Brief Description

The BancNet Payment System is a complete retail solution that facilitates the authentication of debit cards, authorization and final settlement with the merchant. The service involves the authentication and settlement of all purchases made using a BancNet ATM card and related services like merchant helpdesk, automated reconciliation and daily report generation.

Features

• Access to the cardholders of the largest ATM consortium
• No enrollment required in using the channel
• Provision for daily electronic consolidated reports
• Single bank branch relationship
• Minimized credit risk compared to credit card transactions
• Minimized cash handling problems like shortages
• Increased security because less cash is handled by personnel

Requirements

• Point-of-Sale (POS) Information Sheet signed by the authorized signaatory of the company
• MOA - Merchant Depository Bank Arrangement
• Registration at Securities and Exchange Commission
• BIR Form 1901 or Audited Financial Statements (first 5 pages only)
• BIR Form 1901 and Mayor's Permit (for Single Proprietorship)
• Business Permit

List of Acceptable IDs