Paytm’s in-app POS system is the new talk in cashless Bharat. If you don’t know how Paytm’s in-app POS system works to accept cashless payment perfectly, then in this article I am going to share how to use Paytm at Merchant’s Point of Sale or POS machine to accept payments.
Now you can easily accept payment through paytm, without buying a card swiping machine. That means you can turn your mobile number into a Merchant point of Sale or POS machine kind of device.
Paytm has come up with many initiatives to make India move towards cashless payment. In fact one can now use PayTm without having smartphone or internet connection also. Narendra Modi’s demonetization move has bring huge opportunity for Paytm like wallet payment services. And Paytm is also trying their level best to capture the market as fast as they can.
What is Merchant Point Of Sale or POS
In simple words, if you have visited any of the shopping mall recently or always buy groceries from department stores then you might have noticed they are accepting money through some swiping machines or sometimes swiping besides the computer monitor. They are nothing but Merchant Point Of Sale or POS.
It simply works like accepting money form you debit card or credit card. I found a simple and clear definition of POS in Wikipedia and here is what I found.
A retail point of sale system typically includes a cash register (which in recent times comprises a computer, monitor, cash drawer, receipt printer, customer display and a barcode scanner) and the majority of retail POS systems also include a debit/credit card reader.
How To Use Paytm For Accepting Payments from Customers Without Using Card Swiping Machine
To enable this process, merchant’s need to register with Paytm and should have a smartphone. Merchants can follow simple steps to accept payments on paytm:
1. Download Paytm App in your mobile phone
2. Sign up and create a new account. In case you have it already, then login to your Paytm account
3. Now look for Accept Payment option and click on the same.
4. Select “Accept Debit or Credit Card” option and ask your customer to enter the credit card or debit card information in merchant’s mobile phone
5. Enter amount you want to receive from your customer
6. Click proceed button
7. As a merchant, you should note down the information of debit / credit card number, expiry date, and CVV
8. Next, Proceed to pay and the customer will get an OTP in his/her mobile phone
9. Collect the OTP from the customer and validate the transaction to get the payment
As a merchant you can collect all your money in Paytm wallet and then transfer money to your bank account from Paytm at 0% fee till 31st December 2016. This move will definitely increase the confidence of seller or shop keepers to accept payments from card without worrying about cash payments or buying a card swipe machine.
As a retail business man, do you think this move is beneficial? Share your thoughts and experience here by writing a comment below.