This is an in-depth tutorial on how to get PalmPay POS Machine anywhere in Nigeria and make cool money from it in 2022.
In this guide, you will also find:
- how to become a PalmPay POS agent in 2022,
- Where to Find their customer care number?
- is palmpay pos cautionary fee refundable?
- How much is palmpay pos charge and price
- how does palmpay pos machine look like?
- How palmpay partner works
Let’s get started…
Table of Contents
Palmpay pos business
POS business is one of the most lucrative businesses in Nigeria at the moment with virtually all banks and fintech companies giving out POS to individuals to make money. A lot of Nigerians have opted for this business because:
- It can be started and sustained with very little capital
- The POS business is easy to establish as it does not require a big shop for a startup.
- Nigerian banks ATMs are yet to meet up with the withdrawal demand of the people who need easy access to their money whenever the need arises
- It can be done together with other businesses without much stress
Palmpay POS requirements
Following documents and information are needed to get palmpay pos business started in Nigeria.
- A government-issued ID card (can be an international passport, Voter card or national ID card)
- PHCN bill to verify address
- CAC documents. If your business is registered)
- BVN
- Your bank account number
- Your passport photograph
Personal information needed is as follows:
- Your First and Last name
- Your Date of birth
- Your gender
- Your phone number (very important)
- Email address
- Username
- Your address
How to get palmpay POS machine in Nigeria
- The first step to take in order to get a palmpay pos machine is to create an account.
- download their pos app at the Google Play for Android users or Apple app store for IOS users. The app is known as palmpartner and can be downloaded here
- After downloading palm partner, you can either sign in with your palmpay app login details or you can simply create a new account right there in palm partner if you don’t have one yet.
- After you log in, find a button that says apply for pos, click and follow the next instructions.
- You will also need to upgrade your account. You can do this in the settings section within the palm partner app.
- After applying for the POS machine, wait and one of their customer care representatives will get back to you.
PalmPay POS Features
with the PalmPay POS business, You can perform transactions like
- withdrawal of cash
- transfer funds
- TV subscriptions
- payment of utility bills
- Airtime and data subscription
- check customers account balance
- More
2 Types of palmpay pos
Palmpay POS machines are of two types. They are
- traditional pos. This is kind of old fashioned but still, you will get your work done. After all, the charges are the same as android pos type.
- full android pos. This comes with fully android features and a great user interface.
These two POS types come with different prices but their transactions charges are the same. Both traditional POS and android pos have printers to print out transaction receipts for your customers.
Price (cautionary fee)
The price for both PalmPay POS types are as follows:
- Traditional PalmPay POS caution fee: 20,000 naira
- Android POS cautionary fee 30,000 naira.
Note: This amount is not the price for buying the PalmPay POS machine. It’s just a cautionary (rentage) fee.
If you no longer have interest in the POS business or you got another POS machine elsewhere, you can return it and your money will be refunded back to you, as long as no damage is done to the machine.
POS Outright purchase
To buy and own the PalmPay POS, here’s the price:
- Traditional POS: 40,000
- Android POS: 60,000 naira
My take: PalmPay can withdraw their POS machine from you if you don’t meet up to their target.
So, I think it’s best to buy the POS outright and not pay 20,000 or 30,000 in the name of cautionary fee when you can just pay 40,000 or 60,000naira and own your machine forever.
PalmPay POS transaction charges
There are charges on both withdrawal and deposits on PalmPay POS. I explained them below
Withdrawal charges
Like I said earlier, for both android and traditional PalmPay pos machines, the charge is 0.5% on withdrawal. What this means is that you will be charged 5 naira for withdrawal of every 1,000 naira.
- For 1000 naira, you will be charged 5 naira
- For 5000 naira you send to customers, you will be charged 25 naira
- If you send 10000 naira to a customer, you will be charged 50 naira
- For 15000 naira, the charge is 75 naira
- 2000 naira and above withdrawal carries 100 naira charges
Deposits charges
For deposits, 10 naira will be charged regardless of the amount.
This means that when customers ask you to help them send money to someone, PalmPay will charge you 10 naira for the transfer even if the money you’re transferring is 100,000 naira.
PalmPay POS transfer limit
Palmpay accounts have three levels. They are called Tier 1, Tier 2 and Tier 3. You can upgrade from the former to the latter.
- For Tier 1, the daily transaction limit is 50,000 naira and can only hold a balance of 300,000 naira
- Tier 2 on the other hand is with 200,000 naira as a daily transaction limit and can hold up to 500,000 naira
- Tier 3 has 1m as a daily transaction limit and can hold up to 5m in account balance.
How does palmpay POS look like?
If you want to know hoe PalmPay POS look like here are some photos for both Android and traditional POS types.
Airtime, data and TV subscriptions
PalmPay commission
If you sell airtime and TV subscriptions to customers through your PalmPay POS machine, your earnings will be as follows:
- MTN: 3 per cent
- Glo: 4 percent
- 9mobile: 4.5 per cent
- Airtel: 4 per cent
- DSTV: 2 percent
- GOTV: 2 percent
How to fund PalmPay POS account
The phone number (without the first 0) that you used while creating a palmpay account is your PalmPay account number.
So if you want to fund your palmpay account, you can simply send the money through any bank app to your palmpay account with your phone number as bank account and palmpay as the bank.
Alternatively and more conveniently, you can just log in to the palmpay app and fund your account from there.
Palmpay customer care number and address
If you have any complaints while doing your POS business, you can easily contact them via any of these number: 017005700, 07044834390
Or email them at: support@palmpay.co
You can as well reach them by going to their head office: 20, Opebi Rd, Ikeja, Lagos.
Don’t forget to start by creating a PalmPay account here
You can also read any of these:
How to open Prospa Business Account in 5 minutes
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Thanks and God bless.
