cheapest pos charges in Nigeria – Point of Sale (POS) machines have become an essential tool for businesses in Nigeria, as they provide a convenient way for customers to make payments using their debit or credit cards. However, the cost of using POS machines can be a burden for small business owners, as some providers charge high fees for each transaction. In this article, we will explore the cheapest POS charges in Nigeria and how small business owners can save money on transaction fees.
Different POS companies have different charges, but here’s a list of the cheapest POS charges in Nigeria:
Bankly Pos Charges
- Bankly POS Machine charges 0.3% on every withdrawal and a flat rate of N35 on all transfers.
Moniepoint Pos Charges
- Moniepoint POS Machine charges 0.5% of the transaction amount. For transactions above 20,000 Naira and a flat rate charge of N20 for transfers.
Kolomoni Pos Charges
- Kolomoni POS Machine (charges 0.5% on withdrawals from N1000 to N19, 900. N30 fee for transfer of N2000 and above)
Opay Pos Charges
- Opay POS Machine (charges 0.5% for withdrawals below N20,000 and a flat rate charge of N100 for withdrawals from N20,000 above)
Kudi Pos Charges
- Kudi POS Machine (Charges N25 for transactions from 100 – 4,500; Charges 0.6% for every transaction between 4,501 and 25,000. And a flat rate of N150 for transactions above N500,000; and charge N150 flat fee for above 500,000 Naira).
GTBank Pos Charges
- GTBank POS Machine (Charges 0.75 as POS routine maintenance).
Baxi Pos Charges
- Baxi Pos Machine Charges (Charges 0.5% for transactions from 100 – 20,000; N100 flat fee for above 20,000 Naira).
Palmpay Pos Charges
- Palmpay Pos Machine Charges (Charges 0.5% for transactions from 100 – 20,000; N100 flat fee for above 20,000 Naira).
Tips to Save Money on POS Charges
- Negotiate Fees: Small business owners can negotiate fees with their POS providers to get better rates. If a merchant is processing a high volume of transactions, they can ask for a lower rate from their provider.
- Avoid Chargebacks: Chargebacks occur when a customer disputes a transaction, and the funds are returned to their account. Merchants can avoid chargebacks by ensuring that their products or services are of good quality and that they have clear refund policies.
- Choose the Right Provider: Small business owners should research different POS providers and choose the one that offers the most affordable rates and the best customer support.
Conclusion
POS charges can be a burden for small business owners in Nigeria, but there are affordable options available. Paystack, Flutterwave, Paga, and OPay are some of the cheapest POS providers in Nigeria, offering low transaction fees and fast payment processing. Small business owners can also negotiate fees, avoid chargebacks, and choose the right provider to save money on POS charges. By using these tips and choosing an affordable POS provider, small business owners in Nigeria can save money and grow their businesses.
