Point-of-Sale

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