Are you a business owner in Nigeria looking for an easy and convenient way to process payments? Look no further than OPay POS!
This innovative payment solution has been designed specifically for small businesses, offering fast processing speeds, low fees, and seamless integration with your existing systems. But how do you apply for an Opay POS?
In this blog post, we’ll take you through the step-by-step process of getting set up with one of the most popular payment solutions in Nigeria. So sit back, relax, and get ready to revolutionize your business operations with OPay POS!
What is OPay?
OPay is a Nigerian digital payments company (Paycom) founded in 2016. The company offers a mobile money platform that enables users to make cashless payments for goods and services. OPay also has a point-of-sale (POS) system that allows merchants to accept cashless payments from customers.
OPay was founded by serial entrepreneur Tomi Davies and former Google executive Adeo Ressi. The company is headquartered in Lagos, Nigeria.
What is OPay POS
OPay is a Nigerian fintech company that offers digital payment solutions. Its flagship product is the Opay POS, a mobile point-of-sale device that enables merchants to accept card and cash payments.
The Opay POS machine comes in three different types and sizes; Opay Mini POS, Opay traditional POS, and Opay smart (Android POS).
It accepts both Nigerian bank cards and international cards, as well as mobile money payments. It also has a built-in printer for receipts.
To apply for an Opay POS, merchants need to have a registered business in Nigeria and an active bank account. They also need to provide their contact details and proof of identity. Once approved, they will receive their POS device within 5-7 days.
Benefits of Using OPay POS
- Convenience: OPay POS provides a fast and easy way to make and receive payments, which saves time and reduces the need for cash transactions.
- Security: OPay POS transactions are highly secure and encrypted, which helps to prevent fraud and unauthorized access to sensitive information.
- Cost-effectiveness: OPay POS transactions are often cheaper than traditional cash transactions, which can help businesses save money in the long run.
- Increased sales: By accepting digital payments through Opay POS, businesses can attract more customers who prefer to use digital payment methods.
- Expanded customer base: OPay POS can help businesses expand their customer base by making it easier for customers to pay for goods and services.
- Real-time reporting: OPay POS provides real-time reporting and transaction tracking, which helps businesses to manage their finances and inventory more effectively.
- Mobile-friendly: OPay POS is mobile-friendly, which makes it easy for businesses to accept payments on-the-go.
- Access to loans: OPay POS users can access loans and other financial services through the Opay platform, which can help businesses to grow and expand.
- Self-Employment: Another benefit of using Opay POS in Nigeria is that it can facilitate self-employment opportunities. With the increasing popularity of digital payments, many people are starting their own businesses as agents or merchants that accept digital payments through platforms like Opay POS. This provides an opportunity for individuals to become self-employed and earn a living, without the need for extensive capital investment or a physical storefront. Opay POS provides an easy and accessible way for these entrepreneurs to accept payments and grow their businesses, which can lead to greater financial independence and economic empowerment.
Requirements for Becoming OPay POS Owner
In order to qualify and become an Opay POS owner in Nigeria, there are a few requirements that must be met.
- You must be at least 18 years of age.
- You must have a functioning business.
- You must be conversant with how POS transactions work.
- You must complete the KYC 1, KYC 2, and KYC 3 level forms.
KYC 1 Requirements (Level 1)
- Passport photograph
- Your Name, date, and place of birth
- Gender, address, and phone number
Note that accounts on level 1 have ₦50,000 maximum account balance and ₦50,000 maximum daily transaction limit.
KYC 2 Requirements (Level 2)
- All requirements in level 1
- Your BVN (Bank Verification Number)
- The phone number linked to your bank account
Note that accounts on level 2 have ₦300,000 maximum account balance and ₦200,000 maximum daily transaction.
KYC 3 Requirements (Level 3)
- Yourovernment-issued ID such as your International Passport, driver’s license, National ID, Social Security Number, Voters Card, etc.
- Your passport photograph, and utility bill.
