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How to Choose the Right POS Machine for High-Volume Transactions
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The individual having a current account with the bank is eligible to register as a Merchant. Apart from this, there are other conditions like having a sole proprietorship, being a private limited company and others to apply for the POS machine.
The POS terminals available with the machine include NFC (tap & Pay), card swipe facilities and Chip & Pin. Further, it accepts Visa, RuPay cards and MasterCard.
The same-day settlement is available every day except Sunday, while instant UPI settlement is available 24*7*365, including public holidays.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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It is a fast-paced time where no customer wants to wait. The choice is for quality and less waiting time for payments. The best part of this situation for businesses is the control over both factors. They can choose to have the best quality through reliable and well-known vendors. Further, less waiting time for payments is possible through digital POS machines. Offering security, faster checkouts and effective finance management, here is how to choose the one that fits your heavy business days.
What is a POS Machine?
A Point of Sale or POS machine is a device used in business to accept payments for providing goods and/or services. Offering a centralised collection method for all the transactions, the POS machines are widely used across offices, stores, restaurants and other businesses. POS machines ease the management of a variety of tasks, such as sales analysis, inventory tracking, accounting, reporting and checkout. The POS machines are of two types: wired Card Swipe Machines and wireless Card Swipe Machines. Further, users can choose same-day settlement and instant UPI settlement at their convenience.
Importance of POS Machine for High-Volume Transactions
Busy days in businesses are challenging to handle in terms of finance management. POS machines serve as solutions, making them an important part of the business. Here is the significance it possesses:
Factors to Consider in Choosing the Right POS Machine
The factors that ensure meeting the needs of high-volume transactions are as follows:
Processing Aspect
The ability to accept a variety of payment methods and possession of multiple POS terminals is essential owing to the wide range of transactions possible among customers. Further, the processing rates also vary depending on the providers. Hence, based on the expected estimate of transactions, the associated costs must be thoroughly checked before proceeding with the choice.
Provide Updated Insights
An effective choice would be the POS machine that keeps the business updated on transactions. Further, the instant payment receipts must also be obtained to be sure. Hence, the machine of choice must offer daily transaction reports.
Ease of Usage and Installment
The machine must be simple to install. Further, it should be easily learnable for all staff members, regardless of their age group. The training sessions, if required, must be short to reduce the operational disruption of the business.
Security
It is a non-negotiable requirement from the POS machine. The product must comply with industry standards and have measures like encryption to ensure the safety of data, such as credit card information. Further, the detection and prevention of fraudulent transactions are also needed to prevent losses in the business.
Remain Updated
To keep up with the dynamic market and fraud, the POS machine/app must receive regular updates. It helps ensure the security and safety of transactions and, hence, the business.
Summing Up
The choice of the right POS machine must be such that it improves the business's financial efficiency while meeting security requirements. Opt for the one that comes from a reliable and trusted POS machine supplier and offers updated insights into the transaction. Kotak Mahindra Bank Current Accounts provide POS machines that offer on-site merchant training, wide compatibility, daily transaction reports, and much more.
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