Indian Bank offers Point of Sale Solution for enabling merchants to accept cashless payment for goods/services using all types of Debit/ Credit/Prepaid Cards.

Key Features of IB POS

• Cashless, hassle free collection.
• Next day settlement of fund.
• Rent free for IB i-freedom Prime Account holders/ Merchants with transaction volume more than 5 Lakhs per month.
• Variable rent based on transaction volume for others.
• No installation Charges
• No Transaction charges for petrol bunks.
• 365 days round the clock Comprehensive Training / Handholding/ support for the merchants.
• Customised transaction reports at free of Cost.
• POS stationery free of cost.
• No Late batch settlement fee.

Target customers

Any person can avail POS for collecting money through debit/credit/prepaid card,

Eligible Merchant List (list not Exhausted)

• Retail Merchants
• Proprietors
• partnership firms
• Trusts
• Corporate
• Educational Institutions
• Government Organisations
• Tax/charges collection agents
• Hospitals
• Supermarkets
• Shopping Malls
• Food Delivery Chains
• Ecommerce Delivery Partners
• Hotels
• Petrol Bunks
• Gas Agencies
• Goods Distributors/Suppliers
• Publishing and printing service provider
• Miscellaneous personal service provider

Easy Way to Avail POS:

1. Submit POS application form along with KYC documents and necessary Agreement to the nearest Indian bank Branch.
2. Enrolment of Merchant ID done at CO:DBD upon receipt of application forwarded by Branch and Zone.
3. After enrolment. Unique merchant ID is created and terminal is dispatched to the merchant after validation.
4. Merchant can track the despatched terminal using consignment number sent as SMS to merchant registered mobile number.
5. After successful validation the terminal will be dispatched to the merchant location. The consignment number will be sent to the merchant registered mobile number.
6. Bank will make installation call to the merchant upon receiving the terminal and activate the terminal through tele-training.

Benefits to the Merchants:

• Cashless Payment Acceptance.
• Hassle free reconciliation
• Eliminates physical cash handling.
• Reduces risk of counterfeit Notes.
• Next day settlement of fund.
• No Rental Charges for IB i-freedom Prime Account holders.
• Customised transaction reports at Free of Cost.
• No minimum transaction volume.
• Supply of POS stationery at free of cost.
• Exclusive Mobile App for Viewing Transaction summary, raising and tracking service request.
• No Transaction charges for petrol bunks.

Commercials:

• Cost of terminal is borne by the bank.
• No monthly connectivity charges for PSTN terminals.
• Flexible rental slab for merchants based on the volume of transactions.
• MDR charges for Debit cards are as per RBI guidelines.
• All charges as per the Merchant Establishment Agreement signed by you with the bank shall apply.
• No installation charges, paper roll charges, late batch settlement charges, low usage charges and duplicate/backdated statement charges for any location or type of business.
• All charges are excluding taxes/ GST.