Electronic Data Capture System transactions are used to provide instant loans. It's a lot quicker and smoother! Merchant Cash Advances are suitable for businesses that process a lot of EDC swiping transactions. Businesses must increase their operations, store more inventory, extend credit, or reach out to a larger number of consumers. Mindfin's Unsecured Cash Advance EDC Swiping Machine Loans are the best solutions for these situations.
An EDC (Electronic Data Capture) swipe machine is required for successful card transactions. A card swipe machine's main role is to process credit and debit card payments, and customers can pay using Debit Card, Credit Card, QR
Code, UPI, PPB, and Net Banking.
At all retail shops, EDC machines are utilized to receive payments.
Get Credit Ranging From 10 Lakh -1 Crore
Merchant Cash Advance helps you to access fast finance up to Rs. 1 crore based on your monthly card settlement to ensure that you're never short on cash.
Loan tenure of 12 to 36 months
The eligibility criteria for EDC Swiping are fairly simple and user-friendly. Just ensure that the following terms are met
● Your company must have been in service for at least one year.
● Minimum turnover of 20,00.000.
● Minimum card acceptance vintage of 6 months.
● Minimum monthly card volume of 5,00,000.
● Minimum of six settlements per month.
● KYC Documents.
● Documents concerning your bank’s current account for the previous 12 months. .
● GSTR3B return statements of the last 12 month
● Card settlement statements of the last 3 months.
● ITR Of 2 years
Cash has long been the king of retail transactions in India, owing to a number of factors including low adoption of cashless payment methods such as debit cards, credit cards, and wallets, high costs of payment acceptance modes (e.g., the cost of POs device), and taxation concerns / no reason to go cashless.
The shopping experience is smooth, fast, and hassle-free when cashless payments are accepted. Whether it's a retail store or an independent service like home baking, photography, or car service, accepting cashless payments increases impulse buys, which leads to increased sales. When customers have the option of using electronic payment, they are more likely to purchase without restrictions. Consumers are more likely to spend more if a company accepts cashless payments these days, thanks to the numerous incentives offered by credit cards. Customers no longer have to wait by using handheld cashless payment counters such as card swiping machines.
TThe best thing about using a card swipe machine is that it is inexpensive. One can either buy the unit outright or rent it for a low monthly fee. This is a less expensive option than managing cash payments. If your business model involves receiving cash after a service product is shipped, you must be mindful of the risks associated with handling cash, such as counterfeits and pilferages, as well as the need to conduct multiple security checks on staff handling such cash. Mobile payment solutions like Bijlipay make it simple to rent or buy mPOS for your company thanks to their fully straightforward pricing. The cost of maintaining these mPOS devices is less than that of maintaining a traditional POS system.
Customer service is extremely important for any company, and a cashless system will help you boost it in a variety of ways. With services like Bijlipay mPOS, which offers faster checkouts through queue-busting apps and value-added services like Equated monthly installments, customers can enjoy a better shopping experience (EM). With loyalty strategies and analytics, you can now have differentiated services while still the customer trust and loyalty. Not only does improved customer service increases customer retention, but it also increases new customer acquisition.
When you make an electronic payment. Merchants can easily monitor their customers' purchasing habits. With targeted loyalty services, you can also build tailored incentives for unique target groups. These customized campaigns boost consumer loyalty and, as a result, revenue. The global market climate is fast-paced and intensely competitive. With the number of transactions on POS terminals in India increasing 436 percent year on year, we are already seeing widespread acceptance of cashless payments. Based on the RBI's Payments Vision paper, which was recently released. We should predict a major policy boost for cashless payments in the near future. As a result, retail merchants must rapidly adjust to new age payment solutions such as MPOS and increase their business potential exponentially.
Financial records and income is simpler and more effective with cashless payment for any transaction. Cashless payments safeguard the company's revenue sources while not reducing fraud. You may also avoid the costs and security risks associated with physically moving cash by using electronic payments. Since the transaction is meticulously documented, money, time, and human resources are saved in the accounting of sales. You can also see your sales and cash flow in real-time. Another benefit of cashless payments is that the amount of money owed to and by your company can be easily calculated without mistake.