The POS machine accepts the bank card. At present, the bank pos machine can accept all the bank card consumption business with UnionPay logo in the country, including the five state-owned banks of China, agriculture, industry, construction and trade, and more than 100 UnionPay members such as Minsheng, Everbright and Huaxia. Third-party payment agencies can now brush all UnionPay cards, but some large third-party companies can only use the bank cards of their own banking institutions. For example, remittance to the world. At this point the bank POS machine is superior to the third party payment POS machine. POS machine deployment costs. The bank POS machine belongs to China UnionPay. All the domestic acquiring banks belong to China UnionPay or the unit. The POS business is designed to facilitate the transaction of bank cards between different banks. Therefore, the bank POS machine installation process does not charge any fees from the merchants. The deposit for the machine is usually charged at around RMB 500; however, the merchant must have a fixed deposit of 50,000 or more in the account of the bank. When the machine manufacturer is no longer in use, notify the deployment agency to take back the POS machine and return the deposit in full without deduction. The source of the POS machine of the third-party payment institution is mainly purchased from the manufacturer. Then deploy the POS machine through the agent at the original price or high price. Because the agent pays a large amount of margin and agency fees while obtaining the agent qualification, if the capital is to be recovered as soon as possible, the merchant will charge the POS machine at the same time as the POS machine, and the fees will be different according to the different rates. . Generally 0.5% of the machine is charged between 2000-3000 yuan. The 1% rate is between 1500-2500, the capping machine is between 3000-5000, and the machine and cost are mostly not refunded after the machine is not in use. At this point the bank POS machine is superior to the third party payment POS machine. However, the bank POS machine needs 50,000 or more deposits. This one is believed to be unacceptable for many businesses. At the same time, the bank will charge the account opening fee, password payer fee and annual fee. POS machine consumption rate. The installation rate of all POS machines in the domestic market shall be in accordance with the requirements of the People's Bank of China. In the process of installing a POS machine, the bank naturally strictly enforces its own regulations, otherwise it can satisfy the members of the country. According to the requirements, third-party payment institutions must also follow the UnionPay standard, but to know that they have to make a lot of money in the market, they must rely on the installation fee and credit card to profit, while ensuring profit. To compete with the same industry as the bank, 0.5% of the merchants in the third-party distribution have a considerable share. In the UnionPay implementation standards, only large supermarkets, home appliance stores and other merchants related to people's livelihood can handle 0.5% rate equipment. At this point, third-party payment POS machines are superior to bank POS machines. Bank POS machines must strictly enforce the central bank rate standards, resulting in many merchants having to pay a large amount of credit card processing fees. This third-party payment has great advantages. POS machine risk control. All domestic POS acquiring companies are directly regulated by the People's Bank of China, and banks and third-party payment institutions are no exception. Each POS acquirer also has its own risk control system. Relatively speaking, because the market has a long time and rich experience, the risk control is more mature and stable than the third-party payment. After the bank POS machine consumes the cardholder, the time for the funds to reach the merchant account is the second business day. During the period from consumption to arrival at the merchant account, UnionPay does not participate in the transfer of funds, but only processes the flow of funds through the system. Most of the POS machines of third-party payment institutions are now available on the second business day after the cardholders consume, but the cardholders’ consumption funds first reach the accounts of the third-party payment institutions, and then the third parties are using their own systems. The rate of the POS machine is transferred to the merchant account after deducting the handling fee. There are also POS machines in the market where some third-party payment institutions can arrive on the same day or arrive in time. The bank POS machine requires that all merchant bank card acquiring accounts must be shop-to-public accounts, which reduces the risk of funds. The bank card acquiring account of the third-party payment institution may be a personal account of the legal person. Although the use of the merchant's cash is convenient, the funds have certain risks. At this point the bank POS machine is superior to the third party payment POS machine. However, the bank requires a public account, and needs to prepare a business license, tax, organization code certificate, account opening permit, corporate seal, legal person's private seal, and these things. If the information is not correct, it will cost a lot of money to make up the information. . Moreover, the bank opens a public account and swipes the card into a public account, which will generate certain taxes. Banks are very inconvenient to withdraw funds from public accounts. They must be cheques to go to the bank to queue up to withdraw money. POS machine application standard. Bank POS machine application standards require merchants to have physical shops, and conduct on-the-spot investigations on the merchants, photograph photos of shops, obtain business licenses for shops, tax registration certificates, account accounts for public accounts, and valid ID cards for legal persons. Usually one approval is more than two months and two months. The POS machines handled by the banks are fixed pos machines, and banks cannot handle mobile pos machines. The third-party payment institution POS machine can only apply for the information provided only by the business license and the legal person's valid documents. The time is short, the user's timely demand can be more convenient, and the third party can handle the mobile POS machine. At this point, third-party payment POS machines are superior to bank POS machines. In order to better explain the difference between the three institutions, please see the following figure Third party POS machine fund settlement process Food Waste Disposers,Kitchenaid Garbage Disposal,Food Waste Processor,Food Waste Disposal Ningbo Ifilter Purification Equipment CO.,Ltd. , https://www.ifiltor.com
All-round competition between bank POS machines and third-party payment POS machines