Leading payment solutions provider, Innoviti Payment Solutions, announced the launch of its new Saadhan POS solution which is specifically designed to provide B2B businesses a quick and convenient packaged option, to become compliant with the recently announced Regulatory requirements that mandate compulsory provision of UPI and RuPay acceptance modes at all businesses with annual turnover exceeding Rs. 50 Cr.
The new Saadhan POS comes pre-enabled to accept both RuPay Debit Cards as well as UPI-QR transactions, enabling B2B businesses to accept payments from their business customers through any of these options. All RuPay debit card and UPI transactions on Saadhan POS will have zero charges. The POS will additionally accept Visa and Master issued credit and debit cards. It will, therefore, provide businesses the benefit of accepting all forms of payments on a single unified POS device, greatly simplifying backend reconciliation of payments. A specially designed benefit of the Saadhan POS solution for merchants, is that it comes pre-packaged with all necessary back-end transaction acquiring arrangements with acquiring banks, thereby enabling the Saadhan POS to be activated for the merchant within 15 minutes, in sharp contrast to existing industry norm of nearly 1-2 weeks.
Recommended AI News: Password Managers And Their Security Flaws: What You Have To Know
Additionally, the Saadhan POS is complemented by a convenient mobile phone-based Tracking App that allows the merchant to track his transaction processing and settlement on a real-time basis across both RuPay and UPI transactions. It also provides merchants the additional feature flexibility of processing transaction through either the regular route or as EMI billing transactions.
Speaking about the launch, Ms. Amrita Malik, Chief Business Officer, Innoviti, said, “Consistent innovation to meet rapidly evolving business needs of our merchant partners is at the very core of Innoviti’s DNA. The recent regulatory changes making UPI and RuPay Debit acceptance mandatory for specified businesses has created a need amongst our partners for a simple one-stop solution that can be enabled quickly to meet regulatory deadlines. The new Saadhan POS is carefully designed to meet those expectations and we are delighted with the response it is getting from our retailer partners.”
Recommended AI News: Zendesk Invests In Tymeshift To Improve Workforce Management (WFM) Solutions
Across India, Innoviti processes over US$ 6.5Bn of payments annually from over 1000+ cities, with a throughput per point of acceptance of 7000$, 2X of India’s average (as per RBI data). Innoviti’s payment solutions help merchants, banks and brands influence commercial transactions happening in offline commerce more efficiently than possible otherwise, through unconventional use of payment terminals.
Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, SBI Venture Capital, Singapore and Catamaran, India.
Recommended AI News: Top 10 Countries and Cities by Number of CCTV Cameras