Trade acquiring is a service for accepting non-cash payments at retail points of sale. The buyer places the card at a bank terminal (POS terminal), and the bank debits the money from the buyer's account and sends it to the seller's bank account.
There are three parties involved in every transaction as follows:
- acquiring bank, which installs a POS terminal and services the buyer’s current account;
- the issuing bank that issues and services the buyer's card;
- payment system, which provides communication between banks and acts as a guarantor of the transaction (for example, Elkart, Visa, Mastercard and others).
By accepting payment cards for service, you will be able to as follows:
- attract a new category of cardholder clients who are comfortable paying non-cash;
- increase the volume of sales of goods/services, since recently preference has been given to non-cash payment methods;
- protect yourself from risks associated with cash acceptance operations;
- reduce costs for collection and storage of cash.
*For enquires concerning connection of the trade acquiring, please contact the Banking Services Department of «KSB Commercial Bank» CJSC.