<> POS product | Central Bank of India

POS product

  • Point of Sale (POS) is the payment acceptance Solution offered by Central Bank of India which includes universal compliance with up-to-date security features, acceptance of all valid Domestic & International Debit, Credit and Pre-Paid Cards, prompt payment settlements, on-site support and round-the-clock help desk by Service Providers, dynamic currency conversion facility as well as access to payment reports for ease of reconciliation

  • Features of the Point of Sale (POS):
    •    POS solution will help you to accept payment through any Debit and Credit Card with the support of our safe and secured technology.
    •    Acceptance of Visa, Master, RuPay Debit & Credit Cards and prepaid Cards.
    •    Small and handy POS / MPOS terminals.
    •    NFC-enabled terminals facilitating quick payments.
    •    Contactless & NCMC enabled 
    •    Cashless payments make transactions and money management hassle-free.
    •    Seamless Deployment of POS Machine at Merchant Location.
    •    All our terminals are EMV compliant & can accept chip based signature & PIN based cards.
    •    Value added services available 
        Bharat QR , PC POS, Cash@POS, UPI on POS,
        EMI, Dynamic Currency Convertor & multicurrency facility

    Types of POS Terminals: 
         We install Electronic Data Capture (EDC) Machines or Point of Sale (POS) terminals at merchant outlet(s)  which facilitate acceptance of payment from your customers by swiping/and or Contactless manner of their Debit/Credit/Prepaid cards on the POS terminals.

    •    GPRS (General Packet Radio Service) base wireless POS terminals: OPEX / CAPAEX
    •    PSTN (Public Switch Telephone Network): POS terminal connected to land line Telephone Network.
    •    WIFI / Android Base terminals:  POS terminal connecting to WIFI network for smooth, speedy & fast transactions.
    •    M-POS (Mobile POS): Accept and process Cards using just a mobile phone. The MPOS application can be installed on any Android phone (version 2.2 and above) with Card acceptance device. 

    Benefits to Merchants:
    •    Better Cash Management and Real time payment: By accepting payment digitally / through cards, sale proceeds are credited electronically in your linked account as per agreed transaction cycle. 

    •    Saving of Resources and more quality time: By use of this facility, the merchant shall gain in fewer cash transactions and save effort/resources in counting, sorting, storage of cash securely till deposited in bank, avoid of accepting counterfeit / forged notes. Merchant gets more time in attending customers and using the time saved in business growth.

    •    Customer delight: Getting the facility of making cashless payment may lead to customer delight, spend more than the budgeted purchase in cash mode.

    •    Customer stickiness and increased sales volume: The facility of making payment through Credit Card and Debit Cards with EMI/deferred payment options and free credit period by Card Issuing Bank / Agency, encourages your customer to spend more as they are not constrained by cash on hand. This not only results in customer stickiness but also in increased purchases of higher- margin products as well as higher quantity.

    •    Customer Care: Robust, round the clock authorization as per merchant’s business hours and reliable support for network outages and Terminal malfunctioning.

    •    Protection against theft and frauds: Lower volume of cash reduces vulnerability to theft. All our terminals are EMV complaint and can accept chip based signature and PIN based cards

    Charges / Fees / T&C apply:  
    CBI offer merchant acquiring devices at attractive rates to its existing as well as new customers. 

    •    Cost of terminal is borne by the bank.
    •    There are no installation charges for installation of POS / MPOS terminal. 
    •    Nominal monthly rental charges for installation of POS / MPOS terminal.
    •    Concession / waiver in monthly rental on POS /MPOS terminal is depend upon the minimum monthly average balance maintained in Current Account of the merchant.
    •    Concession in rental of PSTN terminal is depend upon the average business turnover per month.
    •    MDR is applicable per transaction as per Merchant Category Code of Business activity of the merchant.
    •    Concession / waiver of MDR is available depend upon Cost Benefit Analysis of Merchant. 
    •    All charges as per Merchant Establishment Agreement signed by merchant with Bank.
    •    All charges are excluding GST, shall be levied as per geography or State wise.

