India’s most comprehensive digital & contactless banking platform for merchants
Merchant Stack by ICICI Bank
The platform offers banking facilities & value added services in one place to enhance productivity & efficiency of merchants.
The self-employed and MSME segment form the backbone of the Indian economy. A significant part of this segment, over 2 crore retail merchants, carry out large value transactions every year. The shift towards a digital economy and contactless banking services gives a strong indication that the value of transactions carried out by retail merchants will grow multi-fold in the coming years.
The changed payment preferences of consumers signify that the banking requirements of retail merchants have also changed and are very different from the requirements of other MSME segments.
Understanding these changing needs of the segment and in line with the bank’s principle of ‘Business with Care’, ICICI Bank recently announced the launch of its ‘Merchant Stack’ platform.
The Merchant Stack platform is a set of the country’s most comprehensive digital & contactless banking services specially curated for retail merchants, to enable merchants such as grocers, super markets, large retail store chains, online businesses and large e-commerce firms to meet their banking requirements seamlessly to serve their customers in these challenging times.
KEY FEATURES OF THIS PLATFORM:
‘Merchant Stack’ provides a bouquet of banking solutions and value-added services in a single place for the retailer eco-system and its main pillars are:
1. Super Merchant Current Account: A zero-balance account linked to usage of the Bank’s POS (Point-of-Sale) facilities. The merchants can continue to get the advantage of the zero balance account for a lifetime, till they use these facilities.
Merchants, even if not a customer of ICICI Bank, can digitally open the account and have the convenience of transacting with their customers using multiple digital modes of payments along with instant reconciliation by using the Bank’s ‘Connected Banking’ platform, that integrates banking and their accounting system, saving them both time and effort.
The Super Merchant Current Account is available in two variants — Super Advantage and Super Advantage Plus, to suit the requirements of merchants as per the size of operations.
2. Instant Credit Facilities: The ‘Merchant Stack’ offers two instant credit facilities, based on POS transactions — ‘Merchant Overdraft’ & ‘Express Credit’.
Merchant Overdraft empowers pre-qualified merchants with a linked ICICI Bank POS machine to get upto Rs 25 lakh digitally, instantaneously and in a completely online and paperless manner using a new credit assessment method of the Bank which is a marked improvement over the traditional industry practice of using only bank statements, financial statements and income returns to offer working capital facilities.
Express Credit offers enhanced convenience as merchants can instantly access the funds, in contrast to the industry practice of waiting for a few working days to get credit for sales on POS machines. The money is transferred immediately to the merchant’s linked ICICI Bank current account, 24x7, on all days including weekends and bank holidays.
3. Digital Store Management: For merchants wanting to expand their business in the online world, the ‘Digital Store Management’ platform offers a one-stop solution to transform their ‘physical store’ into a ‘digital store’ within half-an-hour and helps them to manage invoicing, inventory and collections.
4. Loyalty Programme: A loyalty rewards programme for merchants — another industry first feature, using the Bank’s Eazypay facility to accept instant cashless payments from customers through POS/QR solution, get points for transactions which can be redeemed for shopping, vouchers, vacations among others.
VALUE ADDED SERVICES:
1. ‘One View’ ‘Merchant’ version on ‘InstaBIZ’ app: All the features of the ‘Merchant Stack’ in addition to the other industry first features namely instant payment of GST, easy bulk collection and payments of funds through multiple modes, automatic bank reconciliation and inward/outward remittances among others. It also enables merchants to grow their customer base by creating marketing campaigns for customers of ICICI Bank.
2. Alliances services with major platforms: Merchants can get services from a wide-range of companies, who are experts in concierge services like staffing and security, and online skilling courses for computers, new languages and accounting, at a discount to streamline or expand their business. Further, the merchants can take the services of major e-commerce and digital marketing platforms for advertising and acquiring customers online.
3. State-of-the-art internet banking platforms: Availability of Corporate Internet Banking (CIB) platform and Trade Online, a specialised digital platform for export-import transactions.
We recommend merchants to enjoy the benefits of the ‘Merchant Stack’ by downloading the InstaBIZ app from Google Play Store or Apple App Store, or on CIB platform. If you are not a customer of the Bank, you can also avail the benefits of the stack by instantly opening a zero balance current account using the InstaBIZ app digitally.