Notification for POS rental

Dear Merchant Partner,
 
Thank you for partnering with HDFC Bank for your payment acceptance needs. 
 
We appreciate your participation & the overwhelming response to our campaigns. In our constant endeavour to improve your experience with us, we are further enriching this program to provide faster responses from the Bank. 
 
Towards this, we wish to inform you that the terms of the promotional campaign (“Campaign”) we offered you at the time of onboarding that was signed & accepted by you are undergoing certain changes. 
 
It may kindly be noted that now instead of the Bank waiving off the monthly rental for the POS terminal & charging you later in the eventuality of not meeting the Average monthly account balance, the Bank will now charge the rental upfront & reverse it on meeting the monthly business volume criteria as defined below. Reversals will be implemented within 90 days of qualifying (net off GST). 
 
The minimum volume commitment is as below : 

• Top 30 location merchant - Monthly Volume 2 Lakhs 
• Beyond 30* location merchant – Monthly Volume 1 Lakh 
  
  

*All locations other than ones listed under Top 30 
 
The aforesaid change will be effective from 1st December 2023. We've previously shared this information with our merchant partners, and we want to highlight its significance in ensuring you stay informed. We understand that messages can sometimes be missed or not reach you due to various reasons. 
 
There will be a small delay in rent collection from April '23 to November '23 due to changes in our process. We apologize for any inconvenience and are working to prevent such delays in the future. During this period, if your average monthly account balance falls below the agreed threshold, we'll recover the rent charges on a retrospective basis as outlined in the campaign, in three parts from January '24 to March '24. 
 
For clarity or any concerns regarding the retrospective rental, kindly connect within 15 days of this communication. 
 
The absence of queries signifies your acknowledgement. Post the 15-day window, we'll address queries based on our discretion. 
 
We appreciate your understanding and cooperation during this transitional period. Your satisfaction and success remain at the forefront of our efforts. 
 
For any further assistance or queries, please get in touch with your Merchant Relationship Manager or contact the Regional Merchant Helpdesk. 
 
Thank you for choosing HDFC Bank. 

Warm Regards, 
HDFC Bank Ltd. 
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