#POS Machine

POS is the acronym for Point of Sales. A POS terminal is a machine installed at Merchant Establishments which enables the merchants to accept payments through payment cards (credit cards, debit cards, gift cards etc.).The installation of POS machine at a merchant outlet will reduce cash handling and will enhance business revenue for merchants through increased spending option. It is a method of hassle free shopping for customers since they don’t need to carry cash with them.

Cards accepted: All variants of Visa, Mastercard and RuPay Cards.

Types of POS terminals provided by the bank:

1) Countertop POS terminals: Direct PSTN landline connection based POS machines. No monthly rent is levied for these machines, as of now.

2) GPRS POS terminals: This is a wireless type of POS terminal, for which no landline connection is needed. As per RBI guidelines, PIN is mandatory for all domestic card transactions, GPRS terminal has an added advantage of mobility for entering PIN as compared to Countertop POS terminals. There is a monthly rent of Rs.1000 + Service tax per terminal. However there may be a waiver for these charges subject to customer maintaining adequate balance in merchant account.

Charges involved in POS transactions: The card holder is not charged any amount for the transactions (except in special cases like usage of cards at Petrol pumps).The merchant needs to pay a certain percentage of the transaction value to the bank. This charge payable by the merchant is known as MDR- Merchant Discount Rate. It varies from merchant to merchant.

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