Innoviti Payment Solutions, an Indian payments firm, has introduced its Innoviti-POS card payment acceptance solution to make it easier for smaller retailers to adopt the digital channel.
Usually, small town retailers see very few advantages of embracing the digital channel.
According to these retailers, digital increases the cost of business and are unlikely to be credited the same day. In case of holidays, settlement of digital transaction can take two to three days.
Innoviti-POS is said to address these concerns by facilitating 365-day same day fund transfer, which enables retailers to save on their business overdraft interest costs.
“Retailers reduce overdraft interest by depositing their daily excess earnings everyday into their bank current account. If their earning is in cash, they cannot deposit the same on bank holidays. However, if the earning is through Innoviti-POS, that is directly deposited into their current account, thereby reducing the outstanding overdraft and therefore interest outgo,” the payments firm noted.
The firm said that its Innoviti-POS solution can enable a merchant with an overdraft of INR100,000 ($1,412.50) make annual saving of up to INR10,000 ($141.25).
The new solution has been trialled in Jaipur, Jammu, Ambala, Dehradun, Surat, Nagpur and Indore. Over 700 merchants participated in the pilot.
Innoviti CEO Rajeev Agrawal said: “We strongly believe our same day, every day fund transfer technology will help new merchants enter card acceptance with an experience that is as good, if not better than cash.
“This has the potential to be the key to plugging the currently yawning supply-demand gap in terms of POS infrastructure in India retail.”