ICICI Bank launches merchant stack, overdraft facility up to Rs 25 lakh without paperwork

For retail merchants, ICICI Bank has introduced Merchant Stack for Digital Banking Services, which will also provide value added services including banking services to shopkeepers.

For retail merchants, ICICI Bank has made a special offer regarding digital banking services. The bank has introduced Merchant Stack, which will provide value added services including banking services to shopkeepers. Due to this, they will not have any problem in dealing with customers even in this era of corona epidemic. Through this special offer of the bank, you can take advantage of many contactless services without going to the bank branch. All these facilities can be availed instantly through the bank’s mobile app InstaBiz, specially designed for the businessmen. Shopkeepers can overdraft up to Rs 25 lakh without any paperwork. Apart from this, by creating campaigns of customers of the bank, they will get the facility to connect with their business.

Through the merchant stack, shoppers will get instant credit facilities like Super Merchant Account, Merchant Overdraft and Express Credit, Digital Store Management and a variety of Value Added Services. According to the bank, more than 2 crore shopkeepers will benefit from this.

These facilities will be available under Merchant Stack

Super Merchant Current Account:

This is a zero balance account through which bank’s POS facilities can be used. When the shopkeepers continue to use these facilities, they will be able to take advantage of this zero balance account throughout their life. Any shopkeeper can open this account digitally even if he does not have an account with ICICI Bank. It is available in two variants, Super Advantage and Super Advantage Plus.

Instant Credit Facilities:

The merchant stack provides two instant credit facilities based on POS transactions. Under merchant overdraft, pre-qualified merchants linked to ICICI Bank POS machine can overdraft up to Rs 25 lakh immediately and no paperwork will be required for this. For this, the bank will decide the credit eligibility of the shopkeepers through POS transactions.

Apart from this, the bank is offering instant settlement of POS transactions under Express Credit. That is, now you will not have to wait for some working days to use the money received through the POS machine, rather they can be used immediately.

Digital Store Management:

For the shoppers who want to increase their business online, the bank has introduced digital store management platform. Under this, their physical store will be online within half an hour. Apart from this, it will help shopkeepers to manage invoices, inventories and collections.

Loyalty Program:

Under the merchant stack, the shopkeepers will also get the benefit of the loyalty rewards program. Under this, Points will be received for taking payments from customers through the bank’s EasyPay facility. These points can be used for shopping, vouchers and vacations.

Value Added Service:

Under the merchant stack, shoppers get access to the One View merchant version on the Instagram app. Through the merchant view, shopkeepers can pay GST immediately and can avail services such as automatic bank reconciliation and payment of funds through multiple modes. Apart from this, shopkeepers can increase their customer base by creating marketing campaigns for customers of ICICI Bank.

Shopkeepers can use several major e-commerce and digital marketing platforms to advertise and find new customers online. Apart from this, the bank has tied up with many companies regarding services like staffing and security, so their services can be obtained at a discount.