Are you looking forward to starting a POS business? Or maybe you just want an Opay POS for your day-to-day store transactions?
The thing is you want a POS machine but you don’t know the actual price of it.
Well, we will discuss the various types of Opay POS machines and their prices in Nigeria.
You will also learn some of the most brilliant ways you can utilize the unit on this page; Opay’s commission on each transaction, along with the requirements and procedures to obtaining one.
Opay POS Machine Price In Nigeria
Opay has only three major POS machines:
- Traditional Opay POS machine.
- Opay Mini POS machine.
- Opay Smart POS machine.
Each of these machines is priced differently, but the Opay Smart POS unit is the most expensive of all.
It cost about ₦50,000 because it has more features. For instance, the smart Opay POS is a handheld touchscreen card terminal that operates on an Android system with network connectivity.
It is more modernized with multifunctional tools that go beyond just simple transactions.
Meanwhile, the Traditional Opay POS Machine isn’t dynamic. Its sole purpose is for processing sales transactions only.
Unlike the smart POS, it is bulkier with keypads, a portable printer, and a screen display. And it was the first machine Opay rolled into the public so you would expect it to be cheaper.
The Traditional Opay POS Machine costs about ₦35,000. And while you might argue it is not as sophisticated as the Smart models, it will still get the job done.
Whether it is for transfers, checkout withdrawals, bill payments, data, or airtime top-ups.
As for theOpay mini POS, it cost just ₦8,500.
This POS unit has a calculator-esque design.
While it isn’t everyone’s favorite due to its portable nature, they are durable and functional enough to complete the basic POS like withdrawals, check-outs, bills, deposits, airtime/data top-ups, and other mobile banking services.
What Can You Do With Opay POS Machine?
POS machine (whether Opay or not) offers much more than just withdrawal and depositing services.
It offers many convenient services that benefit your business and customers such as:
- Utility bill subscriptions like electricity and school fees.
- Pay for goods and services with your debit card without always carrying cash around while shopping.
- Check account balance inquiries and fund transfers.
- Load up your SIM card with data packages and airtime.
How To Apply For Opay POS Machine
The first step to acquiring anOpayPOS is by meeting all their merchant requirements:
Opay POS Machine Requirements
- An active Opay account
- A valid bank account
- A bank verification number (BVN)
- Valid ID. It can be a National ID Card, Voter’s Card, Driver’s License, or International Passport
- A recent utility bill
- Your bank account statement
Once you’ve got all these in place, only then can you apply for an Opay POS machine.
So how do you do it?
- Open a verified Opay account
- Upgrade to KYC level 3
- Switch to a Merchant Account
- Click on the “Merchant Apply” button On your Merchant Account
- Fill your correct details in the Opay POS registration form
- Upload the required documents
- Take a photo of your station and upload it
- Hit submit for review
NOTE: you could get declined. It is normal.
However, if it does happen, you can always apply through this route:https://www.opayweb.com/merchants
.
Follow the link and click on “Create a POS Merchant Account.
You will be redirected to a page to fill out the POS application form. Only do so with your current details and submit them for review.
If the application gets approved, you can now proceed with the payment, and the POS machine will be delivered to your doorstep.
Opay POS Commission Work
No card transaction is free using a POS. For every transaction you make, Opay charges.
Don’t fret. They aren’t going to rob you in broad daylight. Their charges are relatively low, about 0.5% to 0.6% per transaction.
Mini POS enjoy charges as low as 0.5%.
Here is a simple breakdown of withdrawals and deposit charges:
- Anything below ₦20,000, there is a 0.5% charge. Hence, for withdrawals above ₦20,000, a flat rate of ₦100 is applied.
- Deposits of below ₦5,000 attracts a flat charge of ₦10. Anything from ₦5,001 to ₦10,000 incurs a flat rate of ₦20.
Frequently Asked Questions
What Does POS Machine Stand For?
You must have heard POS a thousand times over. But do you know what it actually stands for?
The word “POS” stands for Point Of Sale. This means a place where transactions take place.
Hence, the POS machine or terminal is the device used or responsible for taking any form of payment or transaction.
Is Opay Approved By CBN?
Yes, Opay has been approved by the Central Bank Of Nigeria (CBN).
They are arguably the most popular online banking service in Nigeria and are fully licensed by CBN. This only translates to one thing: that is 100% legit and secure.
Most people are terrified of saving their money on online banks, but not on Opay.
Opayencrypted layers of security to every account and all deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).
You can beat your chest confidently using Opay’s service.
How Much Can Opay Receive In A Day?
There are ALWAYS some sort of limitations to online banking services.
You are even more limited if you are a regular user without BVN verification.
Meanwhile, the merchant’s ceilings are quite high as they can make daily transactions up to N5 million daily.
Conclusion
And if, for whatever reason, you can not get an Opay POS Machine, you can always try other brands.
Opay isn’t the only online bank with a POS machine. They are certainly not the best either.
You can always apply from Moniepoint, Palmpay, Baxi Box, GTBank, Kuda, Dataway, Paga, Dot Pay, and First Monie POS machines.
They all do pretty much the same thing. Although some are more popular than others, they slightly edging with fewer features and benefits.