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About this Service

Merchant Solutions

Merchant Solutions

Merchant Solutions

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FAQs

What is the Merchant Discount Rate (MDR) & Is this compulsory?

Merchant Discount Rate is the rate charged to a merchant by a bank for providing debit and credit card services. Yes, it is compulsory because it is the commission the bank gets for providing the services.

How will I get my payment?

The bank will credit the account or issue a pay-order on the next working day of the transaction settled.

I am opening up another location and would like to accept credit cards. What do I do next?

The ownership of the new store must be the same as your existing account with bank, and it must also be the same type of business, unless you are opening an e Commerce location. If the business type of your new store is different, you will need to set up a new Merchant Account. If you are planning to open another location, or if you have questions or need assistance in this regard, please contact our merchant services department.

How does the transaction processed?

  • Step 1: When you, as a Merchant, want to accept cards for payment of your goods and services, you first submit an authorization transaction to your Acquiring bank i.e. to Axis Bank.
  • Step 2: Acquiring Bank accesses the Visa/MasterCard network to communicate the authorization transaction (containing a "Transaction Amount") to the Issuing Bank to ensure that the card is valid and that the Transaction Amount does not exceed the Cardholder's credit limit.
  • Step 3: The Authorization Response is returned via the system to the Merchant.
  • Step 4: Upon approval, the Merchant fulfills the consumer's order. The system sends the settlement request to Bank.
  • Step 5: After that, Bank deposits transaction funds into the merchant's depository account.

How do I track my transactions happened on EDC machine?

Bank will provide you the transaction report with status as per the frequency you required i.e. daily, weekly, and monthly.

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