PalmPay POS emerges as a convenient solution for businesses.
Understanding the charges associated with different transaction types is crucial for both merchants and customers.
Let’s proceed into the breakdown of PalmPay POS charges to provide clarity and transparency.
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PalmPay POS Charges Overview:
Withdrawals:
- Charge: 0.5%
- Minimum Charge: N5
- Maximum Charge: N500
Cash Deposits:
- Charge: 1.5%
- Minimum Charge: N15
- Maximum Charge: N1,500
Card Payments:
- Charge: 1.5%
- Minimum Charge: N15
- Maximum Charge: N1,500
Mobile Money Transfers:
- Charge: 1.5%
- Minimum Charge: N15
- Maximum Charge: N1,500
Additional Monthly Service Fee:
- Monthly Service Fee for POS Terminals: N100
Examples of PalmPay POS Charges:
- Withdrawing N1,000:
- Charge: N5
- Depositing N10,000:
- Charge: N150
- Making a Card Payment of N500:
- Charge: N7.50
- Sending N2,000 via Mobile Money:
- Charge: N30
Key Points to Note:
- These charges are subject to change without notice, and users are encouraged to check the latest fee structure on the PalmPay website or by contacting customer support.
- PalmPay POS terminals incur an additional monthly service fee of N100.
How Much is The Limit of PalmPay?
PalmPay has appeared as a versatile solution, offering different account tiers tailored to varying user needs.
Understanding the transaction limits associated with each tier and the process of upgrading is essential for users seeking an optimal financial experience.
PalmPay Account Tiers and Limits:
Tier 1:
- Daily Transaction Limit: N50,000
- Maximum Balance: N300,000
Tier 2:
- Daily Transaction Limit: N200,000
- Maximum Balance: N500,000
Upgrading to Tier 2
To access the enhanced features of Tier 2 and enjoy higher transaction limits, users need to undergo a straightforward upgrade process.
Follow these steps to upgrade your PalmPay account:
| Upgrading to Tier 2: A Step-by-Step Guide |
|---|
| Open the PalmPay app: |
| Launch the PalmPay app on your device. |
| Tap on your profile icon: |
| Locate and tap on the profile icon, often found in the top-right corner of the app. |
| Select “Upgrade to Tier 2”: |
| Look for the option that says “Upgrade to Tier 2” and select it. |
| Enter BVN and bank account information: |
| Input your BVN (Bank Verification Number) and provide the necessary bank account information as requested. |
| Tap on “Submit”: |
| Complete the process by tapping on the “Submit” button. |
- Open the PalmPay app:
- Launch the PalmPay app on your device.
- Tap on your profile icon:
- Locate and tap on the profile icon, often found in the top-right corner of the app.
- Select “Upgrade to Tier 2”:
- Look for the option that says “Upgrade to Tier 2” and select it.
- Enter BVN and bank account information:
- Input your BVN (Bank Verification Number) and provide the necessary bank account information as requested.
- Tap on “Submit”:
- Complete the process by tapping on the “Submit” button.
Once you’ve successfully completed these steps and your BVN has been verified, your PalmPay account will be upgraded to Tier 2.
This upgrade unlocks the higher daily transaction limits associated with Tier 2.
Key Points to Note:
- These transaction limits are subject to change without notice, and users are encouraged to check the latest limits on the PalmPay website or by contacting customer support.
- Upgrading to Tier 2 provides users with increased daily transaction limits, allowing for more flexibility in managing financial activities.
Conclusion
Understanding the intricacies of PalmPay POS charges empowers users to engage in financial transactions with confidence.
Whether it’s a withdrawal, deposit, card payment, or mobile money transfer, the transparent fee structure provided by PalmPay ensures that users can anticipate and plan for transaction costs.
As the financial landscape continues to evolve, PalmPay POS stands as a reliable partner for businesses and individuals alike, offering a seamless and cost-effective way to manage financial transactions.