Generally, customers prefer to make payments through a debit card or credit card. This makes it important for any business owner at a small, medium, or large scale to accept payments electronically from the customers for better sales volumes. SBI Merchant Acquiring Services are available across over 15000 branches in the country which provide SBI PoS services. SBI PoS (Point of Sale Terminal or PoS Terminal) is an Electronic Data Capture machine or a PIN pad at the outlet to make sales and transactions much simpler.

What is PoS?

Pos or Point of Sale is where a customer executes a transaction or payment of goods and services. The services offered by a PoS system are credit card processing, transaction management, and other Post-transaction operations. Whether a merchant runs a retail outlet or even a restaurant, a Pos Terminal is required to process card payments. SBI offers a variety of services to merchants who hold an SBI Current Account through their latest PoS technology.

SBI PoS Charges

Here are fees applicable on SBI PoS systems:

➔ All the costs of the terminal are borne by SBI

➔ Merchant is not required to pay any monthly rental for PSTN terminal installation

➔ The rental charges per month are nominal for the installation of Portable GPRS and GPRS terminals

➔ All merchants have the option of choosing between integrated and differential rates for the Off-us and On-us transactions. All transactions made with an SBI ATM cum Debit Card or Prepaid card issued by SBI Group and used on the SBI POS machines are known as On-us transactions. All transactions made with ATM Cum Debit Cards or prepaid cards offered by other banks are known as Off-Us transactions

➔ Merchants have the advantage of exclusive merchant benefit plans that are based on the volume of sales made at the PoS terminal

➔ All the charges applicable will be mentioned in the Merchant Establishment Agreement and will be signed by the merchants to ensure that there are no discrepancies

➔ Currently, SBI PoS does not levy any installation charges for any type of business in any location

➔ All the charges will attract GST or other taxes as applicable

How to Apply for SBI PoS?

Step 1: Visit https://mab.sbi.co.in/

Step 2: Click on ‘Apply now’ under the ‘New Merchant’ section

Step 3: Merchant will be redirected to SBI Pos Form where he/she will have to fill the required information

Step 4: Click on ‘Submit’ to successfully apply for SBI PoS

Step 5: An SBI executive will contact the merchant for document verification and POS installation

SBI PoS – Eligibility Criteria

To apply for an SBI PoS, the customer must have:

➔ A valid business establishment that is currently functional and has some sales and activity.

➔ A business that has been functioning for at least 6 months or more.

To apply for an SBI PoS terminal, the merchant can contact the nearest SBI Branch. Merchant can get in touch with executives from the Multi-Product Sales team and provide the following documents:

➔ Duly filled merchant application form

➔ ID Proof such as voter’s ID/ Passport/ Adhaar Card/ Driver’s License

➔ Address Proof such as the Rental Agreement/ Adhaar Card/ Passport/ Driver’s License

➔ Business Establishment Proof such as Registration/ Shop Act License/ Partnership Deed or ITR.