19Sep
Which PoS machine is best for Doctor and Clinic?
If as a Doctor, you have decided that the number of patients asking for a Credit Card payment option is high enough to justify the additional infrastructure of enlisting yourself as a merchant and investing in a PoS machine, read on to know more.
If you are not sure of how the entire Credit Card Payment system works, read our previous post before going through this one.
Click here to read about Credit Card Payments at the clinic.
PoS issued by Banks.
Before the storm of recent start-ups and unicorns, the best way to get a card swiping PoS machine at your clinic was from banks such as HDFC, ICICI, and Axis bank. These machines had a small screen, rubber button Numpad, and a small printer attached to their end to print receipts.
Pros
– No new vendor, usual relationship with the Bank continued.
– Standard use. Known technology.
– Support and Service by reputed companies such as PineLabs.
Cons
– Bulky machine, not very portable
– Slow to use, works on 2G network
– Archaic pixelated display
– Cumbersome to load paper
– High MDR rates by the banks
– Some banks would insist on opening a new Current Account with them for this
– Monthly rental and fees to be payable to the Bank.
– If the Bank’s RM deemed fit, they would ask for a fixed minimum number of transactions per month.
Demonetization created the need for better solutions in many ways. Some companies rose to the challenge and came up with innovative solutions. Noteworthy mentions amongst them are mSwipe and PayTM. Both have some handy, cutting-edge, nifty, innovative PoS machines that Doctors can use in their clinics.
General advantages of PoS machines from mSwipe and PayTM
– Available in a variety of shapes and sizes
– Latest technology, Linux based
– Aesthetically pleasing form factor won’t look out of place in the clinic, some can even fit in your pocket or visit bag.
– Connects over WiFi or 4G sim cards
– Supplementary Apps can show real-time transactions as well as track the status of the payment till it reaches your bank account
– Can be linked with any of your existing bank accounts
– No limits on the number of payments
– Devices can be charged and used anywhere
– Sends receipts to the person via SMS instead of printing counterfoil on paper. Good for ecology, quicker, more efficient.
– Minimal learning curve
Some disadvantages of PoS machines by mSwipe and PayTM for doctors
– MDR charges are like banks
– New products, relatively new companies.
– Long term support, upgrades, durability is broadly unknown
– Too many machines, too many options, quite confusing
– Newer variants keep coming in
– Initial investment of 3 to 5,000 Rs.
– Monthly rentals to the company (over and above the MDR charges) / service fees.
As of today’s date, both mSwipe and PayTM PoS are available in 5 to 6 variants each and with some special offers for Doctors. Both mSwipe and PayTM provide an option of ZERO MDR charges. Read on to know the details:
Refer to the cycle in the previous article. The MDR charges come into play not when the patient pays via Credit Card but when the amount is credited into the Doctor’s Bank Account. Both companies have come up with an innovative solution for the same.
If you choose to make the payment in your PayTM wallet or the mSwipe MoneyBack card, there are NO MDR charges. Furthermore, you can use that money from your PayTM card or your mSwipe MoneyBack card to pay your electricity bills, medicines supplier, rent, or any other expenses without ever paying any MDR charges.
For the moment, mSwipe has waived off monthly rental charges in an ongoing offer.
Both the PoS machines come with
– Easy installation
– Long battery life
– Ability to link any bank account
– Minimum documentation required
– Ability to send SMS
– Work on WiFi and 4G
– Display on the device
Some PayTM PoS machines have a camera and QR code scanner as well.
PayTM also provides a QR code at the clinic, which the patient can scan and pay using Credit Card (even without a PoS machine) – but the patient will have to input the Credit Card details.
Both mSwipe and PayTM PoS machines are secure as per the standards needed for financial transactions as per RBI. 256-bit encryption is standard.
The mSwipe WisePad G2 PoS machine has a lower cost point at around ₹ 1500, while the PayTM Linux PoS machine costs ₹ 3500 and offer a better look, feel, and features than the mSwipe PoS machine.
Both have a product called BankBox and SoundBox but don’t get confused between the two. Get in touch with us in case of any queries.
A Doctor does not NEED a PoS machine at the clinic to accept payments via Credit Cards and Debit Cards. For most Doctors, UPI and NEFT work just fine. In case you are not sure whether you need a Credit Card machine or need to understand the details send in a query to us.
The future is Digital – payments AND Health Records!
Watch this space for more topics coming soon.
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Doctor’s can also integrate a Payment Gateway in their own Website. This saves the cost of investing in a PoS Machine. A good Payment Gateway can accept all Debit Cards, Credit Cards, UPI transactions as well as Wallets such as Amazon Pay, PhonePe, PayTM, MobiKwik and Airtel Money.
