Discover how to get a Moniepoint POS terminal for your business in Nigeria. This comprehensive guide covers requirements, benefits, charges, and step-by-step instructions to streamline your payment processes.
Acquiring a Moniepoint POS terminal is often regarded as the initial leap toward modernizing payment processes for businesses. For entrepreneurs in Nigeria seeking to streamline transactions, this guide provides all the essential steps to secure a Moniepoint POS machine effortlessly.
A POS terminal facilitates secure, in-person transactions, such as debit and credit card payments. Its use enhances the customer experience, offering a swift and convenient way to settle purchases.
Why Your Business Needs a POS Terminal
The benefits of integrating a POS terminal into your business are manifold, with fraud prevention standing out as a significant advantage. Moniepoint POS terminals are fortified with robust security measures, such as encrypted payment processing and automatic detection of suspicious activities, ensuring safety for both merchants and customers.
These terminals simplify the payment process, providing clear transaction records that ease bookkeeping. Moreover, they empower customers to make payments through cards or transfers, ensuring transactions continue smoothly, even in cash-strapped situations.
Benefits of Using POS Terminal for Your Business
Moniepoint terminals have become the preferred choice for over 90% of Nigerian business owners, thanks to their reliability and functionality. Here’s why they stand out:
- Secure Transactions: Safeguards protect businesses and customers alike.
- User-Friendly Interface: Intuitive operations ensure hassle-free usage.
- Rapid Dispute Resolution: Quick assistance when issues arise.
- Universal Card Compatibility: Accepts all major payment cards.
- Long Battery Life: Durable power for extended use.
- Versatile Payment Options: Handles both card and transfer payments seamlessly.
Requirements to Get a Moniepoint POS Machine
To begin, you must open a Moniepoint business account. This serves as the foundation for requesting a POS terminal. If you don’t yet have an account, click here to set one up. Once your account is active, you’re ready to explore the POS acquisition process.
Three Key Rules for Securing a Moniepoint POS
- Leased, Not Owned: Moniepoint provides the POS terminal on a lease basis, sparing you the need for a substantial upfront investment.
- Transaction Target: Your terminal must process at least ₦80,000 in daily transactions to avoid being flagged as underperforming.
- Proper Maintenance Rewards: Terminals returned in excellent condition fetch a reward of ₦10,000 upon retrieval.
Charges and Commission Structure
Moniepoint offers a transparent and competitive fee system:
- Withdrawals: 0.5% fee for amounts between ₦1 and ₦20,000; flat ₦100 for amounts above ₦20,000.
- Transfers: Flat fee of ₦20.
- Airtime Sales: 2% commission across all networks.
- Bill Payments: No charges apply. Additionally, agents earn up to ₦20 cashback on withdrawals and ₦5 on transfers.
Steps to Acquire a Moniepoint POS Terminal in Nigeria
Follow these steps to secure your POS terminal:
- Log In: Access your Moniepoint business account (https://atm.moniepoint.com/) and select the business requiring a terminal.
- Navigate to POS Menu: Under “Channels,” click on “POS” and then “Request New POS.”
- Select Terminal Model: Choose the MP35P Smart POS terminal—a user-friendly, touch-screen device designed for convenience.
- Understand Costs: The total cost is ₦21,500, broken down into ₦10,000 for a caution fee, ₦10,000 for logistics, and ₦1,500 for annual insurance.
- Provide Delivery Details: Enter the address for terminal delivery.
- Fund Your Account: Deposit at least ₦21,500 into your business account and make the payment to finalize your request.
- Meet Your Relationship Manager: A dedicated Moniepoint Relationship Manager will deliver your terminal within 48 hours, provide operational training, and address any queries.
For further assistance, reach out to support@moniepoint.com. Moniepoint’s support team is available 24/7 to resolve any concerns.
FAQs About How to Get a Moniepoint POS
1. What is the cost of acquiring a Moniepoint POS terminal?
The Moniepoint POS terminal costs ₦21,500, which includes a caution fee (₦10,000), logistics fee (₦10,000), and an annual insurance fee (₦1,500).
2. Can I own the Moniepoint POS terminal outright?
No, Moniepoint POS terminals are leased. This eliminates the need for a large upfront investment and ensures you can upgrade when necessary.
3. What happens if my daily transactions don’t meet the ₦80,000 target?
If your terminal consistently underperforms, Moniepoint may reassign it. Ensure your business processes sufficient transactions to retain the device.
4. Are there charges for bill payments on Moniepoint POS?
No, Moniepoint does not apply any charges for bill payments made via its POS terminals.
5. How long does it take to receive the POS terminal after placing an order?
Once your order is completed, your Moniepoint Relationship Manager will deliver the terminal within 48 hours.
6. What types of payments does the Moniepoint POS accept?
The Moniepoint POS terminal accepts card payments, bank transfers, and is compatible with all major card networks.
