PalmPay is owned by the Chinese company Transsion Holdings as well as the Taiwanese company NetEase. It was founded in 2019 and launched in Nigeria in 2019, operating through an app and POS agents all over the country.
In this article, we shall be discussing a series of topics related to Palmpay POS with all your questions answered.
If you have been following this blog you must have seen that our recent articles have been about the POS business in Nigeria.
PalmPay is a mobile app-based e-wallet and online payment platform that offers a wide range of financial services such as; Withdraw, Transfer, Pay Bills, Airtime, and many more to its users.
One remarkable aspect of PalmPay is its unique ability to allow users to earn money while utilizing the mobile app. Through various incentives such as rewards, bonuses, and cashback, users have the opportunity to generate income while engaging with PalmPay.
Here are the subtopics we shall be focusing on in the Palmpay POS business;
- How much is Palmpay POS
- Types of Palmpay POS
- What is Palmpay POS Daily Targets
- How long will it take to get a Palmpay POS?
- What are Palmpay POS charges?
- How to Become a Palmpay POS Agent
- What do you need to apply for a Palmpay POS?
- What are the things you can do with a Palmpay POS machine?
- How secure is Palmpay
So let’s dive right into them
How much is Palmpay POS
There are two ways you can acquire a Palmpay POS, which are;
- Caution Fee
- Outright Purchase
Acquiring a Palmpay POS via caution fee is like renting the POS machine because Palmpay still has control and ownership over the POS machine.
If the POS becomes inactive or you fail to meet their daily target, they will come to get back their POS machine.
The caution fee on a Palmpay POS machine is dependent on the type of Palmpay POS machine; for the Traditional POS, the caution fee is N20,000 while for the Andriod POS, it is N30,000.
Outright purchase of the POS gives you complete ownership of the Palmpay POS. Meaning if you decide to keep the POS idle for a very long time, they don’t have the right to take the POS from you or even block it.
The outright purchase prices for each Palmpay POS are as follows;
- Traditional POS cost N40,000
- Android POS cost N60,000
Types of Palmpay POS
- Traditional POS
- Android POS
From the pictorial view above, you can see what both POS look like. The Traditional Palmpay POS has both button and touchscreen functions. While the Andriod has just the touch screen function.
What is Palmpay POS Daily Targets
The Palmpay Pos daily target is N40,000. This daily target is only applicable to POS acquired via caution fee.
For POS agents that acquired their POS machine via outright purchase, the daily target from Palmpay doesn’t affect them.
How long will it take to get a Palmpay POS?
It takes about a week to get a Palmpay pos machine, but if the POS is ready and available at the moment, it can take a shorter time like a few days.
There are three ways you can get a Palmpay POS;
- Through the App
- At Palmpay Office
- Via a Palmpay Aggregator
If you apply for a Palmpay POS through the app you might still not be able to get the POS as fast as you will wish, and even if you still choose to apply via the app, you will still have to go to their physical office location in your city to collect the POS machine.
Applying directly via their physical office is a good way to get the Palmpay POS. Though, it won’t come easy, because they will want to delay you a bit, and be sure that you won’t take the POS and dump it or turn it into a backup POS in your shop.
If you are finding it difficult to locate a Palmpay office close to you, you can call them via their customer care line; 018886888 or reach out to them via email; [email protected]
But the best way to get a Palmpay POS machine is by going through an aggregator. Going through an aggregator is like accessing the POS via recommendation.
The recommendation you get from the agent that chose to give you the number of his or her aggregator will fast-track the application which might take a day or two to get the POS machine(only if a pos machine is available at that moment).
What are Palmpay POS charges?
Just like Moniepoint and Opay POS withdrawal charges which are 0.5% per N100 and a flat charge of N100 for withdrawals of N20,000 and above, Palmpay also charges the same 0.5% per N100 and N100 flat charge for withdrawals of N20,000 and above.
But for transfers also known as deposits, Palmpay charges cheaper than Moniepoint and Opay POS transfer/deposits charges which is N10 flat charge compared to the regular N20 charges by its major competitors; OPay and Moniepoint.
While for Bills payments and Airtime purchases, Palmpay charges N0, instead, they give you a percentage from the amount spent on purchasing the airtime or the bill paid. This promotional commission on Bills payments and Airtime purchases ranges between 2% to 4.5% commission.
How to Become a Palmpay POS Agent
There are two ways to become a Palmpay POS Agent, which are;
- Apply directly at their office
- Apply through An Aggregator.
Apply through their physical office in your city, is a good idea, but it might take a long time like a week before you will be given the POS machine.
Applying through an aggregator is faster because it is more like another agent recommending you to the aggregator. -In this part of the world you should know the power of recommendation.
And as I said, in the “How to get a Palmpay pos machine” section, you get an aggregator number from an established Palmpay agent.
What do you need to apply for a Palmpay POS?
Before you apply to get a palm pay POS and become their agent, there is a list of things you must provide, otherwise, they won’t be able to help you with the registration.
These documents that will be required from you upon registration as a Palmpay agent, are a must requirement whether you are applying as a Palmpay agent directly from their office or from an aggregator.
Here is the list of items you must provide before you can become a Palmpay agent;
- Valid ID Card (NIMC, Voters card, International passport, or Drivers license)
- Nepa Bill (not older than 3 months)
- Passport Photograph (a selfie can also be accepted)
- Bank Statement
- Email Address
For the Signature, you can sign on a white plain piece of paper, snap it and send it to the aggregator (if you are registering through a direct aggregator), or snap and send it through the Opay app if you are applying via the app.
The reason for the BVN is because of the CBN policy on “Know Your Customer (KYC)”
What are the things you can do with a Palmpay POS machine
With Palmpay POS there are numerous financial-related things you can do on their POS such as;
- Card Transfer
- Check Balance via ATM Cards
- Pay bills,
- Lodging of Dispute,
- Check Balance,
- Check Statements,
- Collections, and
- Synchronize the POS transactions manually,
It is only the Android Palmpay POS machine that can do all that have prementioned.
For the traditional POS, you can only do a little, which are; Withdrawals, Transfer/deposit, Direct Card Transfer, and checking customers’ balances via ATM card.
How secure is Palmpay
PalmPay holds a valid license from the Central Bank of Nigeria (CBN) as a mobile money operator (MMO) in the country. This accreditation ensures that PalmPay operates within the regulatory framework set by the CBN for the provision of mobile financial services. Furthermore, the cash deposits made through PalmPay are backed by insurance from the Nigeria Deposit Insurance Corporation (NDIC), providing an added layer of security and protection for users’ funds.
Moreover, PalmPay’s web platform has obtained PCI-DSS certification. This certification signifies that the platform adheres to the Payment Card Industry Data Security Standard (PCI-DSS), which sets rigorous guidelines to ensure the secure handling of cardholder data during transactions. With this certification in place, users can have confidence in the robust security measures implemented by PalmPay to safeguard their card information while conducting business on the website.
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I hope you have benefited greatly from this article.
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