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Pos machine for CC and DC payments
- Thread starter tushu5121
- Start date
There are many options available :
1) Paytm pos - easy to procure, easy to setup and starts accepting payment on the day you complete the formalities. Also, the payments can be settled instantly/ on the same day to the bank account. The drawback of Paytm pos is the mdr charges for an electronics store are high. You ll pay anywhere between 2.05-2.5% approx.
2) POS machine from a bank KOTAK/HDFC/IDFC/INDUSIND etc. when you open a current account with the bank of your choice, you can ask them to issue a pos machine alongside as well. The mdr of these banks is highly negotiable . It’s better to go for them after you have generated a healthy turnover. You can get the mdr as low as 0.70-0.90% depending on your business turnover. The drawback of these pos is settlement is not instant, it’s done on the next business day.
Note: 1) you ll have to pay upfront charges ranging from 5000/- to 10000/- for the above machines depending on the plan you opt.
2) To accept Amex cards on the machines, you ll have to raise a request separately in both the above cases.
Hope this helps 🙂
Any one using the POS services with lowest charges i am looking for one for my Clinic [medical] ?
I heard it depends on turnover how much you told them to get this rate
and what about gst charges over them?
RajMahadik
TF Premier
Get icici pos mc... Initial costing 10k... Low mcc charges n all... My frnd bought just to swiped up his credit cards...
can you discuss the charges he pays using icici pos
LuckyDPR
TF Neo
I am using Pinelabs services, while my banker is HDFC
MDR Charges purely depends upon your banker
MDR Charges are decided one on one basis and you may bargain for it
I am being charged 1%+GST (GST is 18%) on credit card transaction, hence for a 10000 Rs. Transaction I am being charges Rs, 118
also note that MDR Charges for Business Card are higher (2.75%+GST)
charges being paid by me toward MDR are one of the lowest and anything between 1% to 1.5% is a good bargain
Machine Installation cost is zero if you go through per month rent model, once again per month rent is also subject to bargain, as initially I was paying 830+18% GST (979/-), so I threatened to quit and they reduce it to 550+18% GST (649/-), after a while I again threatened them that i will quit as other service provider are providing machine at zero rental basis (I just told them about zero rental which was true, but didn't told them about other associated drawback), they further reduced the monthly rental to 200+18% GST (236/-), I am again going to bargain in a month or two to further reduce monthly rental
bank will happily provide competitive rate if your monthly swipe value is more than 5 Lacs
MDR Charges purely depends upon your banker
MDR Charges are decided one on one basis and you may bargain for it
I am being charged 1%+GST (GST is 18%) on credit card transaction, hence for a 10000 Rs. Transaction I am being charges Rs, 118
also note that MDR Charges for Business Card are higher (2.75%+GST)
charges being paid by me toward MDR are one of the lowest and anything between 1% to 1.5% is a good bargain
Machine Installation cost is zero if you go through per month rent model, once again per month rent is also subject to bargain, as initially I was paying 830+18% GST (979/-), so I threatened to quit and they reduce it to 550+18% GST (649/-), after a while I again threatened them that i will quit as other service provider are providing machine at zero rental basis (I just told them about zero rental which was true, but didn't told them about other associated drawback), they further reduced the monthly rental to 200+18% GST (236/-), I am again going to bargain in a month or two to further reduce monthly rental
bank will happily provide competitive rate if your monthly swipe value is more than 5 Lacs
1% is pretty good deal i am giving 1.2% + GST hdfc bank
so any rewards using pinelab? what are the perks for it.
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