In today’s fast-paced world, businesses need quick and secure ways to process payments. This is where electronic data capture (EDC) comes in — an indispensable tool that simplifies cashless transactions between sellers and buyers. As more and more businesses adopt EDC machines, they have become a key enabler for smoother, safer and faster payments.
In this article, you will learn what EDC devices are, what benefits they offer and how they work. If you want to know how they fit into your business processes, read on.
What is an EDC machine?
An EDC machine is a device that enables retail outlets to process electronic payments by capturing and processing payment data, especially from debit and credit cards.
At the heart of an EDC machine is a graphical user interface (GUI) that serves as both an input tool and a validator for payment data. Thanks to this function, the machine can capture and record every transaction, ensuring accurate tracking and reporting.
Think of EDC machines as gateways to cashless payments in offline stores, providing customers with a quick, easy and efficient way to pay. When you pay with a card in an offline store, the cashier either swipes or inserts the card and enters the purchase amount. You then enter your personal identification number (PIN) to confirm the transaction.
However, thanks to advancing technology, the use of EDC machines is no longer limited to card transactions. In Indonesia, many EDC machines can now also process QRIS payments.
For QRIS payments, the cashier shows customers a QRIS barcode that is displayed on the EDC device. To complete the transaction immediately, customers only need to scan the barcode with their mobile banking app or e-wallet.
This combination of speed and simplicity has made EDC machines indispensable for businesses of all sizes, benefiting customers and merchants alike.
How EDC machines can boost your business
An EDC machine is not only a means of payment, but also a business enabler. Here you can find out how the use of an EDC machine can add value to your business operations:
1. Speed up transactions
Gone are the days when you had to count cash and give change. With EDC machines, transactions are faster and smoother. Customers appreciate the simplicity and speed of cashless payments, and businesses save time, which means greater efficiency and better service.
2. Offer multiple options for cashless payments
Cashless payments are becoming the new norm, and customers expect a range of payment options. EDC machines can process debit and credit cards, QRIS payments and electronic wallets, so your customers can pay as they wish. With more payment options, customers are more likely to complete their purchases and remain loyal to your store.
3. Ensure secure transactions
Security is crucial in today’s payment landscape, and EDC machines offer multiple protections. PIN codes, chips and electronic signatures ensure the authenticity of transactions, while built-in card detection features minimize the risk of fraud. Your business benefits from the peace of mind that transactions are protected.
4. Track and report transactions effortlessly
Because every transaction is recorded, EDC devices allow you to easily monitor your sales and generate detailed reports. This transparency helps you keep track of your finances and gives you valuable insights into your customers' purchasing behavior and business performance.
5. Stay competitive in a cashless world
Offering diverse payment options through EDC machines keeps your business competitive. As cashless payments become the new standard, customers expect businesses to support them. Don’t risk losing sales if you don't offer cashless payment options. Equip your business with EDC machines and meet your customers' expectations.
Types of EDC machines for your business
Choosing the right EDC machine depends on the needs of your business. Let’s take a look at the different types:
1. Fixed/PSTN EDC machines
These machines are connected to the bank’s server via a telephone line and ensure a stable connection. While they offer a reliable service, they require a constant power source to operate.
2. GPRS EDC machines
GPRS EDC machines use mobile data to connect to bank servers and offer more mobility as they do not rely on telephone lines. However, they require a stable signal and a power source to function effectively.
3. Mobile EDC machines
Mobile EDC machines are powered by GPRS and batteries, making them portable and ideal for businesses on the move. Whether in a pop-up store or at an event, these machines offer the flexibility to accept payments anywhere.
4. Android EDC machines
The most advanced option, Android-based EDC machines have a user-friendly interface and the ability to accept multiple payment types, including QRIS and e-wallets. These machines are perfect for businesses that require versatile payment processing.
How do EDC machines work?
Understanding how EDC machines work will help you better manage your transactions. Here’s a quick summary:
1. Identifying the payment method
When a transaction begins, the machine recognizes the type of payment — whether it’s a debit card, credit card or QRIS.
2. Capturing the payment details
The machine then captures the necessary details, such as the transaction amount, card number and security codes (such as CVV).
3. Authentication and authorization of the transaction
The payment details are sent to the bank or the relevant financial institution for authentication. This step ensures that the transaction is legitimate and that the buyer has sufficient funds.
4. Confirmation of the payment
After authorization, the machine displays a confirmation message and prints a receipt. If the transaction fails, the machine will display an error code with an explanation, such as “do not honor" or “invalid PIN”
5. Money transfer to the merchant
After confirmation, the payment is transferred to the merchant’s account. All transactions are recorded and are easily accessible for future reference.
Improve your payment processing with Aspire's Payment Gateway
Although EDC machines are essential for in-store payments, they are only part of the picture. Despite their importance for cashless payment processing, EDC machines are not yet able to process payments from online purchases. Therefore, you also need to equip your business with a payment gateway so that you can accept online payments via different methods.
And if you are looking for the best payment gateway solution, Aspire offers a reliable option.
With Aspire’s payment gateway, you can accept and manage online payments with more than 26 payment methods, including virtual accounts, e-wallets and credit cards, providing your customers with a smooth and seamless transaction experience.
Integration is easy too — Aspire’s API connects easily to your platform and plugins are available for popular e-commerce systems. Monitor every transaction through Aspire’s dashboard and stay in full control of your business finances. You can enjoy these benefits with transparent and competitive fees.
From tracking payments to offering flexible payment options, Aspire’s solutions enable your business to stay competitive and efficient. Want to find out more? Contact our team of experts today to find out how Aspire can transform your payment processes and support your business growth.
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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