stmAre you interested in owning a Palmpay POS machine? You’ve come to the right place. There is some vital information you need to know before obtaining the Palmpay POS Machine.
In this article, we’ll provide you with information covering Palmpay POS Machine price in Nigeria, Daily Target, Charges, and Commission in 2023. Stay tuned!
What Is Palmpay?
Palmpay is a Nigerian-based payment system that allows you to make payments and transfers easily and quickly. It’s one of the most popular payment methods in the country, and it’s accepted at a number of different stores and businesses.
The Palmpay POS Machine is a handheld device that allows you to make payments using your PalmPay account. It’s small, sleek, and easy to use, and it has a number of different features that make it perfect for any business.
How Does Palmpay POS Machine Work?
The Palmpay POS Machine is a handheld device that is used to make payments. It is connected to a merchant’s Point of Sale (POS) system and allows customers to make payments by scanning a QR code or NFC tag with their phone.
The Palmpay POS Machine can also be used to accept payments from customers who do not have a smartphone. They can simply swipe their card through the machine and enter their PIN.
Palmpay POS Machine Price in Nigeria
The cost of a Palmpay POS machine is N40,000 for the Android device and N25,000 for the button. You can purchase it from the Palmpay office or any of their registered distributors.
This price includes the machine, installation, and a year’s warranty. There are also no monthly charges or commissions on transactions.
The Commission and Charges From Palmpay
Withdrawal Charges
Both of Palmpay’s POS systems—android and button—have the same price. On withdrawal transactions, the Palmpay POS withdrawal fee is 0.5%.
Therefore, each agent must pay N5 for a N1,000 withdrawal. e.g. For every N1000 you spend, you’ll pay N5, for every N5,000 you spend, N25, for every N10,000 you spend, N50, and so on.
Deposit Charges
Agents will be charged a flat fee of N10 regardless of the amount being placed for deposits made at the POS machine.
Therefore, whether you transfer N10,000 or N100,000 when using the PalmPay terminal, PalmPay will charge you N10 for the agent.
Daily Target for Merchants Using Palmpay in Nigeria
Palmpay allows merchants to select their own Daily Target amount, but it should not exceed a total of ₦100,000 per day.
When setting your target amount ensure it is realistic and attainable. It should also take into account how many transactions you expect to receive on any given day.
If you are able to achieve the daily target, the total fees that Palmpay will charge include the Fixed Fees (₦1,500) + Service Fee (percentage of transaction).
For transactions up to ₦1million, Palmpay has a 2% service fee charge. Above this amount, you can pay as low as 0.5%.
The fixed fees cover Acquirer/Switch Fee, Settlement Fee, and Network Access card fee while the Service fee covers authorization/verification & reverse reconciliation fee, and payment gateway fee.
Taking all these factors into consideration when setting your Daily Target will ensure a successful venture with Palmpay in Nigeria!
Conclusion
At the moment, Palmpay is the preferred POS machine for small businesses in Nigeria. It’s affordable, easy to use, and comes with a variety of features that make it perfect for businesses of all sizes.
However, as more businesses start using Palmpay, the competition for market share will increase. This will likely result in lower prices and more features being made available to businesses.
If you’re thinking of using Palmpay, now is the time to do it. The machine is affordable, easy to use, and comes with a host of features that make it perfect for businesses of all sizes.
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