Ever since electronic payments have picked pace, people at large have shifted to making payments via cards.
With this shift, also came the need to increase the benefits provided via POS to both merchants as well as its customers.
The success of electronic payments has been quite visible in the increase in the number of POS machines in past few years.
According to research, In the financial year 2021, there were more than 4.7 million PoS terminals in India. However, this growth in the terminals is anticipated to be higher in near future.
Now, the Point of Sales SIM solution is a solution/service, which implies a provision in a POS machine that offers secured connectivity via SIM cards on a secure & private APN with Pan India coverage.
Point of sales SIM solution features subscription packages to manage the costs and provides the benefit of the quick setup of POS terminals via a web portal.
It equips the POS machine with a high-speed truncation process and a real-time transaction tracking system.
Furthermore, it adds to the advantages of electronic payment solutions by providing the merchant with a PCI-DSS compliant secure transaction each time and thus helping in combating fraud-related risks.
This is a unique solution to equip the POS machine with, and it renders the merchant with the facility of the best type of electronic payment.
Very rapidly, the SIM solution has established itself as a trusted solution throughout the country as it offers much more feasibility with regard to POS usage.
Moreover, because of the quality of the services provided with the solution, it is spreading its operations fast.
Having a rich experience in the dynamic Indian market and huge plans of expanding, SIM solution is progressing tremendously all across.
The Point of Sales SIM solution and all other services are exceptionally helpful in sorting out the payment-related concerns of the businesses that have physical stores.
What all GPRS SIM solution provides:
- Subscription packages to manage costs
- Free web portal
- Dedicated LSS software for the secure flow of transactions
- High-speed processing of payments
- Real-time transaction tracking system
- Quick setup of POS terminals via web-portal
Adding to its benefits, the Point of Sales SIM Solution is one of the solutions that offer merchants excellent security and uninterrupted connectivity for every transaction.
It is specially developed to provide connectivity with various types of network connections namely, GPRS, PSTN, IP, Secured SWITCH software, 3G & 4G, LAN, and Wi-Fi. Such a variety of connections has made it highly compatible with every kind of merchant setup or requirement.
Hence, SIM solution has been recognized worldwide for the quality of its service in securing and managing electronic payment transactions successfully.
Its presence in India is quite significant for its merchants as various major banks in the country are using the solution to acquire financial transactions.
Nevertheless, every SIM Solution must possess a few essential characteristics for making the transactions flow extremely secure. Those characteristics are:
Strong backing of the technical team and fraud management tools need to be there as they help the merchant set its own business rules based on the field of activity, the profile of the buyers, and the default rates. This helps in reconciling risk management and conversion rate optimization.
PCI DSS compliance with robust SSL/TLS 1.2 encrypted communication channel.
A SIM solution must provide instant information so that you are able to view your payments and their status in real-time.
The team/support needs to be active to always be available for looking into merchants’ payment-related queries on an everyday basis.
This is sure to provide the merchant with a piece of appropriate information for receiving payments.
Furthermore, it must provide an addition to the standardized TLE (Terminal Line Encryption) which enables the sensitive credit and debit card data to flow through the acquirer network with required protection.
Lyra offers a secure and reliable network to connect all types of POS terminals with multiple acquirers.
Get to know Lyra’s M2M offerings
Since the digital payment companies are successfully progressing to keep pace with advancing technology, it rests assured that the progress is always going to be in favor of the masses.
For keeping word with it, the new solutions/services are devised with more robustness, convenience, and security so that they are able to counterattack emerging challenges, as it is rightly said, “If there is no struggle, there is no progress.”