How to calculate Moniepoint charges: what every agent should know about the fees

Knowing how to cipher Moniepoint charges is captious for immoderate POS cause seeking to way profits accurately. Withdrawal fees commencement from 0.5% for amounts up to ₦20,000 and ₦100 level for higher sums. Transfers outgo ₦20, while deposits besides person acceptable charges.

To get a POS machine, you should archetypal unfastened a Moniepoint Business Account. Photo: @Moniepointng connected Facebook (modified by author)
Source: UGC

TABLE OF CONTENTS

Key takeaways

• Moniepoint charges 2% connected airtime purchases.
• Bill payments connected Moniepoint travel with zero charges, making them cost-effective.
• POS nett = (Charges from relationship + Charges astatine hand) – POS supplier charges.
• A Moniepoint POS terminal requires a daily transaction minimum of ₦80,000 to debar reassignment.
• To get a POS machine, you indispensable unfastened a Moniepoint Business Account and implicit the KYC process.

How to cipher Moniepoint charges

Understanding Moniepoint transaction charges helps you cognize your regular POS profit. Each transaction type—withdrawal, transfer, oregon deposit—has its circumstantial complaint rate. These charges whitethorn travel from the customer's relationship oregon beryllium collected successful cash. Knowing however each complaint applies helps you way your net accurately.

How overmuch does Moniepoint complaint per transaction?

Moniepoint charges alteration based connected the transaction benignant and amount. Charges whitethorn beryllium fixed oregon percentage-based. Withdrawals pull higher fees for higher amounts. Transfers and deposits besides travel antithetic complaint structures.

General Moniepoint commissions see a 0.5% interest connected withdrawals from ₦1 to ₦20,000 and a level ₦100 for amounts supra ₦20,000. Transfers outgo a level ₦20, portion airtime attracts a 2% interest crossed each networks. Bill payments person nary charges.

Moniepoint besides gives BOs cashback of up to ₦20 connected withdrawals and ₦5 connected transfers. The POS charges database beneath gives a simplified presumption of Moniepoint’s existent transaction charges:

How bash you cipher POS profit?

Use this look to cipher your POS profit:

• Profit = (Charges from Account + Charges astatine Hand) – POS Provider Charges

Here is simply a stepwise attack to calculating your POS profit.

1. Record your starting balance. Assume ₦0 successful your POS account. You whitethorn statesman with currency connected hand, e.g. ₦10,000.
2. Track withdrawal transactions. Note the withdrawal magnitude and the benignant of charge, which is account-based oregon cash.
3. If the complaint is from the account, adhd it to the withdrawal amount. For example, for a ₦10,000 withdrawal with a ₦200 relationship charge, your relationship receives ₦10,200.
4. Track transportation transactions. Note the magnitude sent and the currency complaint collected. Record currency charges separately arsenic charges astatine hand.
5. Deduct the transportation magnitude from your POS account. Record currency charges arsenic carnal profit.
6. At the extremity of the day, sum up charges from the relationship and charges astatine hand.
7. Subtract POS supplier charges from this full to get your nett profit.

Requirements to acceptable a Moniepoint POS

Setting up a Moniepoint POS is simply a straightforward process, but determination are circumstantial requirements you volition request to meet. Here are the requirements to acceptable up a Moniepoint POS.

• A functional mobile fig linked to your BVN and email address
• Your Bank Verification Number (BVN)
• A astute instrumentality with net entree (smartphone oregon computer)
• A valid ID (NIN slip, PVC, planetary passport, oregon driver's licence)
• Proof of code (bank statement, PVC, driver's licence, inferior bill, oregon tenancy agreement)

How to get a Moniepoint POS

To get a Moniepoint POS, you indispensable archetypal unfastened a Moniepoint Business Account. If you bash not person one, travel these steps:

Moniepoint POS registration. Photo: moniepoint.com
Source: UGC

1. Visit the Moniepoint website and participate your idiosyncratic details.
2. Provide your email and phone number, past verify it utilizing the OTP sent to you.
3. Choose a username and password, participate your BVN, and taxable your KYC details.
4. Complete look and ID verification. Enter your concern sanction and make a unafraid PIN.
5. Fund your account. This enables creaseless transactions connected your POS terminal.
6. Log successful to your dashboard and click connected the Card paper to petition a concern disbursal card.

