- What is Point Of sale (POS)?
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POS / MPOS Terminal is an electronic data capture device (EDC) used to process card payments at merchant’s locations. POS terminals generally read the information of customer’s debit or credit cards; check whether the fund available in customer’s account is sufficient or not and allow to proceeds for doing transactions.
- What kind of cards can be swiped on Central Bank of India Point of Sale Terminal?
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It accepts variety of Cards such as VISA, Master, RuPay debit & Credit Cards and Prepaid Cards.
- When will merchant’s account gets credited with the transaction amount against the transaction swiped on the Central Bank of India PoS terminal?
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The merchant’s account will be credited with transaction amount on next working day i.e. T+1 basis where T is transaction day / date.
- How many types of POS terminals are issued by CBI?
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• GPRS (General Packet Radio Service) base wireless POS terminals: OPEX / CAPAEX
• PSTN (Public Switch Telephone Network): POS terminal will be installed with Land Line connected telephone network
• WIFI / Android Base terminals: POS terminal connecting to WIFI network for speedy & fast transactions. - What are the pre-requisites for signing the Merchant?
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• KYC compliance, Merchant shall provide necessary documents regarding proof of Business, Address and Photo Identity of the individual / Proprietor / Partners / Promoter / Director etc.
• Merchant shall open account with branch of CBI for settlement of transaction made on POS terminal.
• Merchant shall accept applicable rent & Merchant Discount Rate offered by Bank.
• Merchant shall consent for execution of Merchant Establishment Agreement between bank & merchant.
• Merchant will be provided PSTN/ GPRS / Wi-Fi base / Android Base terminals as per his choice. If any issue is persisting regarding GPRS networks in the said location, then merchant has to arrange land line telephone network for connecting PSTN base POS terminals. - Where and how a merchant can apply for installation of POS terminal at his shop /establishment?
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Merchant can contact nearest branch of Central Bank of India or Home Branch means merchant has already opened the account with the branch.
- What are the Do’s and Don’ts for merchants?
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Do’s
• Merchant must accept all cards when card holder has presented it properly for payment.
• In case of any problem with POS machine, merchant must send SMS / mail / call on help line number of Service Provider for immediate help / resolution of the complaints.
• Perform regular transaction & settle the batch on daily basis at the end of the day for settlement transaction in account on T+1 basis.
• Merchant must inform to Bank, if any fraudulent activities tried by Card Holder.Don’ts
• Merchant shall not disclose any details of the card or card holder to any third party.
• Merchant shall not indulge in any fraudulent activity with Cardholder.
• Merchant shall not impose any extra charge / surcharge to Card holders. - Why should a Merchant opt for CBI POS machine?
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• No installation charge for POS / MPOS terminals.
• The cost of terminal will be borne by the Bank.
• Repairing & maintenance cost of terminal will be borne by bank / Service Provider.
• Nominal monthly rental applicable on POS / MPOS terminal.
• No hidden cost / charges applicable
• Concession in monthly rental is available on maintaining minimum average balance in Current Account.
• Concession / waiver of MDR is available depend upon Cost Benefit Analysis of Merchant.
• Many value added services like Cash@POS, EMI & others are available.
• Merchant will receive SMS / MAIL for statement of transactions made for reconciliation of accounts.