How to get swipe machines (POS) from banks?
Posted on: 26/Nov/2016 11:21:29 AM
A merchant who has applied to a bank for a swipe machine should have an account in that bank. In the application given by the bank, details such has business details, name of the merchant, photograph, residence and shop address, telephone and cell phone particulars should be provided. Apart from these, the profit and loss accounts for the last three years are also to be provided.
The filled in application form will be sent to bank’s head quarters. Head quarters in turn will send the requisition to the manufacturer of swipe machines. It will take nearly a month to get the machine.
There are no charges to buy the swipe machines. An amount of Rs 400 should be paid towards the cost of SIM card. The monthly rent is fixed at Rs 1000. This rate may differ according to the debit/credit cards.
Indian Bank said that it has started a special POS (point of sale) campaign at all its branches, waiving the monthly rental on the POS machines availed by the merchants till March 31, 2017.
