Introduction
In today’s digital era, point-of-sale (POS) machines have become an essential tool for businesses in Nigeria. These devices enable seamless cashless transactions, making them convenient for both merchants and customers. If you’re looking for an affordable POS machine in Nigeria, we’ve compiled a list of the top 10 options available in the market. This article will guide you through the features, benefits, and prices of these POS machines, helping you make an informed decision.
Before now, POSs were given out free to Agents, but now to acquire or have a POS either for your business or commercial use, you need to pay a refundable caution fee. However, banks still give out for free to their agents, but you’ve to meet up with the criteria.
In this article, are the 10 best POS machines in Nigeria, and their prices.
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Understanding POS Machines
A POS machine is a device that facilitates electronic payment transactions. It allows businesses to accept payments from customers using various methods, including debit cards, credit cards, and mobile wallets. POS machines are equipped with a card reader, a display screen, and a printer to generate receipts. These devices connect to the payment network and securely process transactions, ensuring the safety of financial information.
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Importance of POS Machines in Nigeria
The adoption of POS machines has significantly transformed the payment landscape in Nigeria. With the increasing preference for cashless transactions, businesses are recognizing the importance of having a POS machine. Here are a few reasons why these devices are crucial:
1. Enhanced Customer Experience: POS machines enable quick and hassle-free payments, reducing waiting times for customers and improving their overall experience.
2. Increased Sales: Accepting multiple payment options through POS machines expands the customer base, leading to higher sales and revenue.
3. Improved Security: Cash transactions are prone to theft and fraud. POS machines offer a secure and encrypted payment process, reducing the risk of financial loss.
4. Transaction Records: POS machines provide businesses with detailed transaction records, making it easier to track sales, inventory, and financial data.
Factors to Consider when Choosing a POS Machine
Before purchasing a POS machine, it’s essential to consider the following factors:
1. Affordability: Evaluate the upfront cost, transaction fees, and maintenance charges associated with the POS machine.
2. Connectivity Options: Check if the device supports multiple connectivity options like Wi-Fi, 3G/4G, and Bluetooth to ensure uninterrupted transactions.
3. Payment Options: Ensure the POS machine supports various payment methods, including debit cards, credit cards, and mobile wallets.
4. Ease of Use: Look for a user-friendly interface, intuitive features, and easy navigation to simplify the payment process.
5. Customer Support: Opt for a POS machine that comes with reliable customer support to address any technical issues promptly.
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Top 10 Best POS Machines in Nigeria
- Opay POS Machine
This is a well-known Pos machine in Nigeria. It’s a subsidiary of Opera Mini and Okash.
Features
- Low fee transactions
- Fast payment disbursement
- Provides Financial Services: such as Airtime/Data Top-up, Tv/Cable subscription, and Bills/Utility payments.
- 24/7 customer support
- Trusted and reliable
Price
Android POS – ₦60,000
Mini POS – ₦7,000
Traditional POS – ₦40,000
- Monipoint POS Machine
Created by Tosin Eniolorunda, and headquartered in Uyo. It’s one of the most used POS machines in Nigeria. Used by more than 20 million people for transaction purposes on a monthly basis.
Features
- Easy to use/user friendly operating system
- Fast and secure transactions
- Supports all types of cards
- Long life(Battery)
- Card and Transfer transaction is accepted
- Instant transaction dispute
Price
Android POS – ₦35,000
Traditional POS – ₦20,000
- PalmPay POS Machine
Over 20% of Nigerians/Ghanians residents use PalmPay POS Machine for their financial services. It offers low prices and promotions for meeting up with targets.
Features
- 24/7 customer support
- Low fees and promotions
- Fast transactions
- User friendly
- Quick dispute
- Tv/Cable subscription
- Bills/utility payments
- Data/Airtime Top-up
Price
Android POS – ₦60,000
Traditional POS – ₦40,000
- Access Bank POS
They offer one of the best POS services. You can get one by going to any Access Bank physical facility. It has a very easy to use interface.
Features
- Low transaction fees
- User friendly
- Secure and Reliable transactions
- Supports all types of card
- GPRS for online payment transaction processing
- Customer loyalty program
- Bill/Utility payments
- Data/Airtime Top-up
Price
You need an existing current account with Access Bank
- Firstmonie POS Machine
It’s owned by FirstBank of Nigeria. Designed to minimise problems people face when making financial transactions. It offers a low fee of 0.75% per transaction.
