PalmPay POS – charges, daily target, machine price, how to get it in 2022

This is an in-depth tutorial on how to get PalmPay POS Machine in Nigeria and make cool money from it without stress in 2022.

In this guide, you will also find:

• Palmpay POS charges and commissions, machine price, daily target, etc
• how to become a PalmPay agent, distributor or aggregator in 2022,
• Where to Find their customer care number?
• is palmpay pos cautionary fee refundable?
• how does palmpay pos machine look like?
• How to operate the POS machine

Let’s get started…

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:

1. It can be started and sustained with very little capital
2. The POS business is easy to establish as it does not require a big shop for a startup.
3. 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
4. It can be done together with other businesses without much stress

 Why you should go for PalmPay POS 

PalmPay POS has amazing features, some of which are listed below

• Easy to meet daily target
• Seamless withdrawal of cash
• Unlimited funds transfer
• TV subscriptions
• 2 POS types to choose from
• PalmPay POS price is cheap
• payment of utility bills
• Airtime and data subscription
• check customer’s account balance
• More

Palmpay pos types

Palmpay POS machines are of two types. They are

1. 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.
2. 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.

PalmPay POS 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 POS machine, 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 daily target.

So, I think it’s best to buy the POS machine 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 charges and commissions

There are charges on both withdrawal and deposits on PalmPay POS. I explained them below

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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 and commissions

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.

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.

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How to get palmpay POS machine in Nigeria

Now, below is the process to get the Pos machine anywhere in Nigeria

1. The first step to take in order to get a palmpay pos machine is to create an account.
2. 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
3. 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.
4. After you log in, find a button that says apply for pos, click and follow the next instructions.
5. You will also need to upgrade your account. You can do this in the settings section within the palm partner app.
6. 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 customer’s account balance
• More

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.

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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.

Requirements

Following documents and information are needed to get started in Nigeria.

1. A government-issued ID card (can be an international passport, Voter card or national ID card)
2. PHCN bill to verify address
3.  CAC documents. If your business is registered)
4. BVN
5. Your bank account number
6. 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 become Palm pay POS distributor

Now you may want to know how to become palmpay POS distributor. You can find answers to this question in this section.

• download PalmPay and palmpartner app
• Signup on both apps
• Contact PalmPay customer care agent through via any of the apps
• Alternatively, you can contact them via their email address
• Tell them you’re interested in becoming their POS distributor
• Follow the instructions given
• You can create an online presence to reach out to people who might be interested in the service

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 numbers: 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:

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I hope this guide on how to get PalmPay POS Machine in Nigeria in 2022 and make cool money from it has helped you. If so, kindly share and subscribe to receive notifications by clicking on the red bell below this page.

Thanks you.