Have you been thinking of enabling card and cashless payments at your business? One of the easiest ways to do so is by getting a Palmpay POS terminal.Thank you for reading this post, don't forget to subscribe!
The POS allows you to accept seamless payments directly from your customers’ cards and mobile wallets. This eliminates the need for cash transactions.
In this comprehensive guide, we will explore everything you need to know about getting and using a Palmpay POS.
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What is Palmpay POS?
Palmpay POS refers to PalmPay’s point-of-sale terminals. These enable contactless transactions via debit/credit cards and mobile wallets.
The key features of the POS terminals include:
- Accept payments from all major cards – Verve, Mastercard, Visa, etc.
- Enable seamless mobile money payments directly from the customer’s bank account.
- Send and receive money instantly.
- Access powerful data and analytics on your transactions.
- Available as countertop, portable wireless, and NFC terminals.
Palmpay provides the POS hardware, and necessary merchant accounts, and handles payouts to your bank.
You simply need an active business account to start accepting convenient cashless payments.
How Much Does Palmpay POS Cost?
Palmpay offers POS solutions tailored to your business needs and transaction volumes.
Here is an overview of the pricing:
Palmpay POS Start is the basic affordable plan ideal for new businesses.
- One-time activation fee – N10,000
- Monthly rental – N2,500
- Transaction charge – 1.8%
Palmpay POS Grow has advanced features for established businesses.
- One-time activation fee – N20,000
- Monthly rental – N5,000
- Transaction charge – 1.6%
Palmpay POS Max is designed for large retailers with high volumes.
- One-time activation fee – N50,000
- Monthly rental – N10,000
- Transaction charge – 1.4%
Additional Hardware Costs:
- Countertop POS terminal – N20,000 one-time
- Portable wireless POS – N30,000 one-time
- NFC POS terminal – N25,000 one-time
So in summary, you pay a one-time activation fee, recurring monthly rentals, transaction charges based on the volume tier selected, and a one-time POS device purchase cost.
Palmpay POS Requirements
To be eligible for the POS terminal, you need to fulfill these requirements:
- Active Palmpay merchant account
- Valid business registration documents
- Business bank account
- Physical commercial location
- Minimum 6 months in business
- Projected monthly transaction value
The minimum monthly transaction values needed for each POS plan are:
- Palmpay POS Start – N50,000
- Palmpay POS Grow – N250,000
- Palmpay POS Max – N1 million
Meeting these prerequisites ensures your business can maximize the benefits of the POS system. Palmpay also needs to verify your credentials and projections to provide associated merchant services.
Step-by-Step Guide to Getting Palmpay POS Terminal
Follow these steps to acquire your POS terminal:
Step 1: Open Palmpay Business Account
First, open a Palmpay merchant account:
- Download the Palmpay merchant app and sign up.
- Complete your business profile setup.
- Upload required business documents.
This registers your business identity on Palmpay for POS services.
Step 2: Choose a POS Plan
Decide the suitable POS package for your requirements and volumes – Start, Grow, or Max. Pricing varies based on the chosen plan.
For new businesses, we recommend starting with the affordable Palmpay POS Start plan and upgrading later as your volumes increase.
Step 3: Submit POS Application
In the Palmpay merchant app, go to the POS section and select your preferred plan.
Start the application and fill in details like:
- Business Information
- Owner details
- Bank account information
- Expected monthly transactions
- Preferred POS terminal type
Attach required documents like ID, registration, bank statement, etc.
Complete and submit the POS application.
Step 4: Evaluation and Approval
Palmpay will evaluate your application based on the requirements around business standing, documents submitted, and projected volumes.
If approved, you will receive confirmation in 1-3 working days.
Step 5: Make Payments
Once approved, make payment for the one-time POS device fee and activation charges as per your chosen plan.
Palmpay provides payment instructions in the approval email. You can pay at a Palmpay agent location or directly via bank transfer/card.
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Step 6: POS Delivery
Palmpay will dispatch the terminal to your registered business address within 5-7 working days after payment confirmation.
Install and activate it on the Palmpay merchant app by following the setup guide.
And you are all set! You can now start accepting card and wallet payments seamlessly.
How to Use Palmpay POS Terminal
Here is a quick 4-step process to accept payments with your POS:
1. Power on the POS
Turn on the POS terminal and connect to mobile data or WiFi. Log into the Palmpay merchant app.
2. Enter Payment Amount
On the POS machine, input the payment amount to be made by the customer.
3. Customer Taps Card/Phone
Customer taps their debit/credit card or mobile phone on the POS to pay. The terminal reads the card details or mobile wallet for processing.
4. Confirm Payment
Once successful, the POS displays payment confirmation. Receipt is sent to the customer’s email/mobile.
The full amount is instantly credited to your Palmpay account. You can transfer to a bank or cash out anytime.
That’s it! With a few simple taps, your customers can make cashless payments easily.
Palmpay POS Payment Settlement Cycle
Palmpay settles POS payments into your bank account on a T+1 settlement cycle.
- Day 1 – Customer makes N5,000 payment on your POS terminal
- Day 2 – Palmpay credits the N5,000 into your linked bank account
So you get access to your POS sales proceeds within 24 hours. This enables swift cash flow for your business.
Troubleshooting Common Palmpay POS Issues
Here are solutions for frequent problems faced with the POS:
Problem: POS display shows “No network”.
Solution: Check mobile data/WiFi is connected to POS. Move closer to the router for better connectivity.
Problem: Card payment failing with “Invalid card” error.
Solution: Try swiping the card properly through a reader. Confirm if the card is deactivated. Contact the bank for assistance.
Problem: POS not turning on.
Solution: Ensure POS is fully charged. If the issue persists, contact Palmpay support for troubleshooting or replacement.
Problem: Receipt not printing.
Solution: Verify receipt paper roll is loaded properly. Replace with new paper if needed. Clear out any paper dust.
Problem: Pending payments on POS transactions.
Solution: Check the transaction status on the Palmpay app. Contact Palmpay support if the issue persists. Payment will reflect in 1-2 working days.
Reach out to Palmpay POS support for any unresolved issues.
Palmpay Customer Support
Palmpay provides dedicated customer assistance for your POS terminal and merchant account.
Call the Palmpay POS support line at +23417005700
Email your queries to firstname.lastname@example.org
Via Merchant App
Log issues directly in the Palmpay merchant app. Go to Support and click Help.
On Social Media
Direct message Palmpay on Facebook @PalmPayNigeria or Tweet @PalmPayNG.
Palmpay aims to resolve all POS issues within 24 hours. Get in touch for quick assistance.
To Sum Up
Palmpay POS enables your business to accept convenient card and mobile wallet payments. Choose a plan based on your requirements and transaction values.
By going cashless with Palmpay, you can enable faster payments, gain data-driven insights, and get quick settlements into your account.
Contact their support if you need any assistance with your POS terminal or merchant services.
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