Q. 1. What is Point of Sale (PoS) / Card Swipe Terminal?
A. PoS or Swipe Machine as it is popularly known is an instrument /EDC (Electronic capture Device) provided to a Merchant Establishment (ME) to carry out the sale of goods or services to customers in a cashless environment.
Q. 2. What kind of cards swiped on Union Bank of India Point of Sale Terminal?
A. Bank accepts varieties of cards e.g. Visa, Master, Rupay card, Amex, and Discovers cards etc. Bank is in the process of getting certification from JCB & Union Pay which may take some time. After receiving certification from JCB & Union Pay, all types of cards will be accepted by Union Bank of India POS terminal.
Q. 3. What is Merchant Acquiring Business (MAB)?
A. MAB is primarily referred to as the mechanism of providing necessary infrastructure and facilitating payment for goods and services purchased through medium of a card.
Q. 4. Who are the various entities / Stakeholders involved in Merchant Acquiring Business?
A.- The various entities / stakeholders are as below:
Issuer: The Bank that issues the cards.
Cardholder: Customer / Non-customer using card for making payment.
Merchant: Entity which accepts payments through cards.
Acquirer: The Bank that provides necessary infrastructure to the merchant to accept payment, maintains relationship and facilitate acceptance payments through cards.
Intermediary Agency/Scheme: Visa, MasterCard & Npci who facilitate interbank settlements
Q. 5. What is Merchant Discount Rate (MDR) or Merchant Service Fee (MSF)?
A. The commission charged by the acquirer (Union Bank) to the Merchant for transactions. It is also termed as Merchant Service Fee (MSF).
Q. 6. What is ON-US & OFF-US Transaction?
A. ON-US Transaction: Where issuer and acquirer is same (e.g. Union Bank of India Debit Card swiped on Union Bank of India POS terminal).
OFF-US Transaction: Where issuer and acquirer are different (e.g. Other bank’s debit/credit card on union bank of India POS terminals.)
Q. 7. What is interchange and authorization Fees?
A. Interchange: The incentive paid by the Acquirer Bank to the Card Issuer Bank for promoting payment through cards.
Authorization Fee / Scheme Fee: The service fee paid to intermediary agencies i.e. MasterCard, Visa and NPCI for facilitating interbank payments.
Q. 8. What is Batch Settlement and Charge-slip?
A. - Batch Settlement: Closing of Daily Transaction and Generation of transactions reports.
Charge – Slip: Charge slip refers to the voucher printed after swiping and charging a debit or credit card.
Q.9. When will merchant get the transaction amount credited against the transaction swiped on the Union Bank of India PoS terminal?
A. The Merchant Account will be settled on next working day i.e. T+1 where T is transaction date.
Q.10. What is the benefit for card holder customer?
A. Benefits for cardholder is below:
Q.11. What is the benefit for Merchant?
A. Benefits for merchant is below:
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