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Which Bank/Service provider offers lowest MDR?

  • Thread starter Thread starter rdargar
  • Start date Start date
  • Replies Replies 42
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rdargar

rdargar

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I am self employed individual.
I am looking to accept payment via link (No website) ; The main reason is two of our customers are saying they wish to use their CC to make payment and they are high valued customers and loyalty can't be expected in today's time.
I previously wrote post but not much responses.
I am open to opening a fresh current account the receivables will be in the range of 1-3 Lakh (Aggregate)(50-90k size) . I have read people'smoney got blocked.
I will not be using my CC to make payment , but at the same time I do not want the hassle.

What's the best solution.
For beggining I started using Stripe but they settle after 2 weeks and a hefty 2% flat charge.
 
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rdargar said:
I am self employed individual.
I am looking to accept payment via link (No website) ; The main reason is two of our customers are saying they wish to use their CC to make payment and they are high valued customers and loyalty can't be expected in today's time.
I previously wrote post but not much responses.
I am open to opening a fresh current account the receivables will be in the range of 1-3 Lakh (Aggregate)(50-90k size) . I have read people'smoney got blocked.
I will not be using my CC to make payment , but at the same time I do not want the hassle.

What's the best solution.
For beggining I started using Stripe but they settle after 2 weeks and a hefty 2% flat charge
Click to expand...
Why stripe? Paytm, bharatpe famous na

Paytm too decreases charges on bargain.


Hdfc smarthub ..... 1.2% + gst, the next day settlement.
 
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Tejo said:
Why stripe? Paytm, bharatpe famous na

Paytm too decreases charges on bargain.


Hdfc smarthub ..... 1.2% + gst, the next day settlement.
Click to expand...
Paytm not onboarding new customers , bharatpe necessary POS .
Smarthub(Guessing Vyapar) has a limit of 10K only (Atleast for savings) ; yet to enquire about Current Ac.
 
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Not recommended, just share this info, try at your own risk -

Use pinelabs online payment gateway.

Pinelabs have 80% market share on offline market. All big brands use pinelabs POS machine because of pinelabs's lowest MDR charges under 1.5%.

I dnt know how Pinelabs online payment gateway work but here is the website -

Online Payment Gateway: Best Indian Payment Gateway | Pine Labs

Pine Labs is the leading online international payment gateway solutions provider in India, enabling eCommerce businesses to accept and integrate payment gateway with 100+ payment modes. Discover now!
www.pinelabs.com www.pinelabs.com

or direct official link here (plural by pinelabs) -

https://www.pluralonline.com/
 
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Do ICICI have any limitationon the transaction size when accepting payment via link like HDFc has of 10k?
tryabp said:
PhonePe offering 0 MRD offer for now. But they will ask for website. ICICI has one of lowest charges as they have their own payment collection system - EazyPay. Razorpay & Paytm are not onboarding new merchants as RBI put restrictions on their license.
Click to expand...
 
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tryabp said:
PhonePe offering 0 MRD offer for now. But they will ask for website. ICICI has one of lowest charges as they have their own payment collection system - EazyPay. Razorpay & Paytm are not onboarding new merchants as RBI put restrictions on their license.
Click to expand...
Tried PhonePe but they have mandatory requirement of website
 
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Tried registering and contact us on plural multiple times but the page just don't move ahead tried on mobile , multiple browser on pc to no avail
Abhishek012 said:
Not recommended, just share this info, try at your own risk -

Use pinelabs online payment gateway.

Pinelabs have 80% market share on offline market. All big brands use pinelabs POS machine because of pinelabs's lowest MDR charges under 1.5%.

I dnt know how Pinelabs online payment gateway work but here is the website -

Online Payment Gateway: Best Indian Payment Gateway | Pine Labs

Pine Labs is the leading online international payment gateway solutions provider in India, enabling eCommerce businesses to accept and integrate payment gateway with 100+ payment modes. Discover now!
www.pinelabs.com www.pinelabs.com

or direct official link here (plural by pinelabs) -

https://www.pluralonline.com/
Click to expand...
 
