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Federal Bank has always been in the forefront to introduce technology driven solutions for the convenience of its customers. Recently the Bank added one more channel to its business operations, by launching Point Of Sale terminals The Bank plans to deploy POS terminals pan India and aim at deployment of 1 lakh terminals within a year.
For merchants, there are various advantages upon using the POS terminals for transactions. We mention below the salient features that will be available to the merchants upon using the terminals provided by Federal bank.
- India is moving to a cashless era and with the tremendous increase in the growth of debit and credit cards in India, POS deployment offers convenience to the customer as well as merchants.
- Hurdles of cash management are reduced / eliminated with money getting credited directly to the respective current accounts of merchants thereby facilitating better reconciliation.
- Apart from increased sales, the merchants can avoid the risk of handling soiled/counterfeit notes.
- The response time for billing can be reduced.
- The risk of fake currency totally eliminated
- Loan facility against the sales numbers (to be introduced shortly)
- Easier tax compilation and to convince tax authorities
- Easy transfer facility of funds. For eg. Our present ODCC customer having new generation bank swiping machine will need to use RTGS facility or cheque to transfer his funds to his ODCC account with our bank. The customer pays interest for the days in between. Upon using Federal POS machines, the amount can be easily transferred thereby increasing his profitability.
- Credit risk can be minimized as the machines will instantly debit the customer account.
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