DuitNow QR Merchant: 5 Must-Knows For Your Business

This Ramadhan season, F&B and retail businesses can expect a significant sales increase as demand for seasonal products and services emerges. During the holy month, it is an opportunity to cater to your customer’s needs – from delectable iftar delicacies to baju raya (festive attires).

Rakan-rakan peniaga! If you have not already, this is the perfect time to enable DuitNow QR!

DuitNow QR is a widely adopted mobile payment method that offers convenience and security for you and your customers. Not sure where to start? This article will explain the five crucial things you need to know, and how QashierPOS can elevate your DuitNow payment experience.

1. DuitNow QR Merchant Account

Before you can start accepting DuitNow QR payments for your business, reach out to a participating bank or e-wallet provider to register for a merchant account.

A DuitNow QR merchant account is a hub for all of your DuitNow QR sales transactions, connecting your business account and the DuitNow QR network. This allows you to:

• Receive payments instantly
  When your customer scans your DuitNow QR code to pay, you receive the amount almost instantly, depending on your DuitNow QR provider.
• Reconcile transactions easily
  All of your DuitNow QR transactions go into your merchant account, thus making it easier to track sales, generate reports, and reconcile your finances.
• Maintain secure operations
  Your merchant account utilises advanced security protocols to safeguard the confidentiality and accuracy of your financial information throughout each transaction.

2. Merchant DuitNow QR Code

A merchant DuitNow QR code is an exclusive two-dimensional barcode processed by the DuitNow QR provider. It is the cornerstone of cashless payments in Malaysia, and this QR code functions as your business digital identity within the DuitNow QR network.

How it works:

• Generating your merchant DuitNow QR code
  Your DuitNow QR provider generates a unique QR code for your bank merchant account. This QR code holds business information, including your business ID, merchant details, and relevant payment data.
• Customer interaction
  This is where the customer scans your business DuitNow QR code during checkout. Since it is an interoperable QR, they can scan it using major mobile banking or e-wallet apps – Maybank, CIMB, TNG e-wallet, or GrabPay – it’s their choice.
• Information transmission
  Once the QR code is scanned, the customer’s app securely retrieves the encoded data and displays your business details. 
• Payment confirmation
  The decoded information directs the customer’s app to initiate the payment process.

Typically, customers need to manually input the payment amount and confirm the transaction when merchants provide a static DuitNow QR.

In other cases, the merchant generates a unique, dynamic DuitNow QR code by setting the payment amount. Here, customers simply need to scan the code and the payment will be immediately confirmed.

• Payment processing
  DuitNow QR network processes the payment securely, ensuring that the funds are routed to the correct merchant account.

3. POS System – Highly Recommended!

While you are already enjoying the convenience of DuitNow QR, having a payments-integrated Point-of-Sale (POS) system elevates the experience for you and your customers. 

How does QashierPOS improve your checkout experience as a DuitNow QR merchant?

A truly integrated POS and payments solution, QashierPOS empowers your business to accept cashless payments aside from managing your daily operations.

What differentiates your checkout experience lies in its dual-touchscreen feature, designed with the ease and efficiency of both merchants and customers in mind.

The merchant-facing screen provides:

• Intuitive interface
  QashierPOS’ user-friendly interface guides you throughout every step of the checkout process effortlessly.
• Order registration
  You register customer orders quickly by entering items, adding modifiers, and calculating totals.
• DuitNow QR assistance
  The system automatically generates the correct DuitNow QR code based on the total payment amount, eliminating manual calculations and potential errors. This DuitNow QR code will then be displayed on the customer-facing screen.
• Real-time transaction notifications
  You receive instant notifications on your screen confirming successful DuitNow QR payments without manual checking.

Whereas, the customer-facing screen provides:

• Clarity and transparency
  Customers can view order details on their side of the screen, including the items, quantities, and total amount. This transparency fosters trust and confidence in the checkout process.
• Review before payment
  Before scanning the generated DuitNow QR code, your customers can first review their order details. This allows them to verify the accuracy and avoid any discrepancies.
• Enhanced customer satisfaction
  QashierPOS contributes to a more positive customer experience at checkout by providing clarity and control for your customers’ orders.

QashierPOS goes beyond just separate screens, offering features that bring your operations up a notch such as:

• Dynamic DuitNow QR codes for enhanced security.
  Each transaction generates a unique QR code, adding an extra layer of security compared to static codes used in other systems.
• Inventory management to prevent stockouts.
  QashierPOS automatically updates your inventory based on the sales made while ensuring accurate stock levels.
• Reporting and analytics for business optimisation.
  You gain valuable insights into the sales performance with comprehensive reports.

4. DuitNow QR Merchant Transaction Fees

In Malaysia, there are approximately 40 banks and e-wallet providers offering DuitNow QR merchant accounts. However, there are some fees incurred which can differ among providers.

These fees include:

• Per-transaction fee is a flat fee charged for each successful DuitNow QR payment, regardless of the total amount. It is similar to a fixed service charge.
• The percentage-based fee is a percentage of the total transaction amount levied by the provider. It is calculated and added to the per-transaction fee.

Understanding both types of transaction fees helps you compare different DuitNow QR providers and choose the most cost-effective option for your business volume.

5. Merchant Account Maintenance Fees

Certain bank or e-wallet providers will impose a monthly or annual charge on top of the transaction fees for maintaining your DuitNow QR merchant account. These additional charges belong to the administrative costs associated with account management, security measures, and network access.

Be a Successful DuitNow QR Merchant with Qashier!

This Ramadhan, let Qashier be your sidekick in getting your cashless game on and beating the sales rush. Streamline DuitNow QR payments with Qashier’s payments-integrated POS system and enjoy faster checkouts, increased efficiency, and reduced errors.  

Ready to get started? Contact us here to get to know what we have in store for you.

More about Qashier

Qashier offers multiple digital solutions, including QR code table ordering, table management (F&B), employee management, customer relationship management (loyalty programs), inventory management, data analytics, and cashless payments, in an all-in-one device.

Qashier promises a seamless setup without any need for technical expertise. It boasts a user-friendly interface that is simple for anyone to learn and use. In addition, you’ll find 7 days-a-week responsive technical support from the local team if you require assistance.

Try the Qashier app for free on your own Android device! Alternatively, you can speak to us to see how Qashier can meet your business needs. Schedule a meeting with us here, WhatsApp (+60) 12 660 2741, or email [email protected].