Frequently Asked Questions

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.

Can I offer an EMI option on Debit Card or Credit Card transactions?

• Yes, if you have opted for the EMI facility (applicable charges apply), you can accept card payments from customers with the option of converting transactions above ₹3000 into EMI through Kotak POS machine without documentation.
• The final rate and tenor of EMI will be decided by the card issuing bank and is displayed on the terminal at the time of transaction.

What are the charges applicable on Kotak POS?

• The Merchant Discount Rate (MDR) on Debit Card transactions is regulated by the RBI from time to time.
• POS terminal rental, installation charges and MDR on Credit Card/Prepaid Card transactions have been discussed & accepted by you at the time of filling up the Merchant Acquiring Services form.
• For details on other charges, visit our site kotak.com and refer to the General Schedule of Features and Charges (GSFC).

If I am facing technical issues, how can I raise a service request or whom to connect with if I need an additional paper roll?

• If you are facing any technical issue or have any requests, we are available at your service, just a missed call away. 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 e-mail at [email protected]

How do I raise a service request for an issue with my POS on kotak.biz?