When talking about prominent POS platforms in Nigeria, PalmPay is one of the first names that comes to mind. Basically, the PalmPay POS platform is known for being legit, credible, and seamless. Also, it is very easy to become a POS agent for PalmPay. Here’s an extensive guide on how you can successfully become one of their merchants in no time.
An Overview of PalmPay
Palmpay is one of Nigeria’s biggest POS platforms. It is a Mobile Money Operator (MMO) that has been duly authorised by the CBN. Hence, you can be sure that it is 100% legit.
The best part of this platform is that it doesn’t just offer Nigerians POS service, but can also serve as a payment app. With this payment app, you can send and receive money, pay bills, shop for products online, and earn cashback.
PalmPay was created by the Trassnet organisation (a partnership enterprise between Transsion and Netease). Transsion is the manufacturer of phone brands like Tecno, Itel, Infinix, etc
Currently, PalmPay boasts over 40,000 mobile money agents all over Nigeria who make a lot of money from the business. Due to their wide network of agents, they are fast becoming one of the most popular POS services in Nigeria.
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What are the benefits of becoming a PalmPay POS agent?
Here are some amazing benefits of becoming a PalmPay POS agent:
1. With the Palmpay POS, merchants don’t need to worry about meeting any minimum requirement for float balance. Also, as one of their agents, you can decide to fully own the POS machines instead of renting them and paying a cautionary fee.
2. As an agent, PalmPay pays you your POS commissions every week, not monthly like other POS platforms.
3. Lastly, PalmPay brands your shop as an agent for free. Once you register, you get free PalmPay flyers, banners, as well as other branding materials.
What features can you access on a PalmPay POS machine?
Some of the features that the PalmPay POS machine has to offer its agents include:
- Cash withdrawal
- Payment of Utility Bills
- Fund Transfer
- Check your customer’s Account balances with only their ATM Card.
What are the different types of PalmPay POS machines?
There are different types of PalmPay POS machines and you can access any one depending on what you want. The two types of machines include:
1. Traditional PalmPay POS
This is the first version of PalmPay POS. It carries out the functions of conventional POS machines, however, it is not digital.
2. PalmPay Android POS machine (Screen touch)
This is the recent version PalmPay POS. It combines both POS and Android features. Also, this machine has an intuitive interface that is powered by screen touch facilities.
While the cost of the traditional PalmPay POS machine is different from the price of the Android POS machine, their functions are the same. The only difference is that the traditional machine uses just buttons while the Android version is screen touch powered. They both have transaction and withdrawal charges.
How much is the PalmPay POS machine?
Here is a list of the price of the two types of PalmPay POS terminals:
1. Traditional Palmay POS costs only N20,000 (if you are paying a cautionary fee or renting it). However, if you want to fully own the machine, you have to pay N40,000
2. The Android PalmPay POS terminal cost just N30,000 (if you are paying a cautionary fee or renting it). However, if you want to fully own the machine, you have to pay N60,000.
Note that if you are renting the POS terminal, PalmPay will refund you your cautionary fee when you return the POS terminal in good condition.
Also, note that PalmPay may decide to take back their POS terminal from you, especially if you fail to meet up to their expected target (if you opt for the renting option). However, if you pay fully for the terminal, they don’t have the right to take it back from you since the machine becomes your own.
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What documents do I need to get a Palmpay POS machine?
To get the POS terminal from PalmPay, you have to present these documents to them:
- Valid ID card (National ID card, Voter’s card, Driver’s license, or even your international passport)
- Business License (just for registered businesses)
- Valid Account Number
- Nepa bill, and some passport photographs.
- Valid BVN
- Proof of a shop to fully set up the POS business
- Basic details such as your Name, Gender, Date of birth, Email address, Mother’s maiden name, and active phone number.
How can I become a PalmPay POS agent?
If you have all the documents listed above, take these steps to become a PalmPay POS merchant:
- First download the PalmPay Agent app (you can find it on both Google Play Store and the App Store)
- Next, sign up on the app and provide them with all the necessary information they need for approval.
- Once your request is fully approved, the POS payment and delivery process starts (this may take you up to 7 days to get your terminal)
- When it is ready, one of PalmPay’s employees will contact you to verify your approval.
- Note that you can also follow this same process on their website, www.palmpay.com.
Alternatively, just visit PalmPay’s Lagos location at 20, Opebi Road, Ikeja, Lagos. You can request to become one of their merchants at their physical office.
Palmpay POS Charges (for both deposit & withdrawal charges)
Palmpay charges its agents for executing both withdrawal and deposit transactions through its POS terminals. Here’s what the charges look like:
1. Palmpay POS Withdrawal Charges
Palmpay charges agents the same withdrawal amount regardless of if they are using android or traditional POS machines. The PalmPay POS withdrawal fee is just 0.5%. So, for every withdrawal of N1,000, PalmPay will charge you N5. For N5000 withdrawal, you will be charged just N25), for N10,000, the platform will charge you just N50).
2. Deposit Charges
For deposits you make via the POS machine, this platform will charge you a fixed cost of just N10 naira regardless of the amount of money being deposited.
So whenever you send funds via the PalmPay machine, Palmpay will bill you N10 regardless of if you’re sending a total amount of N10,0000 or N100,000.
How much commission does PalmPay give on its services?
Here is a list of the commission PalmPay offers its agents when their customers buy airtime, pay for utility (TV subscriptions) or pay their electricity bill.
- MTN 3% commission
- Etisalat 4.5% commission
- Glo 4% commission
- Airtel 4% commission
- GOtv 2% commission
- DStv 2% commission
- PHCH 2% commission
- Startime is just 2% commission
How can I contact PalmPay?
Here are some ways you can reach PalmPay to make enquiries:
Address: 20 Opebi Rd, Opebi 101233, Lagos
Email Address: support@palmpay.com
Phone: 018886888
Website: www.palmpay.com
Bottom line
PalmPay POS is one of the best in Nigeria and is well known for its credibility. Their services are great top-notch, and enjoyable for everyone. To become a PalmaPay merchant, just download their mobile app, register, and order for your POS terminal. You should complete this process in less than two weeks.
