mPoS machines have become the in thing these days. mPoS stands for mobile point of sale. It can be simply defined as the merchant’s ability to collect payments on the go. Traditional PoS machines are stationary and cannot be moved from place to place. Many businesses are opting for it as it provides flexibility and ease of transactions. These machines are available either with Bluetooth or WiFi. Carrying it around to collect customer payments is very flexible and easy, for that you would need to apply for a mPoS machine.
Indian Governments initiative of making transactions cashless has aided the growth of mPoS systems hugely. Installing a mPoS is a convenient, cost-effective and holistic approach to do so.
Portable card swipe machines aren’t so costly nowadays, some solution providers charge a nominal fee as rental and if the machine is acquired from the bank some banks take no charge for it. The easy connectivity of the mPOS machines with smartphones, tablets, etc has made it a huge success. Various types of mPOS machines are available today like Handheld mPOS terminals, compact Smartphone or tablet terminals, etc.
There are many mPoS service providers in India like Bijlipay, deAzzle(in association with mSwipe & Ezetap), epaisa, HDFC, ICICI, Mosambee, etc but Choosing the right mPoS service provider is extremely vital in order to be stress-free and have a great experience regarding payments.
Criteria’s you need to check before finalizing a mPoS service provider:
1) MDRs :
MDR is a transaction fee charged from a merchant by a bank for accepting payments from customers through credit and debit cards in their establishments. It compensates issuing bank, the lender which puts the PoS terminal and payment gateways such as Mastercard or Visa for their services. Checking MDRs can be the first step towards the selection of mPoS service provider. MDR can vary from 0.4% to 2-3% depending upon the service provider and type of payment.
2) Technology Compatibility :
There are many companies/gateways that issue credit or debit cards such as Visa, Mastercard, Rupay, etc. The second step for selection of mPoS service provider should be to check for compatible with which cards it accepts. An ideal service provider will accept all kinds of cards like Visa, Mastercard, Rupay, etc. Nowadays, along with electronic cards mPoS machine are readily accepting UPI and remote QR payments. You should consider for checking these additional benefits will get in any mPoS machine.
3) Machine Speed :
mPoS systems are meant to be easy and swift modes of payment. So the device speed plays a vital role in the payment process and customer experience creation. Device speed makes transactions fast and hassle-free which add to stress-free transactions and happy customer experience.
4) KYC documentation:
PAN card is mandatory all across. However, if you are a sole proprietor, Aadhar is enough. For a partnership, your deed would be needed. For companies, all your incorporation documents would be required, so on and so forth. You require PAN card, business legality document, personal identification and address proof of the director/partner. Documentation is an important step as it checks the validity and other factors of a business and then provides the mPoS services. Thus, always check for the required documentation, which may vary from service provider to service provider.
5) Payment Settlement Tenure :
Payment settlement tenure is basically a window in which the payments need to be settled by the issuing bank or service provider to the merchant. The tenure may vary from one service provider to the other. This tenure needs to be checked as the payments may get delayed in case the settlement doesn’t happen within the stipulated time. Generally, the service provider pays the merchant within 1-3 working days.
deAzzle as a service provider is at the top of its game and is the best bet to go for. It provides seamless services and makes for a happy & stress-free experience to the customers. deAzzle provides mPoS solutions from the top player like mSwipe and Ezetap for the best payment process and technologies. The most important part is you get a FREE business app along with your mPoS machine where you can track your daily sales and business performance from anywhere anytime. Choosing the right mPoS service provider can do wonders for your business and builds a great relationship with the customers.