Running a POS business is tough, and you do not want to add a poor network to the stress. This is where the Moniepoint POS machine comes in. They are notable for fast and steady networks, among other benefits.
So, if you’re wondering about the Moniepoint POS machine price and how to become an agent, this piece is for you.
In this article, you’d learn about Moniepoint POS machines, the step-by-step guide on how to become an agent, and more.
You can also check out our article on how to start a POS business in Nigeria.
Understanding Moniepoint POS Machines
No matter your reasons for getting this POS machine, you need to first understand how the Moniepoint POS machine works before getting started. This will help you make an informed buying decision and also maximise the earning opportunities there.
The following are the transactions that you can carry out on the POS machine.
Note the following before getting a Moniepoint POS machine.
Features and Benefits of Moniepoint POS Machines
The features and benefits of using the Moniepoint POS machine are as follows:
Moniepoint POS Machine Price
Getting a Moniepoint POS machine costs 25,000 NGN at any Moniepoint office. However, the machine doesn’t become yours after making the payment. It remains the property of the company. You’d also be paid 10,000 NGN out of the initial 25,000 NGN rental payment you made whenever you return the machine.
Moniepoint Transaction and Withdrawal Charges
The transactions and withdrawal charges on Moniepoint are discussed as follows:
Charges on Withdrawals Below 20,000 NGN
All withdrawals below 20,000 NGN are charged at 0.5% of the amount withdrawn. So, if you withdraw 10,000 NGN for instance, you’d be charged 0.5% of 10,000 which is 50 Naira.
Charges on 20,000 NGN Withdrawals And Above
All withdrawals from 20,000 NGN and above are charged at 100 Naira. So, if you withdraw 50k NGN on your Moniepoint POS machine, for example, you’d be charged 100 Naira only.
Charges on Transfers
The charges on transfers are the same irrespective of the account type or amount. All transfers cost only 20 NGN. So, if a customer needs to transfer 200,000 NGN through your POS or you need to transfer 30,000 NGN to someone, both transactions would cost 20 Naira each.
Are there Moniepoint commissions? Yes, there are. They are outlined below.
Commissions on Airtime And Data Purchase
The following are the commissions paid for the purchase of airtime and data.
The commission for MTN purchases is 3%. That is, you’d earn 3 Naira when you purchase 100 Naira Airtime.
You earn 4.5% commission on 9Mobile purchases, which is 4 Naira 50 Kobo on every 100 Naira airtime purchased.
The commission for GLO purchases is 4%. This is 4 Naira on every 100 Naira worth of airtime or data purchased
You earn a 4% commission on Airtel purchases. That is, you’d get credited with 4 Naira whenever you buy up to 100 Naira airtime.
Commissions on Cable TV Subscriptions
The commission on Cable TV subscriptions irrespective of the amount, type of Cable TV and the plan subscribed to is 2%. That whether you’re subscribing to GOTv, DStv, or Star Times, the commission is 2% only
Commissions on Electricity Bill Payment
You’d earn 2% on all electricity bills you pay through this POS machine. Whether it is for IBEDC, KEDCO, etc, the commission is the same.
Becoming a Moniepoint Agent
Becoming a Moniepoint agent would be discussed under the following headings for better understanding.
How to Become a Moniepoint Agent
Below is a step-by-step guide on how to become a Moniepoint agent.
Fill out the registration form carefully and click on ‘submit.’
Confirm your phone number and email address. If you can not find the confirmation mail in your inbox, do check your spam folder.
Wait for about 48 hours for an agent to contact you.
Follow the guidelines of the agent to the letter until you’re confirmed as an agent.
How to Apply for Moniepoint POS
To apply for a Moniepoint POS machine, you need to follow these steps.
The first step is to visit any Moniepoint office near you. Google Maps can be of help in searching for this.
Get in contact with the agent physically and follow their guidelines one step at a time till you finish.
Pay a rental agreement of 25,000 NGN.
Receive your machine and enjoy all the benefits it comes with.
Eligibility Requirements For Acquiring a Moniepoint POS Machine
To become eligible for a Moniepoint POS machine, you need to have the following documents.
Alternatives to Moniepoint POS Machine
If you can’t find any Moniepoint office near you or you’re not cool with some of the POS features, there are other POS machines to choose from. These alternatives include:
Opay POS Machine
The Opay POS machine is free, but you need to have up to 20,000 NGN in your Opay wallet as a caution fee. This is cheaper than the Moniepoint POS machine that is rented for 25,000 NGN.
However, if you’re not approved as an agent by Opay and wish to obtain their POS machine, you can buy it from merchants in the market. You can read more about this here.
Palmpay POS Machine
This POS machine is another alternative to that Moniepoint. They share similar pros and cons. Just like the Moniepoint POS machine, Palmpay POS is given to you on a rental basis. That is, it remains the property of the company and you must return it when you fail to meet daily targets. Also, the charges on transfer are 0.5%. To understand how Palmpay works better, read our article on it here.
Kudi/Nomba POS Machine
This is another POS machine alternative to Moniepoint. The POS machine is a Point of Sale system that enables you to handle customer payments and accept them. Sounds similar to Moniepoint, right? Well, by cutting down on the expenses related to conventional transactions, such as using a cashier, maintaining track of accounts, etc, it enables you to save money.
Also, the Nomba POS system offers a customizable solution to match your unique demands. It is great for you whether you run a small business or a large retail store. Another benefit is that it contains software that allows several users to work on different duties. This includes sales, inventory, marketing, and billing, at the same time.
Paga POS Machine
This POS cost 30,000 NGN to acquire. This is about 5,000 NGN above that of Moniepoint. However, the registration process on Paga POS is free just like that of Moniepoint. Unlike Moniepoint which gives you the device on a rental basis, the Paga POS machine becomes yours once you have made the one-time payment of 30k NGN.
The Paga POS is secured, gives commissions, and shares a similar transaction rate as that of Moniepoint. The registration process and eligibility requirements for becoming a Paga agent are also the same as those for Moniepoint. The only difference is that you’d be visiting the Paga website.