Baro Deposit Pay is a payment system that allows you to conveniently receive various payments and fees using a smartphone app or QR code without the need for a card reader or terminal.
Baro Deposit Pay card payments have the following features:
o. Use by registering as a card company merchant under your own business name.
o. Payment via VAN (Value Added Network) means only the card company's commission is deducted; the commission rate is determined by the financial authorities.
(A very favorable commission rate for micro-businesses, small merchants, and self-employed individuals.)
o. Direct deposit from the card company into the merchant's own account (Fast Deposit).
o. Recorded as card sales to the National Tax Service under your business name.
o. Used for actual product/service transactions. Provision of diverse and easy payment methods (camera touch, NFC, manual payment, SMS payment, etc.)
(1) On-site card payment function via mobile phone (physical card camera scan, touch payment, etc.)
(2) Manual payment function where card numbers are entered into the mobile phone
(3) Function to receive payments or fees by requesting link payments via SMS (sending a URL) to customers located far away
(4) Function to easily receive bank transfers using QR codes
(5) Function to receive card payments using QR codes
* When receiving card payments, a fee of 0.15% for debit cards and 0.4% for credit cards applies, with deposit made on D+2 business days.
* When receiving bank transfers, there are no separate fees; deposits are made immediately upon transfer, and voice notifications are provided.
BaroDepositPay Payment Fees and Deposit Timing for Payment Amounts / Sales Amounts
BaroDepositPay is an integrated payment system that allows you to make immediate payments by selecting bank transfers or credit card payments via an app or QR code.
(1) BaroDepositPay credit card payments are provided via VAN services (even for non-face-to-face transactions, not a PG) (Provided as a VAN service) Card company commission rates (0.15%~ for businesses with annual revenue of 300 million KRW or less) are applied, and payment amounts are deposited directly to the merchant by the card company after 2 business days.
(2) Baro Deposit Pay account transfers have a 0% commission and provide instant deposits.
Key Features of Baro Deposit Pay
1. Processing on-site physical card camera tagging, number input, and manual payments.
2. Receive payments via card payment or account transfer by sending text messages, URLs, or links to remote customers.
3. Receive sales proceeds / payment amounts via account transfer / credit card using your own QR code.
(1) Show the mobile phone QR code (appears after logging into the app) to the customer, who scans it with their phone camera to make an account transfer or make an immediate credit card payment (convenient for mobile operators and employees to use instead of a card terminal).
(2) Install a QR code in your store (simply attach the QR code instead of writing down and posting account numbers), and customers can scan the QR code with their camera to easily make an account transfer or make an immediate credit card payment. (3) Send a QR code (a QR code is generated when the product name and amount are entered) via text message to distant customers, clients, and business partners. Customers who receive the text message can conveniently make an immediate payment via bank transfer or card from their mobile phones (applicable to requests for online sales proceeds, down payments, and outstanding receivables via remote payment, text message payment, and URL payment).
4. Issuance and Sending of Cash Receipts
Businesses registered with Baro Deposit Pay can issue cash receipts to customers from their mobile phones.
5. There is no registration fee for Baro Deposit Pay (Free Registration).
If you sign up easily through the app, we will send you a text message after connecting to the system.
6. Baro Deposit Pay is also known as Baro Deposit QR Code Pay or Baro Deposit App. It is a comprehensive payment system that allows for both bank transfers and credit card payments immediately. For card payments, it utilizes a VAN company card payment system, resulting in low card payment fees and fast deposits, making it the lowest-cost system.
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