How to Get OPay POS Machine 2023: Welcome to Techspike.com.ng, where we guide you through the ever-evolving world of digital transactions in Nigeria.
Today, we’re focusing on a game-changer for businesses across the country – the OPay POS machine. This remarkable tool is transforming how transactions are handled, offering efficiency, security, and convenience.
Whether you’re a seasoned business owner or a newcomer to the digital marketplace, understanding how to acquire and utilize an OPay POS machine is crucial.
Let’s dive into the process, benefits, and tips to ensure your business thrives in the digital economy.
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Understanding OPay POS Services
OPay, a leading fintech company in Nigeria, has revolutionized digital transactions with its POS services. These machines facilitate seamless transactions, offering benefits such as low fees, ease of use, and robust customer support. Choosing OPay POS means opting for reliability and efficiency in your business transactions.
Eligibility Criteria for Acquiring an OPay POS Machine
To get an OPay POS machine, you need to meet certain criteria. This includes:
- An active Opay account
- A valid bank account
- A bank verification number (BVN)
- Valid means of identification such as a Voter’s Card, National ID Card, Driver’s License, or International Passport
- A recent utility bill
- A registered business
- Your bank account statement
The Application Process
Applying for an OPay POS machine involves a simple yet thorough process. Start by visiting the OPay website or their nearest office. Fill out the application form with accurate details about your business and submit the necessary documents. The process is user-friendly, ensuring that even those new to digital platforms can apply with ease.
How to Apply for Opay POS
To apply for Opay POS, simply follow the steps explained below:
- Download and install the Opay Business app from the Play Store.
- If you already have an Opay account that you opened using the regular Opay app, you may skip the above step.
- If you already have an account, you must select “Merchant” from the Opay Business app login page.
- Next, log in using your credentials, such as your phone number and password.
- Once logged in, click on the “My POS” tab icon.
- Find the “Apply for POS” tab icon and click on it.
- You will be directed to a page where you will select the type of POS machine you want to apply for and where you will pick up the machine.
- Once you have selected your preferences, tap on the “Next” tab.
- Next, provide your last two-three months’ bank statements and one or two emergency contacts. The requirements will depend on the type of POS machine you are applying for.
- To finish this step, tap on the “submit” tab to submit the data.
- Once you submit, you will be required to pay the caution fee and provide other necessary details about you, such as a photo of a valid government ID and a photo of your shop where you will be using the POS machine.
- After you have submitted all the documents and met the requirements, its agents will take up to one week to review your application. The approval mostly depends on the amount and number of transactions on your bank statement report. If your application goes through, you’ll receive a notification through a text message, phone call or email address.
Its agents will then contact you via the contact information you provided with your:
- Product information.
- A link to download and install the Opay POS software.
- The link to your website or social media page.
You can also apply for an Opay POS machine online through the Opay website. All you need to do is visit https://www.opayweb.com/merchants, then click on “Create a POS Merchant Account”.
You’ll be redirected to another page where you’ll find the Opay POS application form. Fill out the form correctly, and submit your application for review. Just like applying on the app, you may be accepted or declined.
Opay Fees and Charges
One of the attractive features of OPay POS is its competitive fees. Understanding these charges is crucial for your business planning. The fees are transparent, with no hidden costs, making it a preferred choice for many Nigerian businesses.
Opay POS charges could range from 0.5% to 0.6% per transaction. If you’re using the Opay Mini POS, you can enjoy charges of as low as 0.5%.
However, the initial charge per transaction is 0.6% and then 0.5% after upgrading to Preferred Merchant status.
OPay POS Security Features
Security is a top priority for OPay. Their POS machines come with advanced security features to protect your transactions and customer information. Familiarize yourself with these features to ensure you’re providing a safe transaction environment for your customers.
How to Get OPay POS Machine – FAQs
How do I become an OPay merchant?
To become an Opay merchant, follow the steps below:
- Navigate to OPay where you will be directed to the merchant login screen.
- Within the login screen, click on Sign Up where you will be directed to the registration form.
- Fill in the registration form information. The following table illustrates the information you need to have ready in hand.
- Once you complete your registration form, click on Create Merchant Account. If everything goes as expected, a success message will show up telling you that your account has been created. Click on Confirm and you will be directed to the login screen.
- Use the email and password you have just provided to log into your merchant dashboard.
- Congratulations, you have joined the OPay payment gateway family as a new merchant with a test account. You can start testing your account with the provided credentials. Next, you will need to contact the OPay team to get your account into production mode.
How much does OPay charge per transaction?
Opay POS charges 0.5% on every withdrawal you make below N20,000 naira of the amount. For withdrawals above N20,000 naira Opay charges a flat rate of N100 naira. However, Opay POS terminal agents are free to set their own prices for withdrawal transactions.
Which one is better between Opay and Moniepoint?
Both OPay PoS and Moniepoint PoS are relatively easy to acquire, they charge a similar 0.5% for every transaction capped at 100 Naira. Moniepoint only slightly edges Opay on the grounds of customer service and durability.
Can I make money from OPay?
While OPay itself does not provide opportunities to make money, there are a few ways to potentially earn money through OPay: Refer friends and family: OPay offers referral bonuses to users who invite others to use the app. Once someone signs up using your referral code, you and the person you referred can earn a bonus.
What is the highest amount OPay can receive?
You can receive and send up to 5 million Naira daily as an OPay merchant.
How does OPay POS work?
You can perform transactions like check-outs, withdrawals, deposits, airtime/data top-ups, pay bills, and other mobile banking services. You get an instant settlement for your transactions. No guaranteed deposit to collect a mini POS terminal, and no hidden fees.
Techspike’s Conclusion on How to Get OPay POS Machine 2023
Adopting an OPay POS machine is a smart move for any Nigerian business looking to thrive in today’s digital world. The process of acquiring one is straightforward, and the benefits are immense.
OPay POS machines not only streamline your transactions but also build customer trust and enhance your business’s efficiency.
At Techspike.com.ng, we’re committed to providing you with the tools and knowledge to succeed in Nigeria’s digital economy. Embrace this opportunity, and watch your business reach new heights.
If you have any questions regarding this post, simply leave us a comment in the comment section below and we will get back to you as soon as possible!
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My name is Tiamiyu Abdulbazeet Olawale, the CEO of TechSpike.com.ng. He is a graduate of Electrical and Electronics Engineering at the University of Ilorin.