Point-Of-Sale (POS) Machine: How Much Does It Cost?

POS machines are now a need for every Nigerian due to the country’s rising need for effective payment solutions. But how much does a Point-of-sale (POS) machine cost?

Many established firms are embracing point-of-sale (POS) businesses as side gigs since they are the new easy way to start a small business for any amount of capital. Fintech and commercial bank point-of-sale (POS) machines with varying costs and transaction rates are widely available in Nigeria nowadays. Prior to making a purchase or applying for a POS machine from a company, you must conduct market research to choose the best POS machine. And that’s where we come in!

1. Opay POS

In the Nigerian market, the Opay POS machine is extremely popular. It has a reputation for its quick speed, low cost, and easy of usage.

In addition, the gadget has a lengthy battery life and supports a number of payment options, such as mobile wallet and QR code payments.

If you use the small POS, OPay POS fees can be as little as 0.5% each transaction. But take note that after upgrading to Preferred Merchant status, the initial transaction fee is 0.6% and the subsequent fee is 0.5%.

2. Palmpay POS

The sleek, recent Palmpay point-of-sale machine is highly common in Nigeria. The device takes all major credit and debit cards and features a big display screen.

The device is a great option for companies of all sizes because it also provides quick and safe transactions.

PalmPay deducts 0.5% of the transaction amount from the withdrawal.

The following are the transaction and withdrawal fees for PalmPay POS:

  • The PalmPay fee for a ₦1,000 withdrawal is ₦5.
  • The withdrawal fee from PalmPay is ₦25 for ₦5,000.
  • PalmPay charges ₦50 for withdrawals of up to ₦10,000.
  • The withdrawal fee from PalmPay is ₦75 for ₦15,000.
  • PalmPay charges ₦100 for withdrawals of up to ₦20,000.

3. Moniepoint POS

Advanced security features on Moniepoint POS terminals include encrypted payment processing and a way of flagging questionable transactions. This might provide your consumers and your company peace of mind.

They not only allow safe and easy payment receipting from your clients, but they also provide proof of payment, which simplifies bookkeeping for your company.

By incorporating one into your company, you also enable clients to make card payments or transfers when they don’t have enough cash.

  • Withdrawals between N1 and N20,000 are subject to a fixed rate of 0.5% of the transaction amount charged by Moniepoint.
  • When a transaction exceeds N20,000, they charge a fixed fee of N100.
  • For transfers, they charge a flat fee of N20.
  • A BOs payback of up to $20 is offered by Moniepoint for withdrawals and $5 for transfers.
  • They charge 2% for airtime across all networks.
  • Bill payments are free of charge.

Factors to consider before buying a POS machine

When making your choice, take into account the following factors:

1. Cost:

Among the first things to think about when selecting a point-of-sale (POS) machine is the cost. Find a device that meets your needs both financially and in terms of features so that your organisation may operate efficiently.

2. Compatibility:

Verify that your business software and other devices, like printers and scanners, are compatible with the point-of-sale system.

3. Security:

When selecting a point-of-sale system, security must to be your first concern. Seek for one that has sophisticated security features like firewalls, fraud detection, and encryption.

4. User-friendly interface:

Both staff and customers should find a point of sale system simple to use. Choose one that has an easy-to-use interface so that your employees can work effectively.

5. Customer service:

Select a point-of-sale system from a supplier that provides strong customer service in the event that a problem arises.

You can get a point-of-sale (POS) system that is dependable, effective, and fits your company’s demands by taking these things into account.

How much does a POS machine cost in Nigeria?

1. Moniepoint POS Machine Cost Price:

Any Moniepoint office can provide you with a POS machine at a cost of 25,000 NGN. After the purchase is made, though, the machine is still not yours. It is still the business’s property. When you return the unit, you’ll also get paid 10,000 NGN back from the 25,000 NGN initial rental payment.

2. Opay POS Machine Cost Price :

OPay machines come in three different varieties:

The Mini POS Machine cost price: This is a compact, portable system that accepts credit and debit card payments. It is perfect for companies who need to move around a lot or don’t have a lot of room. The cost of OPay Mini POS machine is N5,000.

The Traditional Point of Sale (POS) Machine cost price: This larger, stationary gadget can be set up on a tabletop or similar surface. For companies who wish to take credit cards but do not want to spend money on a whole point-of-sale system, this is ideal. The cost of an OPay Traditional POS machine is ₦30,000.

The Smart Point of Sale (POS) Machine cost price: This model is an Android device that has a touchscreen interface. It’s a more sophisticated POS from today’s market. The OPay Smart (Android) POS machine cost ₦60,000.

3. Palmpay POS Machine Cost Price:

An outright purchase of a traditional PalmPay POS machine comes at a cost of N40,000, plus an additional N20,000 for a rental or cautionary fee. While, Android Palmpay POS Machines are available at a cost of N30,000 (rental/advance) and N60,000 (outright purchase).

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