PalmPay POS Charges & Commission Rates
Many educated young Nigerians who have not yet found their white- or blue-collar careers are turning to the POS industry as their primary source of employment. Yes, white-collar jobs are highly desirable, but if we’re being serious, you can still survive and put food on your table with a POS business. You have the chance to establish a mobile banking system in your neighbourhood with Palmpay POS.
As you offer these mini-bank services to your nearby area, Palmpay delivers many delights. In addition to Palmpay, Chinese people also own Palm Credit and Eazybuy. Your work schedule is flexible, and this position has no monthly revenue ceiling.
This page provides a step-by-step tutorial for getting a POS (Point of Sales) terminal in Nigeria so that you, a PalmPay agent (PalmPartner), can make withdrawals, transfers, deposits, pay bills, and other transactions.
Why use PalmPay?
When compared to other POS merchants who hire agents for transactions, PalmPay is extremely unique. Here are a few distinctive features of PalmPay:
- There is no minimum float balance requirement for PalmPay.
- They brand your place for you using banners, flyers, and other materials at no cost.
- Unlike the others, commissions are paid weekly instead of monthly.
Other PalmPay POS features:
- Easy to meet the 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
Application Requirements for a Palmpay POS in Nigeria
The following are the requirements to apply for a POS on PalmPartner:
- The app’s user interface and transaction patterns must be known to the agents. So, utilising the PalmPartner app, you must be able to complete several transactions.
- A location where no other Palmpay representatives are nearby
- a legitimate form of identification, such as a passport, voter’s card, NIN, or driver’s license.
- BVN and CAC certification if you have already registered your business.
- Utility invoices, such as light, water, and garbage bills, rent receipts, and so forth
- Authentic account number
How to Apply for PalmPay POS device in Nigeria?
Downloading the application onto your phone is the first step in making a successful request for a Palmpay POS system. Follow the steps below:
- Download PalmPartner from the Playstore for iOS or Android.
- After installing Palm Partner, you can sign in using your PalmPay app login information, or if you don’t already have an account, you can simply create one in Palm Partner.
- Once you’ve logged in, look for the “apply for POS” button, click it, and then follow the on-screen directions.
- Follow the steps to complete the app’s application form.
- Agree to the terms and conditions stated.
- Provide the necessary paperwork and upload it online.
- Be alert for a call from the PalmPay team; they typically respond within seven days.
For speedy enrollment and setup, you can also go to PalmPay’s Lagos location at 20 Opebi Road, Ikeja, Lagos.
Type of Palmpay POS
There are two varieties of Palmpay POS Machines:
- Traditional pos – Even though it’s a little outdated, you’ll still finish your assignment. In the end, the fees are identical to the Android pos kind.
- Complete android pos – This has a fantastic user experience and comes with all Android’s functionality.
Although the costs for these two POS kinds differ, the transaction fees are the same. Customers can print transaction receipts using traditional POS systems and Android POS printers.
Pricing Model: Is PalmPay POS Caution Fee Refundable?
- ₦20,000 is the traditional PalmPay POS caution cost.
- ₦30,000 is for the Android POS cautionary fee.
Note: this sum does not include the cost of the PalmPay POS system. It’s only a (rental) cautionary fee.
If there is no damage to the machine, you may return it if you are no longer interested in the POS business or have acquired another POS machine elsewhere. In this case, your money will be refunded back to you.
POS Outright Acquisition
Below is the cost to purchase your own POS device:
- POS traditional costs ₦40,000
- Android POS costs ₦60,000
it is wiser to purchase and own the POS machine rather than paying a cautionary cost of ₦20,000 or ₦30,000 when you may instead spend ₦40,000 or ₦60,000 to own your unit for life.
Use this online calculator tool for your every day need.
PalmPay POS Charges and commissions
Below are fees for both withdrawals and deposits for PalmPay POS:
There is a 0.5 per cent withdrawal fee for Android and conventional PalmPay point-of-sale devices.
This means you will be charged ₦5 on every ₦1000 you withdraw for a customer and you will be charged N10 to transfer any amount whether on the POS or on their web platform.
PalmPay POS Withdrawals Charges:
- ₦1000 charges – ₦5
- ₦2000 charges – ₦10
- ₦3000 charges – ₦15
- ₦4000 charges – ₦20
- ₦5000 charges – ₦25
- ₦6000 charges – ₦N30
- ₦7000 charges – ₦35
- ₦8000 charges – ₦40
- ₦9000 charges – ₦45
- ₦10,000 charges – ₦50
- ₦11,000 charges – ₦55
- ₦12,000 charges – ₦60
- ₦13,000 charges – ₦65
- ₦14,000 charges – ₦70
- ₦15,000 charges – ₦75
- ₦16,000 charges – ₦80
- ₦17,000 charges – ₦85
- ₦18,000 charges – ₦90
- ₦19,000 charges – ₦95
- ₦20,000 charges – ₦100
- Any amount above ₦20,000 charges is ₦100 (even though it is ₦600,000).
Commissions, fees, and deposits
Regardless of the size, deposits will be charged at the rate of ₦10
This means that PalmPay would charge you ₦10 for the transfer even if the amount of money you send is N100,000 when clients ask you to assist them in sending money to someone.
How Much is PalmPay limit on Transfers?
Accounts with Palmpay have three levels. Tier 1, Tier 2, and Tier 3 are their names. From the former to the latter, you can upgrade.
- Tier 1 can only retain a balance of ₦300,000 and has a ₦50,000 daily transaction restriction.
- Tier 2 has a daily transaction restriction of ₦200,000 and a maximum holding amount of ₦500,000.
- Tier 3 has a daily transaction cap of ₦1Million and a maximum account balance of ₦5Million.
Airtime, data and TV subscriptions
- MTN: 3 per cent
- Glo: 4 per cent
- 9mobile: 4.5 per cent
- Airtel: 4 per cent
- DSTV: 2 per cent
- GOTV: 2 per cent
How can I get in touch with the PalmPay staff?
The PalmPay office can be reached at 017005700 (Nigeria) or 0800725644 (Ghana). You can also email [email protected] as an alternative.
Visit their main office in Nigeria at 20 Opebi Road in Ikeja, Lagos. They’re open from 8 am to 7 pm Monday through Friday and from 10 am to 4 pm on weekends and holidays.
You can also go to Transnet Payments Ghana Ltd.’s main office in Ghana, located at 54 Senchi Street in Accra’s Airport Residential Area. Mon through Fri, 8 a.m. to 5 p.m., and 8 a.m. to 5 p.m. on Saturdays and legal holidays.
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