Acquiring also involves the process of recruiting agents who will allow card acceptance in their outlets to facilitate payments within the network; the merchant acquirer provides tools like Point of Sale terminals (POS), ATMs or even the internet to make it possible for payment of goods and services.
We offer two types of payments;
In this type of payment, a physical ATM card is required to be present at the merchant to make the payment using the POS terminal by either swiping or inserting the card.
CARD NOT PRESENT;
In this payment method, the card does not have to be present at the merchant location. The cardholder sends the particulars on his/her ATM card that are required to the merchant and the payments are done.
- Rapid increase in electronic cards without a corresponding expansion of card acceptance outlets.
- Social and lifestyle changes – A more informed consumer base with increasing demands
- Hierarchy of needs-Basic needs, social security, belonging, esteem and self actualization.
- Poor distribution of fixed telephone network with limited growth potential
- Fear of Fraud with systems currently in the market
REQUIREMENTS TO BECOME AN EQUITY BANK MERCHANT
|MERCHANTS ON BOARD|
|NO||Limited Companies||Sole Proprietorship/Partnership|
|1.||Memorandum and articles of association||-|
|2.||Bank Statements/annual returns duly signed||Updated Annual Returns duly filled|
|3.||TIN Certificate||TIN Certificate|
|4.||VAT Certificate||VAT Certificate|
|5.||Director's IDs||Director's IDs|
|6.||Certificate of Incorporation||Certificate of registration|
The following are the card schemes that we accept on our device;
- Master Card
- American Express
- Union Pay