Features
- Utility/Bill payment
- Airtime/Data Top-up
- Tv/Cable subscription
- Fast sending and receiving of funds
- Customer support
- Hotels, Airlines booking
Price
Minimum of ₦50,000 working capital for an individual business owner
and
Minimum of ₦250,000 working capital for a registered business owner.
- Baxi POS Machine
This is an independent POS payment service provider in Nigeria. It can be used in-store, mobile, online, Wallet, and B2B channels.
Features
- B2B Channels transaction (Business-2-Business)
- Easy to use/friendly touch
- 24/7 customer support
- Utility/Bill payment
- Data/Airtime Top-up
- Competitive commission rate
- Financial empowerment
Price
Android POS – ₦30,000
Mini POS – ₦10,000
- PayCenter POS Machine
This is another great POS system in Nigeria. Formerly owned by Capricorn Digital Limited (CDL), but was later acquired by MFS Africa. As a store owner or Agent, you can order and have a Baxi POS for your business or commercial payment services.
Features
- Bill/Utility payments
- Data/Airtime Top-up
- Tv/Cable subscription
- Fast payment disbursements
- 24/7 customer support
- Multiple Fund transaction portal (GTBanks, Rubies Bank, and Zenith Bank)
- Recharge card vending. You can print out cards with it.
Price
Android POS/Big POS – ₦20,000 for old Agent and ₦25,000 for new Agent
Mini POS – ₦10,000
- Kudi POS Machine
This is arguably one of the fast rising POS payment service providers in Nigeria. They have a licence to operate in Ghana and Kenya respectively.
Features
- Quick funds transactions
- Data/Airtime Top-up
- Bill/Utility payments
- Betting account funding
- WAEC scratch card
- 24/7 customer support
- Bluetooth connectivity
Price
₦25,000 Non-refundable
- Bankly POS Machine
They offer one of the best withdrawal rates of 0.3% per transaction. And about ₦35 flat rate.
Features
- Utility/Bill payment
- Data/Airtime Top-up
- Fast withdrawal
- Tv/Cable subscription
- 24/7 customer support
- Bankly Customer App. Save money for Bankly App users, and earn money
- Financial assistance
Price
Android POS – ₦15,000 – ₦20,000
Traditional POS – ₦15,000
- FlutterWave POS Machine
When it comes to all cards most acceptable POS machines , FlutterWave comes first. They accept Visa, MasterCard, Verve, and Interswitch.
Features
- Transfer money to any bank instantly
- Airtime/Data Top-up at 3% commission
- Bills/Utility payments
- Open mobile account for customers
- Hotels, Airlines booking
- Issue & Load ATM cards
Price
Android POS – ₦30,000
Mini POS – ₦10,000
Conclusion
Choosing the right POS machine is essential for businesses in Nigeria to streamline their payment processes and offer a seamless customer experience. In this article, we have discussed the significance of POS machines, and factors to consider when selecting one, and provided a list of the 10 best POS machines available in Nigeria at affordable prices. Evaluate your requirements, compare the features and prices of these options, and select the POS machine that best suits your business needs.
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FAQs
1. Can I use a POS machine without an internet connection?
– While some POS machines require an internet connection for real-time transaction processing, there are options available that can operate offline and sync data later.
2. Are there any hidden fees associated with POS machines?
– It’s crucial to review the terms and conditions provided by the POS machine provider to understand any potential hidden fees, such as transaction charges, monthly subscriptions, or maintenance costs.
3. Can I accept international payments with a POS machine?
– Certain POS machines support international payment processing, but it’s advisable to check the compatibility and associated fees for cross-border transactions.
4. How long does it take to set up a POS machine?
– The setup time for a POS machine varies depending on the provider and the complexity of the system. Generally, it involves connecting the device, configuring settings, and integrating it with your business software.
5. What security measures are in place to protect customer data?
– POS machines employ advanced security measures, including encryption and tokenization, to safeguard customer data and prevent unauthorized access.
Remember to continuously evaluate the market for the latest POS machine offerings, as technology and pricing may evolve.