How to Calculate Charges On Moniepoint POS and Save Money

If you are a business owner in Nigeria, you might have heard of Moniepoint POS, a device that allows you to accept card and transfer payments from your customers. Moniepoint POS is one of the most popular and reliable POS services in the country, with over 100,000 agents and millions of transactions processed every month.

But how much does Moniepoint POS charge you for each transaction? And how can you reduce your charges and save money? In this article, we will explain how to calculate charges on Moniepoint POS, and share some tips and tricks to help you optimize your POS usage and increase your profits.

How to Calculate Charges On Moniepoint POS

Moniepoint POS charges you differently depending on the type and amount of the transaction. There are two main types of transactions: withdrawals and transfers.

Withdrawals

Withdrawals are when you allow your customers to withdraw cash from their bank accounts using your Moniepoint POS device. For withdrawals, Moniepoint POS charges you a percentage or a flat rate of the transaction amount, depending on the amount.

  • For withdrawals between N1 to N20,000, Moniepoint POS charges 0.5% of the transaction amount. For example, if you withdraw N10,000, you will pay N50 as a charge.
  • For withdrawals above N20,000, Moniepoint POS charges a flat rate of N100. For example, if you withdraw N50,000, you will pay N100 as a charge.

To calculate the charge for a withdrawal, you can use this formula:

Charge = 0.5% x Amount (if Amount <= N20,000) or N100 (if Amount > N20,000)

Transfers

Transfers are when you allow your customers to send money to another bank account using your Moniepoint POS device. For transfers, Moniepoint POS charges you a flat rate of N20, regardless of the amount.

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To calculate the charge for a transfer, you can use this formula:

Charge = N20

Moniepoint POS Transaction Charges

Moniepoint POS stands out for its simplicity and affordability, making it an ideal choice for businesses of all sizes. Here’s a closer look at the key aspects of Moniepoint transaction charges:

1. Withdrawal Charges

Moniepoint charges a minimal fee for withdrawals, ensuring that businesses can maximize their profits. The withdrawal charges are as follows:

  • For transactions up to N20,000: 0.5% of the transaction amount.
  • For transactions above N20,000: A flat rate of N100.

This transparent fee structure allows businesses to plan their finances effectively, avoiding any surprises in transaction costs.

2. Flat Fee for Withdrawals

Moniepoint further simplifies its fee structure by applying a flat fee of ₦100 for any withdrawal amount. This cost-effective approach makes Moniepoint an attractive option for businesses looking to optimize their expenses.

3. Cost-Effective Option to Kickstart Your Business

Starting a business involves careful financial planning, and Moniepoint understands the importance of keeping costs manageable. With a flat fee of ₦100 for withdrawals and a minimal percentage for transactions within the N1 to N20,000 range, Moniepoint provides a cost-effective solution for businesses at various stages of growth.

How to Reduce Charges On Moniepoint POS and Save Money

Now that you know how to calculate charges on Moniepoint POS, you might be wondering how to reduce them and save money. Here are some tips and tricks that you can use to optimize your POS usage and increase your profits.

Tip 1: Set a Minimum Withdrawal Amount

One way to reduce your charges on Moniepoint POS is to set a minimum withdrawal amount for your customers. This way, you can avoid paying the 0.5% charge for small withdrawals, and pay the flat rate of N100 for larger withdrawals.

For example, if you set a minimum withdrawal amount of N10,000, you will pay N50 as a charge for each withdrawal, instead of paying N5 for a N1,000 withdrawal, or N25 for a N5,000 withdrawal. This will save you N45 or N20 per withdrawal, respectively.

To set a minimum withdrawal amount, you can display a sign or a notice at your POS location, or inform your customers verbally before they make a withdrawal.

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Tip 2: Encourage Your Customers to Use Transfers

Another way to reduce your charges on Moniepoint POS is to encourage your customers to use transfers instead of withdrawals. Transfers have a lower charge of N20, compared to the 0.5% or N100 charge for withdrawals.

For example, if your customer wants to withdraw N50,000, you can suggest them to transfer the money to their own bank account, or to someone else’s bank account, using your Moniepoint POS device. This way, you will pay N20 as a charge, instead of N100.

To encourage your customers to use transfers, you can offer them incentives, such as discounts, rewards, or freebies. You can also educate them about the benefits of transfers, such as convenience, security, and speed.

Tip 3: Negotiate With Moniepoint for Lower Charges

A third way to reduce your charges on Moniepoint POS is to negotiate with Moniepoint for lower charges. Moniepoint offers different commission structures for different agents, depending on their volume, location, and performance.

If you are a high-volume, loyal, and consistent agent, you might be able to negotiate with Moniepoint for lower charges, or higher commissions. You can contact Moniepoint’s customer support or your account manager, and request for a review of your charges and commissions.

To negotiate with Moniepoint, you should prepare some data and evidence to support your case, such as your transaction history, your customer feedback, your market share, and your growth potential.

FAQs

What is Moniepoint POS?

Moniepoint POS is a device that allows you to accept card and transfer payments for your business. Moniepoint POS is one of the most popular and reliable POS services in Nigeria, with over 100,000 agents and millions of transactions processed every month.

How much does Moniepoint POS charge for withdrawals?

Moniepoint POS charges differently for withdrawals depending on the amount. For withdrawals between N1 to N20,000, Moniepoint POS charges 0.5% of the transaction amount. For withdrawals above N20,000, Moniepoint POS charges a flat rate of N100.

How much does Moniepoint POS charge for transfers?

Moniepoint POS charges a flat rate of N20 for transfers, regardless of the amount.

How Much Does Moniepoint Charge For 10,000?

How can I reduce charges on Moniepoint POS and save money?

You can reduce charges on Moniepoint POS and save money by setting a minimum withdrawal amount, encouraging your customers to use transfers, and negotiating with Moniepoint for lower charges or higher commissions.

How can I get a Moniepoint POS device?

You can get a Moniepoint POS device by visiting their website or blog, and filling out an application form. You will need to provide some personal and business details, such as your name, phone number, email address, bank account number, business name, location, and type. You will also need to pay a one-time fee of N25,000 for the device.

What is the transaction charge for withdrawals below N1,000?

Moniepoint’s transaction charges apply to withdrawals starting from N1, and the fee is based on the transaction amount. For withdrawals below N1,000, the 0.5% fee still applies.

Conclusion

Moniepoint POS is a great device that allows you to accept card and transfer payments for your business. However, you should also be aware of the charges that Moniepoint POS imposes on each transaction, and how to calculate them.

In this article, we explained how to calculate charges on Moniepoint POS, and shared some tips and tricks to help you reduce them and save money. By following these tips and tricks, you can optimize your POS usage and increase your profits. We hope you found this article helpful and informative. If you have any questions or feedback, please feel free to leave a comment below. And if you are interested in getting a Moniepoint POS device, you can visit their website or blog for more information.