Palmpay POS is a point-of-sale terminal that allows your business to accept card and wallet payments. With Palmpay, you can go cashless and offer your customers seamless payment experiences.
In this comprehensive guide, we will look at everything you need to know about getting a Palmpay POS machine including:
- Overview of Palmpay POS
- Pricing and Charges
- Requirements
- Step-by-Step Application Process
- How to Use the POS
- Settlement Cycle
- Troubleshooting Tips
- Customer Support
Let\’s get started!
Overview of Palmpay POS Terminals
Palmpay POS refers to PalmPay\’s point-of-sale terminals that enable contactless transactions via cards and mobile wallets. Key features include:
- Accept payments from all major cards – Verve, Mastercard, Visa etc.
- Seamless mobile money payments directly from customer\’s bank account.
- Send and receive money instantly.
- Access powerful data and analytics on transactions.
- Available as countertop, portable wireless and NFC options.
Palmpay provides the POS machine, merchant accounts and handles payouts. You simply need a valid business account to start accepting cashless payments.
Palmpay POS Pricing and Charges
Palmpay offers POS solutions tailored to your business needs and transaction volumes. Here are the pricing details:
1. Palmpay POS Start
Palmpay POS Start is ideal for new businesses to adopt cashless payments.
- One-time activation fee – N10,000
- Monthly rental – N2,500
- Transaction charge – 1.8%
2. Palmpay POS Grow
Palmpay POS Grow has more features for established businesses.
- One-time activation fee – N20,000
- Monthly rental – N5,000
- Transaction charge – 1.6%
3. Palmpay POS Max
Palmpay POS Max caters to large retailers with high volumes.
- One-time activation fee – N50,000
- Monthly rental – N10,000
- Transaction charge – 1.4%
Additional Costs
- Countertop POS – N20,000 one-time
- Portable wireless POS – N30,000 one-time
- NFC POS – N25,000 one-time
So in summary, you pay one-time activation fee, recurring monthly rentals and transaction charges based on selected plan. The POS terminal itself is an extra one-time cost.
Requirements to Apply for Palmpay POS
To qualify for a Palmpay POS terminal, you must 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 projected monthly transactions depend on your selected POS plan:
- Palmpay POS Start – Minimum N50,000
- Palmpay POS Grow – Minimum N250,000
- Palmpay POS Max – Minimum N1 million
Meeting these prerequisites ensures you can maximize the POS terminal and Palmpay can provide the needed merchant services.
Step-by-Step Process to Get Palmpay POS
Follow these steps to acquire a Palmpay POS terminal for your business:
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 Palmpay POS Plan
Decide the suitable POS package for your needs – Start, Grow or Max. Pricing varies based on plan.
For new businesses, start with Palmpay POS Start and upgrade as volumes increase.
Step 3: Submit POS Application
In the Palmpay merchant app, go to 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 machine type
Attach required documents e.g. ID, business registration, account 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 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.
Step 6: POS Delivery
Palmpay will dispatch the POS 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 cashless payments seamlessly.
How to Use the Palmpay POS Terminal
Here is a quick 4 step process to accept payments using your Palmpay 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 amount
On the POS machine, input the payment amount to be made by the customer.
3. Customer taps card/mobile
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 customer\’s email/mobile.
The full amount is instantly credited to your Palmpay account. You can transfer to bank or cash out anytime.
That\’s it! With a few taps, your customers can make cashless payments seamlessly using your Palmpay POS.
Palmpay POS Payment Settlement Cycle
Palmpay settles POS payments into your bank account on a T+1 settlement cycle.
For example:
- Day 1 – Customer makes N5,000 payment on your POS
- Day 2 – Palmpay credits N5,000 into your linked bank account
So you get access to your POS sales proceeds within 24 hours, enabling swift cash flow for your business.
Troubleshooting Common Palmpay POS Issues
Here are solutions for some frequent problems faced with Palmpay POS terminals:
Problem: POS display shows \”No network\”.
Solution: Check mobile data/WiFi is connected on POS. Move closer to router for better connectivity.
Problem: Card payment failing with \”Invalid card\” error.
Solution: Try swiping card properly through reader. Confirm if card is deactivated. Contact bank for assistance.
Problem: POS not turning on.
Solution: Ensure POS is fully charged. If 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 transaction status on Palmpay app. Contact Palmpay support if issue persists. Payment will reflect in 1-2 working days.
Reach out to Palmpay POS support for any unresolved issues.
Palmpay POS Customer Support
Palmpay provides dedicated customer assistance for your POS terminal and merchant account.
By Phone
Call the Palmpay POS support line at +23417005700
By Email
Email your queries to pos@palmpay.com
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 with them for quick assistance.
Conclusion
I hope this detailed 2900+ word article helped you learn all about acquiring and using Palmpay POS solutions!
To summarize, Palmpay POS allows your business to accept card and mobile wallet payments seamlessly. Choose between Start, Grow and Max plans based on your needs and volumes.
By going cashless with Palmpay, you can enable faster, more convenient payments, gain data-driven insights and get quick settlements into your account. Contact Palmpay support if you need any help with your POS terminal or merchant services.
So why wait? Apply for your Palmpay POS machine today and let your customers pay the smart, cashless way!