Important notes earlier requesting a POS

You indispensable recognize the rules of owning and utilizing a Moniepoint POS earlier acquiring one. These include:

• Moniepoint leases, not merchantability POS terminals. Even aft paying setup fees, Moniepoint keeps ownership to trim upfront costs.
• Your terminal indispensable process astatine slightest ₦80,000 daily. If it does not conscionable this target, Moniepoint whitethorn reassign it.
• If you instrumentality the POS successful fantabulous condition, Moniepoint rewards you with ₦10,000.

How to petition a Moniepoint POS machine

After successfully creating a Moniepoint Business Account, travel these steps to get your Point Of Sale machine:

Requesting a Moniepoint POS machine. Photo: moniepoint.com
Source: UGC

1. Log successful to your Moniepoint Business Account and prime the concern that needs the POS.
2. On your dashboard, click the POS paper nether “Channels.”
3. Click connected “Request New POS.”
4. Choose the MP35P Smart POS terminal. It features a interaction surface and is user-friendly.
5. The full outgo is ₦21,500, which includes: ₦10,000 caution fee, ₦10,000 logistics interest and ₦1,500 insurance interest (valid for 12 months)
6. Click connected the MP35P terminal to proceed.
7. Enter your preferred transportation address.
8. Fund your relationship with astatine slightest ₦21,500 and implicit the petition by making payment.
9. After payment, you volition beryllium assigned a dedicated Relationship Manager. Click “Select RM” to presumption their details.
10. Your narration manager volition present the POS wrong 48 hours, bid you connected however to usage it, and reply your questions.

Why should you unfastened a Moniepoint relationship for your business?

A Moniepoint Business Account gives you a bank relationship in your concern name—no queues, paperwork, oregon minimum deposit required. It offers secure, encrypted outgo processing and detects suspicious enactment to trim fraud.

The paper besides allows paper and transportation payments, creates integer receipts, and simplifies your bookkeeping. With a Moniepoint account, you can execute the beneath transactions with ease:

• Access business loans quickly.
• Get a POS terminal delivered successful nether 48 hours.
• Use a USSD codification for offline banking.
• Track expenses with a dedicated concern card.

How overmuch is the Moniepoint people per day?

Moniepoint encourages you to process astatine slightest ₦80,000 successful transactions daily. If your terminal fails to conscionable this people regularly, Moniepoint whitethorn see it underperforming and reassign it.

For immoderate queries, interaction Moniepoint done the pursuing channels:

• Moniepoint lawsuit attraction number: +234 201 888 9990
• Email: [email protected]
• Physical address: Plot 7A, Block 4, Admirality Road, Lekki Phase 1, Lagos State.
• Facebook: @Moniepointng
• X (Twitter): @moniepointng

Understanding however to cipher Moniepoint charges ensures you tin way each transaction fees and maximise your earnings. By factoring successful the circumstantial charges for withdrawals, transfers, and deposits, you tin support amended power implicit your regular POS profits.

DISCLAIMER: This nonfiction is not sponsored by immoderate 3rd party. It is intended for wide informational purposes lone and does not code idiosyncratic circumstances. It is not a substitute for nonrecreational proposal oregon assistance and should not beryllium relied connected to marque decisions of immoderate kind. Any enactment you instrumentality upon the accusation presented successful this nonfiction is strictly astatine your ain hazard and responsibility!

Legit.ng precocious published an informative station astir the Opay USSD codes for balance, transfer, information and however to activate. The mobile money level allows customers to implicit astir transactions without the Internet done their USSD service.

Since 2018, Opay has been enhancing its lawsuit services. The Opay USSD codification enables a scope of banking transactions, including wealth transfers, airtime and information purchases, withdrawals, and more. Read connected to observe each Opay USSD codes for convenient transactions.

Source: Legit.ng