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Opay POS VS Moniepoint: The Best POS Device for Small Businesses

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Are you a small business owner looking to get a POS machine for your business or an entrepreneur looking to become a POS agent? this Opay POS VS Moniepoint review is a must-read for you. There is a wide variety of POS machines you can choose from, and even though they offer similar features, they still have specific advantages they offer to their users. 

Some POS machines are faster and more reliable than others, some offer higher commission fees, and some have lower restrictions when using them. So today, we are going to compare two very popular POS machines for small businesses: Opay POS vs Moniepoint, so you can make an informed choice between them. 

What is Opay?

Opay is a one-stop mobile money platform created for small business owners and entrepreneurs to perform a wide range of transactions like savings, loans, payments, transfers, and so on. Most importantly, the platform offers a point-of-sales machine that you can use to process various monetary transactions. 

The platform was founded in 2018 and has quickly become popular in many African countries, including Nigeria, it allows users to make payments for goods and services easily, and the POS machine has become a major source of income for many entrepreneurs.

Opay POS machine works with a fast and excellent network; it offers good commission for some services and reasonable charges for others. Moreover, the POS machine is easy to acquire, and you can apply for it through their platform. 

What is Moniepoint?

Moniepoint is another easy-to-use platform that allows users to make fast transactions, and they offer a reliable and efficient POS machine for small businesses and POS vendors to carry out a wide range of transactions. This platform is one of the best POS machine providers; it was founded in 2019 as a banking platform in Nigeria and has now developed into a more advanced platform for all-in-one financial services.

The Moniepoint POS machines have low charges compared to others, and the platform offers some commissions for services like airtime purchases. Hence, as a Moniepoint POS agent, you will make a lot of money by providing financial services to your customers and earning from the transaction charges.

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Opay POS vs Moniepoint Services

Opay Services 

As an Opay merchant, you can make your own money by providing financial services for the people around you. Here are the services you can offer and make profits from. 

Electricity Bills 

You can provide an easy and fast way for people to pay their electricity bills without waiting in queues and wasting time. 

Deposit and Withdrawals 

People spend a lot of time in traditional banks trying to process simple transactions like deposits and withdrawals. As an Opay merchant, you can ensure that people will no longer have to endure such stress and delays again by helping them make their deposits and withdrawals on Opay. 

Savings

Opay also offers an opportunity to save money and earn from it. You will earn up to 15% interest per annum when you save your money with Opay. 

Fast and Secure Transfers

You can send and receive money in real time, and you will enjoy smooth, fast, and secure transactions with Opay. 

TV Subscriptions 

You can enjoy your favorite TV shows daily and still earn commissions when you pay your TV subscriptions or help your customers pay for their TV subscriptions with Opay. 

Airtime and Data

Pay less for more on Opay with numerous discounts and vouchers for airtime and data purchases. 

Moniepoint Services 

When you become a Moniepoint agent, there are so many services you can provide for people, and you will make money from them. Some of them are discussed below. 

Cash Deposit/Withdrawal

With Moniepoint, you can save people the stress of going to banks and waiting in queues to make deposits and withdrawals. Instead, you can help them perform such transactions and still earn money from it. 

Fund Transfer

Perform instant transfer of funds to any bank with Moniepoint. The transactions are reliable and secure, and you will enjoy the fast response. 

Payment of Utility Bills

Your customers will no longer have to wait in queues and waste a lot of time trying to pay utility bills like electricity, TV subscriptions, etc. Instead, you can do all that for them and earn a commission. 

Airtime and Data Purchases 

You will earn a commission for every airtime or data you purchase on Moniepoint, and the process is swift and easy to follow. So you will make money if you offer these services to people in your community. 

Opay POS vs Moniepoint Agent Requirements 

To get the Opay or Moniepoint POS machine, you must meet specific requirements and follow some procedures. Although these requirements and procedures may be hectic at first, once you start reaping the many benefits of using these POS machines, you will discover that it was all worth it. Check here to see how to get an Opay POS machine or here to see how to get a Moniepoint POS machine.

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The requirements to become an Opay agent:

  • Get an android phone that is internet friendly.
  • Know how to read, write and communicate properly.
  • Provide your Bank Verification Number.
  • Provide a valid ID card, passport, utility bill, and Corporate Affairs Commission documents (optional).
  • You must have an Opay account with a good transaction record.

The requirement to become a Moniepoint agent:

  • Utility Bill (NEPA Bill).
  • Bank verification number.
  • A valid Identification Card.
  • Business License (for registered businesses).
  • Bank Account Number.

Opay POS vs Moniepoint Charges on Withdrawal and Commission Structure 

Opay Transaction Charges

POS withdrawal Charges for Regular Merchants

  • N4.6 for N1 to N1000.
  • N9.2 for N1001 to N2000.
  • N13.8 for N2001 to N3000. 
  • N18.4 for N3001 to N4000.
  • N23 for N4001 to N5000.
  • N27.6 for N5001 to N6000.
  • N32.2 for N6001 to N7000.
  • N36.8 for N7001 to N8000.
  • N41.4 for N8001 to N9000. 
  • N46 for N9001 to N10,000.
  • N50 and above for N10,001 and above.

