How Card Swipe machine or POS Terminal working? Charges on POS terminal!

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POS (Point of Sale) terminal is a payment terminal provided by the bank on which the merchant swipe or dip cards to receive payments. Type of cards can be different like Debit, Credit or any meal cards. Cards having chips embedded need to be dipped into the machine while card have electromagnetic strip can be swiped.

Working of POS Machine

When we swiped or dipped card into machine it capture data which is necessary to complete the transaction like name, card no, amount etc. of card user and name of outlets where of vendor and their account details. Machine send this data for confirmation to bank and after confirmation it deposit the amount into sellers account.

Process of getting POS Machine

POS machines are offered by banks and few merchant which is available on different pricing module. Cost of POS machine is also depends on model is could be from 6000 to 10000. Besides the fees they get from transaction banks also get the advantage of opening current account of retailer or merchant which is mandatory to have POS machine.

Now, some banks and merchant offers these POS machines on rent if you sign up with them and open your merchant/current account with them. You just need to pay a small charge every month. The Ezetap and mswipe machines will cost you about Rs 500 as one time deposit + Rs 150 monthly charges+ fees applicable on transaction.

 

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