Note that accounts on level 3 have an unlimited maximum account balance and 5,000,000 maximum daily transactions.
Opay Merchant Account
Here, you get an unlimited maximum account balance and unlimited daily transactions.
How to Apply for OPay POS Machine in Nigeria
If you’re a small business owner in Nigeria, you may be looking for a way to accept credit and debit card payments from your customers. One option is to apply for an Opay POS machine. Here’s how:
- Visit the Opay website and create an account. Use Cbz927 as a referral code for more bonuses.
- Upgrade from KYC 1 to Merchant Account.
- After a successful upgrade, click on the “Apply for POS” link.
- Fill out the online application form with your personal and business information.
- Attach any required documents, such as your business license and bank statements.
- Click “Submit” and wait for a response from Opay.
- If you’re approved, you’ll receive an email confirmation along with instructions on how to activate your POS machine. Once it’s activated, you’ll be able to start accepting credit and debit card payments from your customers!
In other words, to apply for an OPay POS in Nigeria, you must have an OPay account, be a POS agent with experience, and have a good transaction history. To apply, you must upgrade your KYC to level 3, which involves uploading a government-issued ID, a passport photograph, and a utility bill. Verification takes two or more working days.
You can also download the Opay app and follow the below instructions.
How to Upgrade to OPay Merchant Account
Upgrade your profile to KYC 3 and switch to Merchant. Go to your OPay Account, click on Me, then click the picture icon and select Account Details. Upgrade to Merchant, fill in your Business Information, and click Next. Provide the necessary information and click Upgrade. Wait for the OPay Team to review and approve/decline your request.
How to Become an OPay Agent
In order to become an Opay agent, you must first have a physical space from which to operate. This space can be a shop, office, or any other type of commercial premises. Once you have secured a suitable location, you will need to submit an application form online.
Opay will then conduct a background check and verification process. Once this is complete, you will be sent an email with instructions on how to activate your account and begin using the Opay POS system.
As an Opay agent, you will be able to offer a range of financial services to your customers, including money transfers, bill payments, and airtime top-ups. You will also earn a commission on every transaction that you process.
Opay POS Transaction Charges
- For withdrawals below ₦20,000, OPay charges 0.5% of the transaction amount.
- For withdrawals above ₦20,000, OPay charges a flat rate of ₦100.
- For deposits from ₦5000 and below, OPay charges a flat rate of ₦10.
- For deposits from ₦5,001 to ₦10,000, OPay charges a flat rate of ₦20.
- For transfers above ₦10,000, OPay charges a flat rate of ₦30.
Opay POS Daily Targets
There is no daily target for OPay POS. This is one of the reasons it’s preferred to others.
Opay POS Commissions
OPay pays agents a commission based on their level, determined by their monthly withdrawal amount. The commission is paid into the merchant’s account and can be cashed out at any time.
OPay POS Commissions for Data Top-Up:
- MTN = 3% commission
- Glo = 4% commission
- 9Mobile = 4.5% commission
- Airtel = 4% commission
OPay POS Commission for TV Subscription:
- DStv = 2% commission
- GOtv = 2% commission
- PHCN = 2% commission
- StarTimes = 2% commission
Increase your transactions on the OPay terminal for more earnings as a merchant.
Types of OPay POS Machines in Nigeria
There are three types of OPay machines in Nigeria:
- The Mini POS: The Mini POS is a small, handheld device that is used to process card payments. It is ideal for businesses that do not have a lot of space or need to move around frequently.
- The Traditional POS: It is a larger, more permanent device that can be placed on a countertop or other surface. It is perfect for businesses that want to accept card payments but do not want to invest in a full-fledged POS system.
- The Smart POS: This one is the Android version with a touchscreen display. It’s a modern POS with more advanced features.
Prices of OPay POS Machines in Nigeria
- OPay Smart (Android) POS cost ₦60,000.
- OPay Traditional POS cost ₦30,000.
- OPay Mini POS cost ₦5,000.
