Opay POS machine prices in Nigeria vary depending on the type of machine you choose. Here is a breakdown of the different types of Opay POS machines and their prices:
- Opay Smart POS: N50,000
- Opay Traditional POS: N35,000
- Opay Mini POS: N8,500
Opay also offers a free POS machine rental program to qualified merchants. To be eligible for a free POS machine rental, you must meet the following criteria:
- Have a registered business in Nigeria
- Have a valid bank account
- Make a daily turnover of at least N10,000
If you do not meet the criteria for a free POS machine rental, you can purchase one of the Opay POS machines listed above.
Daily Target & Commission
Opay merchants are not required to meet a daily target. However, the more transactions you process, the more commission you will earn. Opay’s commission rates are as follows:
- Card transactions: 0.6%
- Transfers: 10 Naira
- Withdrawals: N100 (for amounts below N10,000) and N200 (for amounts above N10,000)
- Airtime and data purchase: 1%
- Bill payments: 1%
In addition to the commission rates listed above, Opay also offers a number of other benefits to its merchants, such as:
- Instant settlement of transactions
- Free training on how to use the Opay POS machine
- 24/7 customer support
If you are interested in becoming an Opay merchant, you can apply online or through the Opay mobile app. The application process is simple and straightforward. Once you have been approved, you will receive your Opay POS machine within a few days.
How much can you make from POS daily?
- The location of your POS business
- The number of transactions you process
- The types of transactions you process
- The commission rates you charge
In general, POS businesses in Nigeria can make anywhere from N7,000 to N10,000 per day. However, some businesses in high-traffic areas can make significantly more. For example, a POS business in a busy market may make N20,000 or more per day.
Here are some tips for increasing your daily POS profits:
- Choose a good location for your POS business. A high-traffic area with a lot of potential customers is ideal.
- Offer a wide range of services. In addition to cash withdrawals and deposits, you can also offer bill payments, money transfers, and other services. This will attract more customers to your business.
- Set competitive commission rates. You need to charge enough to make a profit, but you also need to be competitive with other POS businesses in your area.
- Promote your business. Let potential customers know about your POS business and the services you offer. You can do this by distributing flyers, putting up posters, or advertising online.
It is also important to note that the new cash withdrawal limits of N20,000 daily from POS channels may impact POS profits. However, POS businesses can still be profitable by offering a variety of other services, such as bill payments and money transfers.
What is POS commission fee?
A POS commission fee is a fee that is charged to merchants for each transaction that is processed through their point-of-sale (POS) system. This fee is typically charged by the payment processor, which is the company that handles the processing of credit and debit card transactions.
The amount of the POS commission fee varies depending on a number of factors, including the type of merchant, the type of transaction, and the payment processor. However, it is typically a percentage of the transaction amount, plus a flat fee. For example, a payment processor might charge a merchant 2.6% plus 10 cents for each swiped transaction.
POS commission fees can be a significant expense for businesses, especially those that process a high volume of transactions. However, they are a necessary cost of doing business for most merchants who accept credit and debit cards.
In Nigeria, the Central Bank of Nigeria (CBN) has set a maximum POS commission fee of 0.5% (VAT inclusive) capped at N100 per single POS transaction. However, some POS agents may charge higher fees, especially for larger withdrawals or other services.
POS commission fees are typically paid by the merchant, but some merchants may pass the fee on to their customers in the form of a convenience fee.
Which one is better between Opay and Moniepoint?
- Cash withdrawals
- Airtime and data purchase
- Bill payments
- Money transfers
Both companies also have a large network of agents across Nigeria, making it easy for customers to access their services.
Here is a comparison of Opay and Moniepoint based on some key factors:
|Cost of PoS||₦45,000||₦21,500 (initial payment) + ₦10,000 caution fee (refundable)|
|Transaction fee||0.5% capped at ₦100||0.5% capped at ₦100|
|Customer service||Generally good, but can be slow at times||Excellent|
|Durability of PoS||Good||Very good|
Overall, Opay and Moniepoint are both good PoS providers. However, Moniepoint has a slight edge in terms of customer service and durability of its PoS machines.
Which one is better for you?
It depends on your specific needs. If you are looking for a PoS provider with excellent customer service and durable machines, then Moniepoint is a good choice. However, if you are on a tight budget, then Opay is a more affordable option.
Here are some additional factors to consider when choosing between Opay and Moniepoint:
- Network coverage: Which company has a larger network of agents in your area?
- Additional services: Does one company offer additional services that are important to you, such as microloans or insurance?
- Promotional offers: Does one company offer any promotional offers, such as cashback or discounts on transaction fees?
Ultimately, the best way to decide which PoS provider is right for you is to compare both companies and choose the one that offers the best features and value for your needs.
What are the benefits of being a merchant in opay?
- Increased sales and customer base: OPay is a popular mobile money platform in Nigeria, with millions of active users. By becoming a merchant in OPay, you can reach a wider customer base and increase your sales.
- Low fees: OPay offers competitive fees for merchants, which can help you to save money on your business transactions.
- Instant transaction settlement: OPay merchants receive funds into their wallets instantly after each transaction. This can help you to improve your cash flow and manage your finances better.
- Business intelligence and growth insights: OPay provides merchants with a powerful dashboard to view all their business transactions and insights. This information can help you to understand your business better and make informed decisions to grow your business.
- Trusted and reliable service: OPay is a CBN licensed mobile money platform. This means that you can be confident that your customers’ funds are safe and secure.
In addition to the above benefits, OPay also offers merchants a variety of other perks, such as discounts on airtime and data purchase, commissions on TV subscriptions, and zero fees for money transfers.
Overall, becoming a merchant in OPay is a great way to boost your business and reach a wider customer base.
How much can OPay Tier 2 receive at once?
An OPay Tier 2 account can receive up to 50,000 Naira per transaction and not more than 200,000 Naira a day.
To upgrade your OPay account to Tier 2, you will need to provide your full name, residential address, and BVN. You can do this by following these steps:
- Open the OPay app and tap on the “More” tab.
- Tap on “Upgrade.”
- Tap on “Link your BVN.”
- Enter your BVN number and tap on “Verify BVN.”
- Enter the OTP sent to the phone number linked to your BVN.
- If you didn’t get any OTP, click “try another method” and fill in the details requested.
- Click “verify BVN” to complete the verification.
- Take a selfie image of your face. (Please know that this image will be used for document verification if you choose to further upgrade your account).
- Click “Next” to provide details of your “Next of KIN.”
- Click “submit details” to ‘submit your personal details.’
Once your account has been upgraded to Tier 2, you will be able to receive up to 50,000 Naira per transaction and not more than 200,000 Naira a day.
Please note that OPay may also have additional limits on the amount of money you can receive, depending on your transaction history and other factors.
Upgrading your OPay account to Tier 2 not only allows you to receive higher transaction amounts but also provides additional security measures such as verification of your “Next of KIN” and submission of personal details. By clicking “Next” and providing these details, you are taking a step towards enjoying the benefits of a Tier 2 account.
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