MERCHANT ACQUIRING PRODUCTS
MERCHANT ACQUIRING PAYMENT ACCEPTANCE SOLUTIONS
Technology advancements in Banking and more importantly in the space of payments led to advent of different form factors such as Card Based payments, Mobile and Contactless/Proximity payments. While Card based transaction acquisition has been in vogue for a long time, form factors such as Mobile based and Card based contactless payments are fast gaining prominence given the convenience and ease of use apart from reducing the transaction dispute scenarios.
As a part of the payments business, merchant acquisition holds the key in terms of capturing one side of the payments business. The Emergence of new form factors provides an immense business potential for the Bank in customer acquisition as well as gaining greater market share of the Payments business.
- Bharat QR/UPI
- Payment Gateway
- Bharat QR/UPI is an integrated payment system that enables the merchants to accept digital payments without the requirement of debit/credit card and card swiping machine. It allows the customer to use his bank app compatible with Bharat QR/UPI code to scan the merchants QR code and make the payment.
- Point of Sale Terminal (POS terminal) is an electronic device used to process card payments at retail locations. ESFB has a tie up with the service provider “Bijlipay” for providing the POS terminals.
- Payment Gateway refers to the banking software application that enables electronic payments to be processed by fetching the customer’s bank card details and sending the customer’s account information to the merchant acquiring bank. ESFB has a tie up with service provider “Worldline” for providing Internet Payment Gateway Solutions.
- Customers holding an account with Equitas small finance bank can visit any of our branches and avail the services by submitting the application form/s along with KYC documents as stipulated by the Banks.
- Customers who do not maintain current account with our Bank can also avail the services by visiting our nearest branch by submitting the application form/s along with KYC documents.
- The services will be provided subject to due diligence and acceptance of terms and conditions of the Bank/service provider.
- Ease of transaction and Increased Sales volume
- Direct credit to Current Account
- Faster Payment processing
- No cash handling or Loose change problems
- All settlements shall happen on T+1 basis (next bank working day), to your Equitas current account/account held with other bank through NEFT/RTGS, where ‘T’ is the day of transactions.