Hello guys! In this article, I will walk you through everything you need to know about OPAY POS Daily Target. First thing first, you need to understand that YES, OPAY POS have a daily target but not for all agents/merchants. I know you'd have heard many OPAY agents said they don't have to meet up with any target while some will say they have to meet up with their daily target. I know you're confused; in this article, I will make everything clear to you and why it's so.
Does OPAY POS Have A Target?
Yes, OPAY POS Machines have required daily target an agent must meet to avoid getting their account getting temporarily suspended. However, you should also understand the daily target for agents varies depending on the type of OPAY POS Machine they are using.
While the OPAY POS Daily Target differs for its Mobile POS (mPOS), Android-based POS, and traditional analog POS machine agents, some agents do not need to meetup with any target at all. Why? The reason why some OPay POS agents are not worried about daily target or monthly target is that they purchase the OPAY POS on outright sale policy. This means that they bought and own the POS machine from the company.
For agents that needs to meet up with daily target and monthly target, they've purchased the POS terminal on caution sales. An outright sale is a straightforward transaction where an agent or merchant gains full ownership of the OPAY POS immediately after payment, with all associated risks transferred to the agent, and the title is clear and undisputed.
In contrast, a caution sale involves conditional ownership transfer, where the POS agent might not receive full ownership immediately due to potential title issues or other risks, and payment terms may vary, reflecting the cautious nature of the transaction. For instance, an OPAY POS that's purchased on Caution is very much cheaper than the ones purchased through outright sale.
Therefore, OPAY POS have a daily target of N10,000 for its mPOS machines, N30,000 for its Android (SmartPOS) POS and N50,000 for its Analog POS. These daily target must be meet by their agents to avoid getting blocked from the agency banking network.
Is OPAY POS Machine Free?
No, OPay POS Machine is not free. Whether you're buying OPay POS machine on outright sale or you're adhering to the caution fees policy, the price of OPAY POS Machine is N45,000 on average. The price is also determined by the type of the POS machine. For instance, the lowest OPay POS machine you can get is for the price of N45,000. You can only get cheaper when you're purchasing a farily used from another agent.
However, for agents getting the POS machine on caution sale, OPay will maintain a caution fee of 20,000 Naira in their OPay wallet once their POS application is approved. This caution fee is meant to be for security measure and is intended to cover any potential losses or damages to the POS machine. Meanwhile, this N20,000 caution fee will be fully refunded to the OPay agents when they return the POS machine to the company.
For agents who purchased their POS machine on outright sale, they'll face any damages and loss that happens to the payment terminal. This is the advantages of getting an OPay POS on caution over getting it on outright sale. On the other hand, the outright-sold POS machine does not have any daily or monthly target for it agent. You can learn more about the disadvantage of OPay POS here.
In terms of charges and transaction fees, all OPAY POS devices have the same charges and fees relatively on average. OPAY charges 0.5% capped at N100 (of withdrawal amount) and a maximum of N100 - for instance, when you carryout withdrawal transaction that worth N20,000, you'll be charged N100 charges.
How to Maintain OPAY POS Daily Target
In July 2023, OPAY stopped offering free POS and sale on caution fees to agents. So, agents are required to purchase the OPAY POS on outright sale and maintain the full ownership of the terminal. However, for agent that's still on caution, they can continue meeting the daily target or negotiate the machine with their dedicated account manager.
However, if you still want to continue with meeting up the daily target, then you can simply maintain it by transferring from another bank account to your POS account if you don't meet up for that day. Once the daily target requirement is fulfill, you can refund the money back to the account it's initially transferred from.
