Benefits of POS Terminals for store owners

India is rapidly becoming a digital nation. Today, more people prefer digital payments to cash ones. It’s one of many reasons why debit cards, credit cards, prepaid cards, UPI, digital wallets, and more are becoming the way of life. Contrary to popular belief, this is not limited to urban areas. With mobile and internet penetration growing, even people in rural areas are moving towards digital payments. So, if you are a store owner, what does this mean for you?

To accommodate all kinds of customers and their preferences, you need a payment acceptance medium, and this is where Point of Sale (POS) terminals come into play.

What is a POS Terminal?

A POS terminal is a small electronic tool that retail stores have at their billing counters to enable easy processing of customer payments. Traditionally, it conducts all card payments and transfers the money from the customer’s account to the store’s account. It also records all transaction details that can help the owner keep track of sales, tallying accounts, paying tax, etc. 

POS terminals are convenient as they can process transactions faster, ensure accuracy, eliminate the tedious task of counting cash and returning the change, and most importantly, give the customer the power to choose how they want to pay.

The Emergence of New-age POS Terminals

With advancements in technology, POS terminals have evolved to process not just card payments but all kinds of new-age digital payments. They also accept payments via modes such as UPI and digital wallets. 

Here’s how it works. When you deploy a POS terminal, your merchant outlet will be defined by a unique Merchant ID (MID). Each outlet can have multiple floors or billing counters, and the merchant may need a POS terminal at each counter. Each POS terminal is identified using a Terminal ID (TID). For example, if you have two outlets for your store in different locations, you will need two unique MIDs. If both stores have three billing counters each, you will need six TIDs. 

Get the IDFC FIRST Bank POS Terminal Advantage

Developed with cutting-edge technology, IDFC FIRST Bank offers the latest POS terminals to retailers across the board. These Android and GPRS POS terminals support 4G, Wi-Fi, and Tap-n-Pay options and easily integrate with your billing system.

One of the key features that can prove particularly beneficial for your business is that IDFC FIRST Bank settles merchant payments every day before 6 AM; 365 days of the year. Moreover, it provides easy access to the business dashboard and helps store owners analyse transactions while gaining insights easily.

These terminals can become a single point of contact for retailers as they can accept all kinds of payments – be it major card networks such as Visa, Mastercard, RuPay, Diners, Maestro, etc., or new-age modes such as UPI and e-wallets, including PhonePe, AmazonPay, Google Pay, MobiKwik, Paytm, and more. They also provide different value-added features such as EMI acceptance and SMS Pay (pay by link).

With so many benefits at your fingertips, take the digital leap with IDFC FIRST Bank POS terminals today!

Disclaimer

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