POS machines are one of the most widely used payment accepting devices. Customized for every type of business, these machines have gained popularity quite quickly. In general terms, a POS or swipe machine is a terminal or part of the checkout process that processes debit or credit cards and finalizes the transaction. At times it can be a whole terminal with a printing uni, cash register, display monitor, etc. or at times it can be as small as a mobile. As the technology and payments landscape develops, business needs to evolve with them, making the necessity for POS, quite customizable.
Before knowing about card swipe machine price, it is important to know how to do a safe money transfer using a card swipe machine. POS machines are the extensively used medium to accept payments using credit cards or debit cards. This is one of the easiest ways to pay or transfer the money to the seller or merchants directly. But in this case, we must have to carry a debit/credit card along with us, and without this, the money transfer cannot be performed.
Transferring money using a card swipe machine includes the following points:
- Swipe the credit/debit card with the machine.
- Type in the amount that you want to transfer.
- You will have to enter the 4 digit ATM PIN given by the bank. Enter the personal identification number.
- Press Green Button.
- Collect the Receipt.
Once your transaction is completed successfully, you will get the receipt. In case the process is interrupted for reasons like Insufficient Balance, Incorrect PIN, or Connectivity Issue of the device, then you will not get the receipt.
About card swipe machine charges
When you swipe your card on a POS machine, the merchant has to pay a small percentage (approximately 2%) as rental fees for using the POS machine to the bank. The merchant organizations impose a fee as a transaction value percentage as charges on consumers who are paying for the purchase of goods and services via cards. The term card swipe machine charges, also referred to as interchange fees, refer to the cost paid by businesses to credit card companies and card-issuing institutions for processing debit card and credit card transactions.
About UPI scan code
Bharat QR Code will use a QR codes system for payments all through merchant outlets. A Quick Response code or QR code is a code that is formed using white and black squares. It can be used to keep URLs and additional details. These can be read by the camera of a smartphone. The Bharat QR Code is the world’s first inter-operable payment acceptance solution that aims at standardizing the QR code payment method via the country. Payment networks such as American Express, MasterCard, and Visa have teamed up with the National Payment Corporation of India to launch and promote the Bharat QR payment technique. However, varied merchant outlets across the country use varied QR codes.
How to Generate UPI scan code?
If you are a shopkeeper or a retailer, you can generate a Bharat QR code easily and begin accepting payments by using the below-mentioned steps:
- First, ensure that you have a bank account.
- Make sure that your bank account is linked with BHIM App.
- From BHIM App, create your distinctive Bharat QR Code.
- Get the QR code printed and attach it to the payment counter wall.
- Now, customers can pay by scanning your QR code easily.
The UPI scan code is one of the biggest achievements of the Indian Government in encouraging and promoting cashless payments in the economy. The further success of this scheme will also rely upon the awareness among the people about the use of the QR Code.