Kotak Bank introduces same day settlement for merchants
January 18, 2022
Kotak Mahindra Bank Ltd (KMBL) today announced the Same Day Settlement (SDS) feature for merchants for payments received on its Point of Sale (PoS) terminals. At the point when digital payments are soaring, the SDS facility is particularly helpful for organizations with cash inflow requirements, those with high stock turnover and the need to renew stocks regularly just as for organizations that employ the services of every day workers for optimal payroll management.
Thakur Bhaskar, Senior Executive Vice President and Head Liability Products and Merchant Acquiring, Kotak Mahindra Bank said, “Shortening the repayment cycle with Same Day Settlement is of enormous worth to both little and huge shippers, particularly for specific classifications of vendors, giving them guarantee of inflows, assisting them with arranging their incomes and oversee working capital prerequisites all the more proficiently. Our traders will presently have the choice to get settlements around the same time, in only a couple of hours after the transaction is completed, giving them quick access to their funds. The Same Day Settlement office will likewise spike more traders to acknowledge digital methods of payments, giving a major fillip to the Digital India drive.”
Accessible in two cycles with a remove season of 2PM and 5PM separately, shippers can select either or both the cycles and accept their assets in only a couple of hours around the same time. Dealers can demand for the Same Day Settlement services at the hour of onboarding. Existing merchants can raise the request by contacting their services relationship managers.