Brief Description
The BancNet Payment System is a complete retail solution that facilitates the authentication of debit cards, authorization and final settlement with the merchant. The service involves the authentication and settlement of all purchases made using a BancNet ATM card and related services like merchant helpdesk, automated reconciliation and daily report generation.
Features
- Access to the cardholders of the largest ATM consortium
- No enrollment required in using the channel
- Provision for daily electronic consolidated reports
- Single bank branch relationship
- Minimized credit risk compared to credit card transactions
- Minimized cash handling problems like shortages
- Increased security because less cash is handled by personnel
Requirements
- Point-of-Sale (POS) Information Sheet signed by the authorized signaatory of the company
- MOA - Merchant Depository Bank Arrangement
- Registration at Securities and Exchange Commission
- BIR Form 1901 or Audited Financial Statements (first 5 pages only)
- BIR Form 1901 and Mayor's Permit (for Single Proprietorship)
- Business Permit