    How to avail CBI POS / MPOS Terminals:

    To avail the benefits of CBI Merchant Acquiring Services, you need to have a:

    •    Valid business establishment / services with up and running activity.
    •    Business that has been in existence with valid registered GST Number, if it is mandatory as per Law.

    You may contact at any branch of our 4500 strong branch network or your Home Branch for detail information & registration as Merchant Establishment (ME) with following simple documents:

    •    Application form for onboarding of merchant (It can be availed from the branch or click here to download)
    •    Identity proof
    •    Address proof
    •    Business Establishment proof

  • What is Point Of sale (POS)?

    POS / MPOS Terminal is an electronic data capture device (EDC) used to process card payments at merchant’s locations. POS terminals generally read the information of customer’s debit or credit cards; check whether the fund available in customer’s account is sufficient  or not and allow to proceeds for doing transactions.

    What kind of cards can be swiped on Central Bank of India Point of Sale Terminal?

    It accepts variety of Cards such as VISA, Master, RuPay debit & Credit Cards and Prepaid Cards. 

    When will merchant’s account gets credited with the transaction amount against the transaction swiped on the Central Bank of India PoS terminal?

    The merchant’s account will be credited with transaction amount on next working day i.e. T+1 basis where T is transaction day / date.

    How many types of POS terminals are issued by CBI?

    •    GPRS (General Packet Radio Service) base wireless POS terminals: OPEX / CAPAEX
    •    PSTN (Public Switch Telephone Network): POS terminal will be installed with Land Line connected telephone network 
    •    WIFI / Android Base terminals: POS terminal connecting to WIFI network for speedy & fast transactions. 
    •    M-POS (Mobile POS): Accept and process Cards using just a mobile phone. The MPOS application can be installed on any Android phone (version 2.2 and above) with Card acceptance device for accepting payments. 

    What are the pre-requisites for signing the Merchant?

    •    KYC compliance, Merchant shall provide necessary documents regarding proof of Business, Address and Photo Identity of the individual / Proprietor / Partners / Promoter / Director etc.
    •    Merchant shall open account with branch of CBI for settlement of transaction made on POS terminal. 
    •    Merchant shall accept applicable rent & Merchant Discount Rate offered by Bank.
    •    Merchant shall consent for execution of Merchant Establishment Agreement between bank & merchant.
    •    Merchant will be provided PSTN/ GPRS / Wi-Fi base / Android Base terminals as per his choice. If any issue is persisting regarding GPRS networks in the said location, then merchant has to arrange land line telephone network for connecting PSTN base POS terminals.

    Where and  how a merchant can apply for installation of POS terminal at his shop /establishment?

    Merchant can contact nearest branch of Central Bank of India or Home Branch means merchant has already opened the account with the branch.

    What are the Do’s and Don’ts for merchants?

    Do’s
    •    Merchant must accept all cards when card holder has presented it properly for payment.
    •    In case of any problem with POS machine, merchant must send SMS / mail / call on help line number of Service Provider for immediate help / resolution of the complaints.
    •    Perform regular transaction & settle the batch on daily basis at the end of the day for settlement transaction in account on T+1 basis.  
    •    Merchant must inform to Bank, if any fraudulent activities tried by Card Holder.

    Don’ts
    •    Merchant shall not disclose any details of the card or card holder to any third party.
    •    Merchant shall not indulge in any fraudulent activity with Cardholder.
    •    Merchant shall not impose any extra charge / surcharge to Card holders.

    Why should a Merchant opt for CBI POS machine?

    •    No installation charge for POS / MPOS terminals.
    •    The cost of terminal will be borne by the Bank.
    •    Repairing & maintenance cost of terminal will be borne by bank / Service Provider.
    •    Nominal monthly rental applicable on POS / MPOS terminal.
    •    No hidden cost / charges applicable 
    •    Concession in monthly rental is available on maintaining minimum average balance in Current Account.
    •    Concession / waiver of MDR is available depend upon Cost Benefit Analysis of Merchant. 
    •    Many value added services like Cash@POS, EMI & others are available.
    •    Merchant will receive SMS / MAIL for statement of  transactions made for reconciliation of accounts.