How to get Moniepoint POS Machine, Charges, Price, Daily Target
Moniepoint POS stands out as a widely embraced solution in Nigeria, presenting business owners with a host of features and advantages. This versatile service streamlines the acceptance of cashless payments, providing a seamless experience for both businesses and customers.
This article provides insights on how to get the Moniepoint POS machine, we will not only explain how to get the machine but also break down the charges associated with the machine, alongside the cost of acquiring the machine and its daily target.
How to get Moniepoint POS Machine
To get a Moniepoint POS machine, follow these user-friendly steps outlined below;
Firstly, create a business account on Moniepoint’s website and log in to access the business dashboard. Navigate to the POS menu.
Next, click on the “Add a new POS” button and follow the instructions to request a new POS terminal.
To proceed, fund your business account with a minimum of ₦21,500, covering a ₦10,000 caution fee, ₦10,000 logistics fee, and ₦1,500 insurance fee for one year.
SEE ALSO: How To Become Moniepoint Aggregator and Moniepoint Agent
Once funded, your request will be processed, and a dedicated Relationship Manager from Moniepoint will be assigned to you. Within 48 hours, the Relationship Manager will deliver the POS terminal, provide training on its usage, and address any queries you may have.
Alternatively, on Moniepoint’s website, open an account or log in if you already have one. Look for the “Get Your POS” button on the dashboard and click it.
Fill out the POS application form accurately and choose a POS merchant service if applicable. Upload any necessary documents for verification and submit the application.
Await approval, a process typically takes 24 to 48 hours. If approved, you will be connected to an aggregator to continue the application process in person. In case of a declined request, you have the option to reapply. This step-by-step guide ensures a seamless and efficient process for obtaining a Moniepoint POS machine.
Moniepoint POS Machine Charges
Moniepoint has a very low transaction charge, unlike others, they are even the cheapest. Moniepoint charges based on the number of transactions the agent carries out. They have a fixed charge fee of N20 when transacting with any of Nigeria’s traditional banks.
As the amount withdrawn increases, charges grow further, aside from this; there are no hidden or extra charges. However below is an overall breakdown of how Moniepoint charges;
0.5% charge of the transaction amount for withdrawals between N1 to N20,000
N100 charges for transactions above N20,000
N20 flat rate for transfers
While for utility, cable tv, airtime, and data charges, Moniepoint POS charges the following:
- MTN 3% commission
- Glo 4% commission
- DSTv 2% commission
- GOTv 2% commission
- PHCN 2% commission
- 9Mobile 4.5% commission
- Airtel 4% commission
- 5. For TV Subscription
- Star Times 2% commission
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Moniepoint POS Machine Price
The Moniepoint POS machine in Nigeria is priced at N21,500, encompassing a N10,000 caution fee, N10,000 logistics fee, and N1,500 insurance fee for one year. This affordable and durable POS is available directly from the company, and the cost may vary based on the agent and location. Registration is free, with a one-time payment covering the machine.
There are no hidden fees or ongoing maintenance charges. Additionally, businesses can leverage Moniepoint POS to transition seamlessly into the realm of cashless transactions, making it a straightforward and cost-effective choice for enhancing financial transactions.
Moniepoint POS Machine Daily Target
Moniepoint POS sets a daily target for agents, ranging from N50,000 to N70,000, emphasizing the necessity to process withdrawals within this range to maintain machine activation. This measure ensures active usage and revenue generation for both agents and Moniepoint. Failure to meet the daily target may result in machine deactivation.
Agents can enhance success by intensifying marketing efforts, offering discounts, and collaborating with local businesses for payment acceptance. Transaction volume directly influences an agent’s rank, emphasizing the significance of meeting daily targets for overall business progress. Moniepoint utilizes daily targets as a metric to gauge agent and business development effectively.
F.A.Q
How much does Moniepoint POS charge per transaction?
Moniepoint POS charges 0.5% for withdrawals between ₦1 – ₦20,000 and a flat rate of ₦100 for transactions above ₦20,000, ensuring transparent and straightforward transaction fees.
What is Moniepoint daily transaction limit?
Moniepoint Business Account tiers have varying transaction limits. At Level 1, the daily debit limit is ₦200,000, with a single credit limit of ₦500,000 and a daily credit limit of ₦500,000, providing flexibility based on account levels.
What are the POS charges for Moniepoint in 2023?
Moniepoint POS charges 0.5% for withdrawals between ₦1 – ₦20,000 and a flat rate of ₦100 for transactions exceeding ₦20,000, maintaining competitive rates in 2023.
How do I check my commission on Moniepoint?
To check your cashback or promotion commission balance on Moniepoint POS, log in to your dashboard on either your phone or computer system. Your main account balance and promotion balance, representing your commission, will be visible for easy tracking.
Does Moniepoint reverse money?
Yes, Moniepoint typically processes reversals within 24 to 48 working hours. If a reversal is not received within this timeframe, individuals are advised to visit the bank and complete a dispense error form to rectify the issue promptly.
Who is the owner of Moniepoint POS?
Moniepoint Inc. was founded in 2015 by Tosin Eniolorunda and Felix Ike. Both founders, with backgrounds at Interswitch, established Moniepoint Inc. initially under the name “TeamApt” to offer back-end services to Nigerian banks, evolving into the Moniepoint POS service.
Does Moniepoint have an ATM card?
Yes, Moniepoint provides a Debit Card that can be utilized at any merchant, point-of-sale (POS), or ATM that accepts debit card payments. These Debit Cards are widely accepted at ATMs across the country, offering users convenient access to their funds.
How safe is Moniepoint?
Moniepoint POS is exceptionally secure, standing out as one of Nigeria’s most reliable terminals. The recent update, version 1.3.6, further enhances security, addressing concerns associated with other market terminals. With these advancements, Moniepoint ensures a robust and trustworthy platform, prioritizing the safety of transactions for users in the dynamic market landscape.
What are the advantages of Moniepoint business account?
The Moniepoint business account offers multifaceted advantages, facilitating swift access to business loans, securing a POS terminal within 48 hours, and providing an expense card for seamless tracking of daily operational costs. This comprehensive suite of features enhances business efficiency, financial accessibility, and operational management, making Moniepoint an attractive choice for businesses seeking streamlined financial solutions in Nigeria.
