transactions daily
– Average 300,000 Naira in monthly sales
Large Corporate
– Minimum 50 transactions daily
– Average 750,000 Naira monthly sales
Falling short of these standardized targets can result in account review or eventual termination if underperformance persists each month. Paga actively monitors all POS operators to identify fraud risks as well. Merchants must therefore demonstrate consistent payment volumes or risk account suspension.
How to Apply for a Paga POS Machine
Ready to accept cashless payments with Paga? Here is a step-by-step guide to acquiring one of their POS terminals:
Step 1: Gather Documentation
Prepare copies of business incorporation papers, tax ID, business address evidence, ID card of directors, passport photos, and a recent utility bill.
Step 2: Purchase SIM Card
Obtain a new SIM card and activate it with at least 2,000 Naira airtime.
Step 3: Install Paga App
Download and install the Paga Merchant App on the smartphone/tablet to be used as your POS terminal.
Step 4: Create Paga Business Profile
Open the app and register for a Paga Business Account including bank account details and uploaded documents.
Step 5: Order POS
Activate the POS ordering in-app using an associated debit card and submit any requested additional details.
Step 6: Await Approval
Allow approximately 5 business days for Paga to review application and confirm POS shipment once approved.
Then upon delivery, visit any Paga agent location to make the one-time 5,000 Naira activation payment. And that’s it! You can now start accepting instant payments via your new POS terminal.
Benefits of Using Paga POS Machines
Why should merchants upgrade to Paga’s innovative POS solution? Top benefits include:
- Increase sales by accepting card payments
- Receive funds instantly into bank account
- Avoid risks and costs of handling cash
- Leverage discounts on airtime/data vouchers
- Access 24/7 support from Paga’s merchant help center
- Reward loyal customers through integrated Paga wallet loyalty scheme
- Save up to 64% on logistics costs by utilizing Paga’s Transfer service
Paga’s POS machines facilitate cheaper, safer, and more convenient transactions for both retailers and their customers.
Tips for Optimizing Paga POS Performance
How exactly can merchants get the most out of Paga’s payment solution? Follow these best practice tips:
- Strategically place POS for maximum customer visibility
- Train staff to proactively offer POS payment options
- Set reminders to reconcile accounts and withdrawals
- Follow up on verification requests within 24 hours
- Provide receipts to build trust and transparency
- Offer small discounts for POS purchases to incentivize cashless adoption
Diligently monitoring transaction records and encouraging POS usage are key to optimizing performance.
FAQs About Paga Pos Machine Price, Charges, Daily Target: How to get Paga Pos Machine
Still have more questions? Here are answers to the 15 most common FAQs about Paga’s POS solution:
1. Does the POS machine work offline?
No, an internet connection is required for the Paga POS to process transactions through their payment network.
2. Can the POS machine accept international card payments?
Yes, Paga POS accepts Mastercard and Visa branded international debit/credit cards in addition to local Nigerian-issued payment cards.
3. How long does it take to receive my money from POS transactions?
Transactions typically reach your connected bank account within 24 hours. Sometimes less depending on your bank.
4. Do I need a separate bank account just for POS settlements?
No, you can use your regular business checking account. Though designating a separate account just for POS earnings is recommended for easier tracking.
5. What devices can be used for the Paga POS terminal?
Smartphones and tablets running Android 5.1 and higher or iOS 10 and above can activate as Paga POS terminals.
6. Can customers pay with Apple Pay or Samsung Pay?
Unfortunately no, Paga POS currently only supports physical NFC cards, Paga wallet transfers, and USSD payments.
7. What security or fraud protections does the POS include?
Paga POS uses end-to-end encryption and PIN verification to authorize legitimate card owners Only authorized mobile numbers can register.
8. What happens if my smartphone/tablet stops working?
You can either obtain POS support to fix device issues or transfer your terminal to another smartphone/tablet through your Paga Merchant Profile.
9. Does Paga provide the POS hardware device?
Merchants can either rent a POS machine from Paga or use their own smartphone/tablet device.
10. Can I use POS if my business has no company registration documents?
Unfortunately no, RC registration and tax identification are mandatory requirements to open a Paga merchant account and enable POS acceptance.
11. Is customer data protected on the POS terminal?
Yes, Paga deploys the latest Hardware Security Modules (HSM) for robust encryption safeguarding all card details.
12. How long does POS activation and delivery take after approval?
Wait approximately 3 to 5 business days after receiving confirmation that your POS order was approved.
13. Can I accept POS payments without an internet/mobile data connection?
No, a steady internet connection is required on your smartphone/tablet for the Paga POS system to authorize transactions.
14. What support does Paga provide POS merchants?
Free support 7 days a week from Paga’s dedicated merchant support team via email, online chat and phone assistance.
15. Does Paga offer POS solutions for small businesses and startups?
Absolutely, small enterprises can acquire Paga’s affordable POS machine with minimal eligibility requirements beyond basic KYC identity verification.
Final Takeaways on Paga POS Systems
Paga’s innovative, mobile POS terminals provide Nigerian SMBs and larger retailers an accessible way to cost-effectively modernize payments. Customers gain convenient cashless options while companies benefit from streamlined accounting, discounted vendor services and instant settlements.
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Conclusion
Review Paga’s merchant offerings above to determine if their solution fits your business.
Submit an application to get started with POS machine activation within a week in most cases. Then leverage Paga’s tools and real-time metrics to optimize sales and customer loyalty gains over time.
Adopting seamless financial technology like POS is key to gaining an edge against retail competitors in Nigeria’s evolving digital economy.
After reading this article now you know how Paga Pos Machine Price, Charges, Daily Target: How to get Paga Pos Machine