Deposit/Transfer Charges for Regular Merchants

  • N8.5 for N1000 to N5000.
  • N17 for N5000 to N10,000. 
  • N25.5 for N10,000 and above.

Opay Withdrawal Charges for Gold Merchant

  • N4.5 for N1 to N1000.
  • N9 for N1001 to N2000.
  • N13.5 for N2001 to N3000.
  • N18 for N3001 to N4000. 
  • N22.5 for N4001 to N5000.
  • N27 for N5001 to N6000. 
  • N31.5 for N6001 to N7000. 
  • N36 for N7001 to N8000.
  • N40.5 for N8001 to N9000.
  • N45 for N9001 to N10,000.

Opay Deposit or Transfer Charges for Gold Merchant

  • N7.5 for N1000 to N5000. 
  • N15 for N5000 to N10,000. 
  • N22.5 for N10,000 and above.  

Opay Withdrawal Charges for Platinum Merchants

  • N4.25 for N1 to N1000.
  • N8.5 for N1001 to N2000.
  • N12.75 for N2001 to N3000. 
  • N17 for N3001 to N4000.
  • N21.25 for N4001 to N5000. 
  • N25.5 for N5001 to N6000.
  • N29.75 for N6001 to N7000. 
  • N34 for N7001 to N8000. 
  • N38.25 for N8001 to N9000. 
  • N42.5 for N9001 to N10,000.

Opay Deposit or Transfer Charges for Platinum Merchants

  • N7 for N1000 to N5000.
  • N14 for N5000 to N10,000.
  • N21 for N10,000 and above.

Opay Data Top-up Commission 

  • 9mobile 4.5% commission.
  • MTN 3% commission.
  • Airtel 4% commission.
  • Glo 4% commission.

Opay TV Subscription Commission

  • GOgtv 2% commission.
  • DStv 2% commission.
  • Startime 2% commission.
  • PHCN 2% commission.

Moniepoint POS Transaction Charges

  • N5 for N1000. 
  • N10 for N2000. 
  • N15 for N3000.
  • N20 for N4000. 
  • N25 for N5000.
  • N30 for N6000.
  • N35 for N7000. 
  • N40 for N8000.
  • N45 for N9000. 
  • N50 for N10,000.

Moniepoint Data Top-up Commission

  • 9Mobile 4.5% commission.
  • MTN 3% commission.
  • Airtel 4% commission.
  • Glo 4% commission.

Moniepoint TV Subscription Commission

  • GOgtv 2% commission.
  • DStv 2% commission.
  • Startime 2% commission.
  • PHCN 2% commission.

Opay POS vs Moniepoint POS Machine Price

Opay offers different POS machines for various prices; the Opay smart (Android) POS machine costs N60,000, the mini POS machine costs N10,000, and the traditional POS machine costs N45,000. However, Moniepoint, on the other hand, does not sell its POS machines; you can get it on lease for N25,000 if you meet the requirements, which is a daily transaction target of N20,000.

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Opay POS vs Moniepoint POS Benefits

Benefits of Becoming an Opay Agent

  • You will enjoy instant transactions.
  • Opay POS machines are more functional, portable, and stronger than most POS machines.
  • Opay offers cheaper transaction fees, and they do not require guaranteed deposits to pick up a POS terminal.
  • They provide mobile banking services for bill payments, airtime purchases, withdrawals, etc.
  • Opay charges as low as 0.5% when you upgrade to a merchant status.
  • Opay has a fast and reliable network that can always give fast and easy transactions.

Benefits of Becoming a Moniepoint POS Agent

  • Moniepoint offers instant settlement for all agents.
  • As an agent, you will enjoy some of the best commission rates in the country.
  • The customer support team is always active and ready to help you with any issues.
  • Moniepoint has a reliable network that can keep your POS device active 24/7.
  • The platform offers a multi-channel for all financial transactions, including debit cards, mobile apps, POS machines, and smart POS.

Opay POS vs Moniepoint Which is Better?

Moniepoint has a more reliable network, and the machine responds faster than Opay. However, the commissions on TV subscriptions and data top-ups are the same and offer similar services. 

Opay has different POS machines for different prices, but the Moniepoint POS machine is still relatively cheaper and has a more straightforward customer plan. Opay, on the other hand, has 3 different merchant or customer plans: the regular, gold, and platinum, and they all have different rates for transaction fees. 

Opay does not have a daily target like Moniepoint, and if you cannot meet the daily target for Moniepoint, you may lose the POS machine. However, most people prefer using Opay because Moniepoint has stringent rules that may be inconvenient. 

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After this detailed Opay POS VS Moniepoint comparison and review, you will notice that they both have their similarities, advantages, and disadvantages that come with using them. So it is better you carefully consider your options and choose what suits your needs best. 

It is important to note that this review is strictly based on the average user experience and detailed research, so it is not in any way biased or false. In addition, some people might have different views of these POS machine providers. Also, if you have used any of the POS machines, feel free to share your experience with us in the comment section below.

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