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tryabp said:
That depends on product you are selling, there will be backend limitation on ticket size. If you are selling iphone then limit will be set accordingly.
Click to expand...
As mentioned earlier for the material I sell ticket size is nearly 40k-1.2L. But I read some other post in the forum where bank blocked his money for 6 months because he received large amount.
 
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rdargar said:
As mentioned earlier for the material I sell ticket size is nearly 40k-1.2L. But I read some other post in the forum where bank blocked his money for 6 months because he received large amount.
Click to expand...
While applying for PG you will be asked to enter the ticket size details and expected volume of transactions. So, as long as your transaction fit that size there is no problem.
 
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tryabp said:
While applying for PG you will be asked to enter the ticket size details and expected volume of transactions. So, as long as your transaction fit that size there is no problem.
Click to expand...
Thanks for your continuos reponses and help.
So is it safe to concude ICICI is the way to go as Paytm is not onboarding . And is it possible to get ICICI pay by link services without applying for POS
 
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rdargar said:
I am self employed individual.
I am looking to accept payment via link (No website) ; The main reason is two of our customers are saying they wish to use their CC to make payment and they are high valued customers and loyalty can't be expected in today's time.
I previously wrote post but not much responses.
I am open to opening a fresh current account the receivables will be in the range of 1-3 Lakh (Aggregate)(50-90k size) . I have read people'smoney got blocked.
I will not be using my CC to make payment , but at the same time I do not want the hassle.

What's the best solution.
For beggining I started using Stripe but they settle after 2 weeks and a hefty 2% flat charge.
Click to expand...
BRO I AM SELF EMPLOYED TO AND ILL USE KOTAK POS IS WITH THE MDR OF 1.35+GST AND 1RS PER TRANSATION AND
I THINK THAT WAS GOOD
 
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Mr. Aman said:
BRO I AM SELF EMPLOYED TO AND ILL USE KOTAK POS IS WITH THE MDR OF 1.35+GST AND 1RS PER TRANSATION AND
I THINK THAT WAS GOOD
Click to expand...
I don't need POS as said earlier as I don't have a client facing establishment. I was looking for the Payment via link services so that the link can be shared by whatsapp to receive payment
 
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rdargar said:
For beggining I started using Stripe but they settle after 2 weeks and a hefty 2% flat charge.
Click to expand...
If they are international clients, Stripe is a good choice. But for national customers, you can check out Razorpay, Instamojo etc. Every payment processor will have a charge. You cannot avoid it.
 
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akshayhs said:
If they are international clients, Stripe is a good choice. But for national customers, you can check out Razorpay, Instamojo etc. Every payment processor will have a charge. You cannot avoid it.
Click to expand...
Domestic clients only. I am agreening to pay charge just hunting for the best deal and no withold of money for long duration. Razorpay is not onboarding customers.
 
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rdargar said:
Thanks for your continuos reponses and help.
So is it safe to concude ICICI is the way to go as Paytm is not onboarding . And is it possible to get ICICI pay by link services without applying for POS
Click to expand...
Yes, you can. POS / PG / QR are three different products offered by ICICI. You can opt for Super Merchant Current Account and if you accept 25000Rs per month then that account becomes 0 MAB.
 
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tryabp said:
Yes, you can. POS / PG / QR are three different products offered by ICICI. You can opt for Super Merchant Current Account and if you accept 25000Rs per month then that account becomes 0 MAB.
Click to expand...
I am thinking about acquiring a business which has transactions in the range of 8 to 15 lakhs per month. Currently the cash transactions are in the range of 2 lakhs and the digital transactions are in the range of 8 lakhs and above. Which current account do you think I should take? Any suggestions? I was thinking of going ahead with HDFC. Haven't decided which account yet. Also I have to take a POS Machine with the lowest MDR. I was looking for the Pine Labs machine and also @Tejo suggested the same and to get the PineLabs machine from HDFC while opening the current account.

Any suggestions would be highly appreciated from other fellow members.🙌
 
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