Trade (offline) acquiring is a service connected by banking institutions so that any retail point of sale, from a local store up to large supermarkets, can accept cashless payments. For this purpose, a specialized device – a POS terminal – is required to make payments using the client’s bank card.
A businessman who connects to this service gets simpler, faster, and more convenient solutions for making payments.
|This is a service that an acquiring bank provides to a store or other commercial organization that works with customers. It allows a merchant to accept cards for payments. The bank installs POS terminals in merchant’ sales points to carry out cashless transactions.||This is one of the types of trade acquiring. Its difference is that the merchant and the customer do not interact directly; in this case, we deal with e-commerce, i.e. purchases with the card are made via the Internet. As soon as the client buys the product in an online store, the merchant is instructed to transfer money from the client’s account to the store’s account using card details.||This is one of the new technologies of accepting card payments using a mobile application and a special terminal. This type of acquiring is welcomed by couriers who deliver purchases directly to the customer’s home. The mPOS terminal reads the card data and transmits it to the courier’s smartphone, where the transaction is carried out using a special application.|
Today, a competitive shop must provide the option of non-cash payments. Otherwise, customers will quickly switch over to more advanced competitors. The advantages are obvious:
The quality and effectiveness of trade acquiring depend on the qualifications and options provided by financial institution. Looking through the offers of different organizations, you need to pay attention to:
Read the terms and conditions before signing a contract. The main ones are the points that list your responsibilities and rights. If any requirements are violated, the bank will go to court.
They distinguish the following types of terminals:
Under the terms of the agreement with the acquiring bank, the client has the right to buy equipment for permanent use or rent it. Both methods can be both beneficial and disadvantageous. It all depends on the operating mode of the outlet, the needs of a particular business.
The prices for terminals are set depending on the additional functionality and capabilities. It is unprofitable for young entrepreneurs to pay for all equipment at once, especially if they plan to purchase several models at once.
Some banks offer to rent for free. This is a good option for a beginner. But under such conditions, as a rule, used equipment is provided. With free rentals, you often have to pay more commission. Sometimes restrictions on monthly turnovers are imposed for such clients.
Before ordering the service, you need to take into account that all organizations set fees for merchant acquiring services. It is determined for each amount debited from the client's card when making a payment.
To do this, you will need the following documents:
If you have an open current account in this bank, you do not need to collect a package of documents. It is enough to come with a passport.
Upon connection to the service, the contract is concluded between the parties. There, detailed information about the entrepreneur, the bank, the rules of cooperation, and the established tariffs are prescribed.
It takes some time for employees to check all the documents. The installation and configuration of the equipment take a couple of days. It usually takes 1-2 weeks from submitting an application to connecting the terminals.