PalmPay POS Charges 2024: Latest Rates

PalmPay POS Charges 2023: Latest Rates

PalmPay POS Machine

Palmpay holds a CBN Mobile Money Operator (MMO) license. Transsion is the proprietor of Palmpay (a joint venture between Transsion and Netease). Additionally, Transsion is the proprietor of the EazyBuy and PalmCredit Loan apps (a Buy Now, Pay Later app in Nigeria).

About PalmPay POS Machines and Charges

Many Nigerians are swarming towards the POS market to make a decent living since it seems to be a lucrative business to be engaged in, generating a huge market. Operating as a POS operator gives you the option to position yourself as the neighbourhood community bank. Therefore, instead of travelling to a bank or an ATM, residents of your community may complete either of these financial processes by visiting the nearest POS agent.

By providing clients with payment services via the PalmPay Terminal, you become a PalmPay Mobile Money Broker and earn significant commissions. In Nigeria, Palmpay has over 40,000 mobile financial brokers who are earning a living. They prefer Palmpay POS because it differs from other POS companies in Nigeria.

Agents don’t have to be concerned with any minimal float balance requirements while using the Palmpay POS. Instead of renting a POS device and paying a cautionary charge, agents can own the POS equipment entirely

Palmpay also uses banners, brochures, and other free firm branding items to mark their agent’s premises. Like the other POS providers, Palmpay’s POS royalties are paid weekly rather than monthly. The following details Palmpay’s fees for withdrawal and deposit transactions on its POS devices.

PalmPay POS Withdrawal Charges

Both the Android and conventional POS devices from PalmPay have the same price. On withdrawal transactions, there is a 0.5% Palmpay POS withdrawal fee. Therefore, each agent must pay N5 for N1,000 withdrawal. e.g., For every N1000 you withdraw, you’ll pay N5, for every N5000 you withdraw, N25, for every N10000 you withdraw, N50, and so on.

PalmPay POS Deposit Charges

For deposits made through the POS machine, agents will be charged a fixed fee of N10 regardless of the amount being put in or deposited.

Therefore, whether you transmit N10,000 or N100,000 while using the PalmPay terminal, PalmPay will charge you N10 for the agent’s services.

Quick Comparison Table: Top POS Machine Charges

WithdrawalTransferDeposit
Opay<N20,000 (0.5%)
<N10,000 (N30)
<N5,000 (N10)
>20,000 (N100 flat rate)N5,000-N10,000 (N20 Capped)
Moniepoint1 – 20,000 (0.5%)All transfers (N20)
All deposits is N20
>20,000 (N100 flat rate)
Palmpay0.5% on all withdrawalsN10 charged for all deposits

Payforce
₦1 – ₦5,000 (₦30)
₦5,001 – ₦16,500 (0.6%)
All deposits capped at N25
₦16,501 – ₦100,000 (N110)
>₦100,001 (0.11%)

Conclusion

With respect to other POS devices available, Palmpay has cheap withdrawal fees and a CBN Mobile Money Operator (MMO) licence in Nigeria. You must pay a cautionary cost in the form of machine rentals for both the conventional and Android versions of PalmPay in order to sign up as an agent. 

The price of an Android POS machine is 40,000 Naira, but it may be yours forever for sixty thousand Naira. Traditional POS devices cost 20,000 Naira.

They also provide trustworthy customer care through phone at 017005700, email at support@palmpay.co, live chat on PalmPartner, or in-person visits to their office at 20 Opebi Road, Ikeja, Lagos. Get a PalmPay now to start making money!

Read also: The Complete List of POS Charges In Nigeria

FAQs on PalmPay POS Machines and Charges

What activities are possible on a PalmPay POS device?

As a Palmpay operator, you may use the Palmpay machine to provide services including cash withdrawals, money transfers, utility bill payments, and monitoring client bank balances using their ATM cards.

Which PalmPay POS models are available in Nigeria?

Traditional Palmpay POS: This was the company’s original iteration of POS and it works similarly to the modern variety (both in features and in charges)

Palmpay Android operating system POS (touchscreen): A modern POS from Palmpay featuring Android characteristics and a user-friendly design made possible by touch screens.

PalmPay POS Machine Price in Nigeria?

A conventional PalmPay POS machine costs N40,000 to buy outright and N20,000 for a cautionary fee or rental. Android Palmpay Point of Sale Machines cost N30,000 (advance/rental) and N60,000 to purchase outright.

It is crucial to remember that the fees are just intended as a precaution and will be returned to the agent when the Palmpay POS system is returned in good shape. If you choose the rental alternative, PalmPay may choose to take your POS equipment away if you don’t reach its objective.

How to get PalmPay POS?

You must fulfill specific requirements and circumstances in order to receive the Palmpay POS:

  • Valid identification document (passport, driver’s licence, voter card, or national ID card)
  • Both a passport photo and a NEPA bill
  • Business Permit (For Registered businesses only)
  • Provide a Valid BVN
  • Provide a Valid Account Number
  • Evidence of a location for starting your POS firm
  • You will also require your personal information, such as your name, date of birth, gender, email address, phone number, and mother’s maiden name, in order to apply for Palmpay POS.

Here are the procedures to follow if you satisfy these prerequisites and criteria to obtain the PalmPay POS:

  • Install the PalmPartner app first (Available on Android and iOS)
  • Then register and submit all the necessary data for approval.
  • Following that, the POS will start the payment and delivery process which can take up to 7 working days
  • A Palmpay representative will contact you to inquire about your acceptance or rejection.

To swiftly receive your Palmpay POS, you may also travel to PalmPay’s Lagos location at 20, Opebi Road, Ikeja, Lagos. Just be certain you are carrying the necessary papers.

How much Commission does PalmPay give on services?

The commission Palmpay pays its representatives whenever consumers pay for power, cable TV, or airtime is shown in the table below.

ServiceCommission (%)
MTN2
GLO4
ETISALAT4.5
AIRTEL4
DSTV2
GOTV2
PHCN2
STARTIME2

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