In this time of demonetization several shop owners and small businesses are busy requesting banks to set up card-swipe machines. An EDC (Electronic Data Capture) machine also known as a card swipe machine is a payment terminal provided by the bank on which the merchant can swipe or dip cards to receive payments.
Since the card can be a debit card or a debit card, the machine is also known as a credit card swipe machine or a debit card swipe machine. It is also known as Point of sales machine (POS).
How to get an EDC machine?
1. To get an EDC machine installed, the merchant needs to make an application with a bank providing the relevant service. Generally, there are two basic criteria necessary for approval:
- The applicant should have a valid commercial establishment.
- The business should be in existence for at least six months.
2. Documents needed
The applicant would be required to submit certain documents along with the application form. They are identity proofs, address proofs, business proofs, documents regarding turnover etc.
There are some fees and charges applicable on an EDC machine. This includes one-time charges on equipment and installation and there will be fixed monthly charges.