Bank Online Now!

Description of Services

BancNet POS Payment System

The BancNet POS Payment System agreement involves the installation of authorization terminals at your sales counters for the authentication of debit card purchases and/or cash withdrawal. This partnership will allow your organization access up to 9 Million accountholders across the 61 active members of the BancNet Network. The same terminals also give you access to more than 1 billion ATM card holders of China Union Pay.

Benefits to Customers:

1. Convenience - no need to pass by the ATM to withdraw cash and no enrollment required to use.
2. Security - no need to carry large amounts of cash when shopping.
3. It's free, no charge to the customer

Benefits to the Merchants:

1. Marketing Support
1. Access to the cardholders and employees of the largest ATM consortium.
2. Participation in awareness and promotional campaigns.
3. Monetization of otherwise idle cash-in-counters.
2. Operational Support
1. Reduction in cash handling related expenses.
2. Provision for daily electronic consolidated reports.
3. Minimized cash handling problems like shortages.
3. Operational risk mitigation
1. Minimized credit risk compared to credit card transactions.
2. Increased security because less cash is handled by personnel.
3. Minimized erroneous data entry due to electronic reporting.
4. Terminals and supplies are free of charge

Solution Proponent:

BancNet is the leading electronic network providing for the convenient, reliable, and secure delivery of financial and related services for member institutions, affiliates, and their customers locally and abroad through the synergy of resources and the best utilization of technology.

Member banks includes: Allied Bank, China Bank, Metrobank, RCBC, Security Bank, HSBC, Deutsche Bank, Asia United Bank, Banco Filipino, Chinatrust, Citibank, N.A., Export and Industry Bank, Merchants Bank, PBCom, Philtrust Bank, Standard Chartered Bank, Allied Savings Bank, Citibank Savings Bank, East West Bank, Philippine Savings Bank, Philippine Business Bank, RCBC Savings Bank, Banco San Juan, Centennial Savings Bank, Citystate Savings Bank, Green Bank, Malayan Savings Bank, Opportunity Microfinance Bank, Postal Savings Bank, Producers Bank, Quezon Capital Rural Bank, Robinsons Savings Bank, Real Savings Bank, Rural Green Bank of Caraga, Sterling Savings Bank of Asia, Tong Yang Savings Bank and World Partners Bank.

The same service is available to the more than 300 member banks of China Union Pay, BancNet’s ATM switch counterpart in the People’s Republic of China, and their more than 1 billion cardholders. BancNet and China Union Pay have agreed to interconnect to allow mainland Chinese tourists to use their local ATM cards for withdrawing cash and for shopping while in the Philippines.

The BancNet Payment System is currently installed in 390 different merchant establishments affiliated with BancNet, spread across more than 1,867 different locations nationwide. These include: Rustan's Supermarket & Xpresslane Groceries, Shopwise Supercenters, the Ever Gotesco Group, Shoemart Department Stores, Supermarkets and affiliates, Robinson’s Department Stores and Supermarkets, regional supermarkets and department stores.

Solution Components:

BancNet will provide the electronic payments infrastructure at the merchant site, to include :

• Card-reader terminals (BancNet owned or through our partner terminal provider)
• Toll-free number to Manila (PLDT, Globe/Innove and Digitel)
• Thermal paper rolls
• In-store merchandising material
• Cashier training material
• Related services:
• Installation
• Periodic maintenance
• On-site training
• Merchant affiliation
• Daily reports generation
• Automated transaction reconciliation
• Daily automated settlement
• 24 x 7 manned Merchant helpdesk via a toll-free number
Depository bank will provide the financial services, to include:
• Settlement proceeds handling
• Funds reconciliation

Solution Investment:

BancNet will assess a commission fee of two percent (2%) for every successful BancNet ATM card-based transaction and China Union Pay Cards. There is no charge for balance inquiries made using the BancNet POS terminals.