A POS business may not be the hottest thing right now, but if you own a business and want to implement a cashless policy, you should consider purchasing a POS machine. We don’t need to go into how unreliable bank transfers have been over the last month, and since the use of POS as a means of payment has proven to be more efficient, why not get one for yourself?
Despite being only a digital wallet, PalmPay has won the hearts of many by not only providing bank services but also rewards on transfers as you save on fees and earn as you spend through discounts and cashback.
We’ve already discussed how to do this at the lowest possible cost with MoniePoint, but if you prefer PalmPay, you might want to know how to set up your own POS machine with them.
Before we get started on how to apply for and receive a POS machine from PalmPay, I’d like to clarify a few points. The first point to mention is that obtaining a PalmPay POS machine is not free, as you must pay at least N20,000 (caution fee) for a “Traditional PalmPay POS machine” and N40,000 to own the POS terminal forever, or N30,000 (caution fee) for an “Android PalmPay POS machine” and N60,000 to own the POS terminal forever.
When the agent returns the Palmpay POS machine in good condition, the cautionary fee will be refunded to them. If you are renting a POS machine, PalmPay may decide to withdraw it from you if you do not meet its target.
If you buy the POS outright from Palmpay and do not pay a cautionary fee of N20,000 or N30,000 and instead pay N40,000 or N60,000 for the machine to be fully yours, you will not have to worry about Palmpay taking the POS machine away from you.
How to apply for a PalmPay POS machine
Before applying for a POS machine, you need to have the following documents readily available:
- Valid ID card (National ID card, Driver’s license, Voter’s card or international passport)
- Nepa bill, and passport photograph.
- Business License (For Registered businesses only)
- Valid BVN
- Valid Account Number
- Proof of a space to set up your POS business
- Other details you will need to apply for Palmpay POS are your personal information like your Name, Date of birth, Gender, Email address, Phone number, and your Mother’s maiden name.
If you have all of this available, follow these steps to get the POS machine:
- Download and install the PalmPartner app from Apple Store or Google Play Store.
- Launch the app and complete the application form in the app.
- Agree to the terms and conditions, upload the required documents and submit.
- A Palmpay employee will call you to confirm your approval.
- You can get your Palmpay POS quickly by visiting PalmPay’s Lagos address at 20, Opebi Road, Ikeja, Lagos. Just make sure you have all of your paperwork with you.
PalmPay deposit and withdrawal charges
Agents will be charged a fixed fee of N10 naira for POS machine deposits, regardless of the amount deposited. So, if you send money using the PalmPay terminal, PalmPay will charge you N10 regardless of whether you send N10,000 or N100,000.
Palmpay charges the same fee for both its traditional and android POS machines. On withdrawal transactions, the Palmpay POS withdrawal charge is 0.5%.
In essence, every agent is charged N5 Naira for a N1,000 withdrawal. For N1000, you will be charged N5, for N5000, you will be charged N25, for N10000, you will be charged N50, and so on.