How Can Sellers get POS Machines in India?

POS Machines

PoS or swipe machine is a reliable technology used by merchants to carry out transactions without any cash. The government had ordered banks to install more than three lakh POS terminals in between December 2016 to March 2017. As a result, we have witnessed a surge in the number of POS machines installed across the country. Now, customers just need to swipe their debit/credit card to make the payment, and this makes the entire process comparatively faster and secure.

Today, we are going to discuss what POS is and how you can get one for your shop too.

What is a PoS terminal?

The PoS terminal also referred as a point-of-sale terminal is an automated replacement for the cash register. The machine can process debit and credit cards, and the customers just have to enter the PIN number associated with the card. It has minimized the work for merchants since its an automated payment system.

How to install one?

Most of the banks are providing PoS machines and if you want one for your store, call your bank, and they will install the PoS machines at your place. The process is extremely simple as all you have to do is fill an enrollment form with the bank you are associated with. Once done, you will enter into an agreement with the bank.

Components of the PoS

1. A PoS system: Its a cash register linked to any device like PC, iPad, or tablet.
2. A receipt printer: This component helps you give a printed receipt to the customers
3. A barcode reader: Barcode reader is needed to scan the cost of the product.
4. A card machine: This is the component which swipes credit or debit cards

Eligibility

1. The merchant should have a bank account to have a PoS system.
2. The merchant should not be in the negative list of Visa/Master card malpractices.
3. To get the PoS system, the turnover of the dealer should be more than 50,000 INR/ month.
4. To get a normal EDC terminal (Electronic Data Capture Terminal), the merchant must have a landline connection; else they will have to apply for GPRS based machine.

Cost involved

The merchant does have to pay some amount to the issuer bank, but there is no charge put on

customers when they swipe their cards. The cost varies from bank to bank, but for the first setup, you can get it as cheap as 5000 INR to 10000 INR. Some of the cheapest one on the customers' list are Ambur, Shopify, and Imonggo. After the first setup, the users can choose for a monthly rental that would start as cheap as approximately 650 to 1000 Rs/month for an EDC machine by banks like HDFC and SBI.

Altogether, the PoS machine is simple, reliable and affordable for the modern day payments. Even the setup cost is very less, and you can get your machine within a few days. Moreover, when a cash transaction is taking a back seat, this is the time to contact your bank for POS installation.