The OPay Smart POS machine is a fullscreen Android touchscreen device that supports 4G, 3G, and WIFI networks and offers the lowest charge. It prints transaction receipts.
The OPay traditional POS machine is the basic version with buttons. It has the best battery life. It also has an inbuilt printer for printing transaction receipts.
The OPay Mini is the cheapest POS machine from OPay but it has very limited features. It doesn’t work on its own. It needs to be connected to an Android phone before it can work. It doesn’t support a 4G network and doesn’t print receipts.
However, it’s important to note that all types of POS machines perform most transactions.
Types of OPay Merchants
Pros and Cons of Using OPay POS
The Opay POS is a quick and easy way to accept payments from customers. It is a secure and efficient way to process transactions. As with any new technology, there are always pros and cons to using it. Let’s take a look at the pros and cons of using the Opay POS:
- The Opay POS is a fast and convenient way to process payments from customers.
- It is a secure system that uses encryption to protect customer information.
- It is easy to use and can be set up quickly.
- There are no upfront costs associated with using the Opay POS.
- You can use the Opay POS anywhere in Nigeria that has an internet connection.
- The Opay POS may not be accepted by all businesses in Nigeria.
- There may be some transaction fees associated with using theOpay POS.
More On Getting the OPay POS Machine
At this point, you must have known the OPay POS machine price in Nigeria, how to become an agent, transaction charges, and commission structure.
OPay is a mobile platform for money transfers, bill payments, and more. Becoming an OPay agent requires upgrading to KYC Level 3 and meeting eligibility requirements.
The benefits of using OPay POS include reliability, low pricing, great customer support, and instant settlement.
OPay offers various services such as bills and utility payments, peer-to-peer transfers, betting payments, rewards and vouchers, POS service, fast and secure transfers, and merchant QR payments. To request a POS machine, follow the steps to become an OPay agent and upgrade your KYC level.
Q: How do I apply for Opay POS in Nigeria?
To apply for Opay POS in Nigeria, simply visit the Opay website and fill out the online application form. Once your form has been submitted, one of our representatives will be in touch to discuss your options and help you get set up with a POS system.
Q: What are the requirements for applying?
To apply for Opay POS in Nigeria, you must be a Nigerian citizen and have a valid government-issued ID card. You will also need to provide some basic information about your business, including your company name, contact information, and BVN or NIN.
Q: How much does it cost to use Opay POS?
There is no cost to use Opay POS in Nigeria. You will only be charged a small transaction fee on each sale made through the system. There are no monthly or annual fees associated with using Opay POS.
Q: Transaction made via POS but funds not credited to wallet. What to do?
Report immediately in the Support tab of the OPay app with the transaction number and receipt screenshot.
Q: POS shows reversal approved but cardholder still debited. What to do?
Ask the cardholder to contact their bank for resolution. Wait for the reversal process to finish before removing the card to avoid any issues with the POS system.
Q: How to handle OPAY POS errors?
Below are the common POS errors.
- Communication error
- SSL Connection failure
- Wave lost. Try Again.
To fix errors, turn off POS for a minute then try again. If the issue persists, send a screenshot to OPay Team’s WhatsApp group for businesses. They will assist in resolving the error.
Q: How to Activate Your New OPAY POS Machine
To activate and use the POS, insert an active data SIM card and switch it on. Withdraw cash using your ATM. If the transaction is successful, check your OPay app to see if you have been credited. If so, you can now use the POS.
Q: What types of businesses can use Opay POS?
Opay POS can be used by any type of business that sells products or services in Nigeria. This includes retail stores, restaurants, gas stations, hotels, and more. If you have a physical location where customers can make purchases, then you can likely use Opay POS.
Applying for an OPay POS in Nigeria is a simple and straightforward process. Just follow the steps we have outlined, make sure you have all of the necessary documentation, and you should be able to get set up quickly and easily.
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With your own OPay POS terminal, you can start accepting payments from customers right away. So what are you waiting for? Get started today and set yourself up with the convenience that comes with having your own POS machine!