Payment Services

This payment service allows customers of BancNet member banks to withdraw cash or pay for purchases from partner institutions across the country through POS terminals in brick mortar institutions.

Cash Out
Cash Out facility enables customers of BancNet member banks to withdraw cash from partner institutions spread across the country using their ATM or debit card, or card issued by e-money issuers thru a POS machine. Instead of an Automated Teller Machine (ATM), a POS terminal is used to carry out the transaction. This is especially beneficial in areas where there are few or no ATMs at all.

a. Benefits to Partner Institutions

• Partner Institutions get a share of the service fee paid by the cardholder.
• Drives foot traffic to store or place of business.
• Less cost on cash safekeeping, as cash is deposited to bank account.

b. Benefits to Customers

• Convenience and savings on time.
• Savings on transportation expense.
• Enhanced security (due to additional security controls of the partner institution).

Debit Sale
Point-of-Sale (POS) System involves the installation of payment terminals at accredited retail merchants for the authentication of debit card purchases.

This partnership service allows ATM cardholders across the country to purchase goods or services by debiting the cardholder’s ATM/debit/cash card of the purchase amount and crediting the sale proceeds to the retail merchant’s account maintained at a participating bank.  

a. Benefits to merchants

• Access to local ATM cardholders across the country.
• Increase in prospective clients/customers due to extended payment options.
• Provision for daily electronic consolidated reports.
• Minimize cash handling issues like shortages.

b. Benefits to the Customers

• Fast and convenient – no need to withdraw cash from the ATM and no enrollment required.
• Safe and secured transaction – no need to carry large amounts of cash when shopping.
• Free – no charge to the customers.