The Nigerian economy has become almost cashless since the Central Bank of Nigeria (CBN announced its cashless policy in 2019. So, it’s understandable that your business needs a point of sale (POS) terminal and the best option available. Whether you’re starting a POS business or need one to receive payments for your business, Opay and Palmpay POS solutions are some of the best names to consider.
Here, we examine these two top POS system providers, comparing their pricing, service charges, network, and other important information.
Introducing The OPay POS
Opay offers three types of POS terminals: small card readers, traditional POS terminals with button input, and Android POS with touchscreens. The cost of an Opay POS terminal varies depending on the type you choose.
Introducing The Palmpay POS
Palmpay, a Nigerian mobile payment company, offers Point-of-Sale (POS) terminals as part of its suite of financial services. These handheld Palmpay POS terminals are of two types: Smart and Analogue POS. With these devices, merchants can accept various payment methods, including debit cards, credit cards, and QR code payments.
Opay vs Palmpay POS: Which Is Better?
OPay and Palmpay POS terminals are easy to acquire, have the same transaction fee (0.5%, capped at 100 Naira), and offer similar network uptime. To determine which is better, we will compare and contrast the two POS terminals based on the following criteria, judging by information on their websites and what their users think:
Pricing
Network Reliability
POS durability
Service Charge
Customer Service
Reconciliation
Durability
Network Reliability
Opay and Palmpay POS devices use 3G and 4G networks, but according to user opinions on an X thread, Opay's network is way better. They say Opay's POS devices are more reliable and can work in areas where Palmpay's POS devices might not get a signal. Plus, Opay POS has a reliable network and can even automatically reverse transactions if there's any downtime.
Pricing
There are no charges to apply for OPay POS. But getting any of the three different types of OPay POS machines comes at varying costs: the Smart POS for ₦50,000, the Traditional POS for ₦35,000, and the Mini POS for ₦8,500. Palmpay's POS pricing is a bit different. An Analogue Palmpay POS device costs ₦20,000, while a Smart Palmpay POS machine costs ₦40,000 or ₦60,000 for outright purchase.
Overall, OPay wins this round as it offers options to suit every budget.
Service Charge
The transaction fees for Opay and Palmpay POS are the same: 0.5% for withdrawals capped at ₦100, 2% for subscriptions, and ₦10 for deposits and transfers. No one wins this round!
Customer Service
OPay and PalmPay offer customer support to merchants using their POS devices. OPay provides support through phone, email, and in-app chat channels, ensuring merchants can quickly get the needed assistance.
According to different user opinions, experiences, and social media outbursts, PalmPay's customer service can be less accessible, and the overall experience doesn't match OPay's. Additionally, issue resolution with PalmPay typically takes longer than with OPay.
Durability
The OPay and PalmPay POS terminals have good battery life and are durable. While electronic devices can be damaged, these POS terminals from both companies are generally long-lasting.
Adoption
Opay POS devices are more widely used across Nigeria than Palmpay due to Opay’s more extensive network of agents and merchants.
Opay vs Palmpay POS Side-By-Side Comparison
Based on these user opinions and the comparisons above, here’s a table comparing different aspects of Opay vs Palmpay POS machines.
How to Get an OPay POS
Create and activate your OPay account
Upgrade your account to a Merchant account
Request for a new POS terminal
Once you receive your POS device and the included branded materials, display them to inform your customers that you now accept OPay as a payment method.
How to Get a Palmpay POS
Open a business account and log in.
Request a new POS device by clicking on the "Add a new POS" button and following the provided instructions.
Fund your account to pay for the POS terminal.
Your POS device will be delivered within 48 hours.
OPay and PalmPay both have sound, easy-to-use POS systems. According to a poll on X (formerly Twitter), OPay’s POS is usually the most popular choice because it's affordable, widely used, and offers excellent customer service. However, PalmPay’s POS is still a good option, especially for merchants who prefer its interface or need its specific network coverage.