Point of Sale (POS) machine

What is POS?

• Point Of Sale (POS) is an Electronic Data Capture (EDC) machine that accepts Debit/Credit Card payments. You can also accept UPI payments on your POS device if Dynamic QR facility is enabled
• The customer needs to tap/swipe/insert the card on the machine to make a payment and the funds will be directly transferred to your account

How can your customers make payments via Kotak POS?

• Your customers can make a payment by inserting the card in the card slot or swiping the card or tapping the card on the device head if the card is NFC- enabled
• Once you enter the sale amount, the customer will enter the card PIN
• You can also accept UPI payments on your POS device if Dynamic QR facility is enabled
• Your POS machine will generate a receipt of payment/ chargeslip, after successful execution of transaction

When will I receive the statement for the POS transactions done at my store?

• If you don’t receive the statement at the end of the day, give a missed call at 1800 315 7373 (Toll Free) or call 1860 210 2101 (Local Charges Apply)
• You can also write us your queries via email at [email protected]

When will the settlement happen for POS transactions?

• For POS, the settlement takes place on T+1 day (i.e. the next day after the transaction is done) in your Kotak Current Account
• Settlements will happen on all 365 days, including all Saturdays, Sundays and public holidays
• If opted for Same Day Settlement service, based on the settlement cycle selected, you will receive funds within a few hours on the same day itself (charges applicable on Same Day Settlement value added service)

What is the Same Day Settlement?

You can choose either or both the cycles

• Cycle 1 : Cut off time 2pm - receive funds by 5:30pm
• Cycle 2 : Cut off time 5pm – receive funds by 8:30pm

• Fee: 0.20%+ GST will be applied on settlement value for each same day settlement cycle
• Same Day Settlement is available on all days, except Sundays

Does Kotak POS terminals accept International Debit Cards and Credit Cards?

• Yes, you can accept International Debit and Credit Cards on POS if International Card Acceptance value added service is enabled on the POS terminal
• Affiliate Cards {Discover Financial Service (DFS), Japan Credit Bureau (JCB) and China Union Pay International (CUPI)} are accepted on all POS terminals with International Card Acceptance enabled

Is Dynamic Currency Conversion facility available on Kotak POS terminals?

• Dynamic Currency Conversion (DCC) is a service that allows international customers to pay in their home currency when making purchases at your establishment
• When customers use their international Credit or Debit Card for a purchase, they have the choice to pay in the local currency or their home currency
• If they opt for their home currency, the transaction amount gets converted to the local currency at the current exchange rate, and they will be charged in their home currency
• DCC* can provide several benefits to you, including increased transparency, better exchange rates, improved customer satisfaction, and additional revenue streams
   

*Charges applicable for DCC value added service.

Can I accept UPI payments using POS device from my customers?

• Yes, you can accept *UPI payments from your customers using POS device if Dynamic QR is enabled
• Customers can now pay via any UPI app. Customers can opt to pay via Rupay Credit cards^ as well
   

*No MDR on UPI transactions.
^Credit Card on UPI transactions incur MDR charges.