Union Bank of India

Union Bank of India describes itself as an acquirer in its POS and merchant discount rate materials. Its merchant acquiring offering covers several terminal types, mobile POS and Cash@POS, and is aimed at businesses in India.

Services and card networks

The listed services are merchant acquiring, POS, mPOS and Cash@POS. The bank accepts payments from Visa, Mastercard, RuPay, American Express and Discover cards, so a merchant can take both international and domestic Indian schemes at one terminal.

Requirements

To connect, a merchant needs to pass KYC and provide business evidence. The requirements also include a settlement account with Union Bank and a merchant agreement. The bank's page says that the acquiring service is advertised as T+1 settlement, but it also states that the settlement period of T+1, T+2 or T+3 is finalised in the agreement. A merchant should therefore treat T+1 as the advertised option and not as a fixed term.

What to confirm

Merchant discount rates, terminal rental and installation charges, and settlement cut-off times are not stated in the published description. Compare them with the bank before signing, especially if the business expects a mix of card types or needs cash withdrawal at the point of sale.