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New payment system for SMEs

Feb 08 2013 15:41 Neville Lennox

The first mobile payment system that will enable SMEs to accept payments anywhere. (Picture: Neville Lennox)

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Johannesburg - Nedbank on Friday launched the first mobile point-of-sales (POS) system in South Africa, which will enable small businesses to accept payments from debit and credit cards on the fly.

Called the PocketPOS, this system will enable businesses to accept payments from customers securely without having access to a fixed data or telephone line. The solution is completely mobile, and works by connecting the secure device reader via Bluetooth to a mobile application loaded onto a smartphone.

This device requires a cellphone signal - only if there is signal will it allow transactions to be completed securely.

“It creates the opportunity for many smaller businesses to accept card payments where this would not have been considered feasible up to now.

“It gives businesses on the move, such as plumbers, electricians or delivery services, the ability to reduce cash acceptance when making sales and processing payments on the road.

“Effectively, we believe PocketPOS will change the way they do business,” said the managing executive of Nedbank card and payments division, Sydney Gericke.

The PocketPOS has been certified by MasterCard, Visa and American Express. It boasts the same security included in a standard POS device, which means it adheres to the security certifications mandated by the industry.

Philip Panaino, division president for MasterCard South Africa, said the system provides businesses with a new way to receive payments and gives consumers a new, convenient and safe way to pay for their goods.

The PocketPOS comes in two different versions. The first one requires the merchant to enter an email address into the smartphone application, which on acceptance of the transaction amount sends a digital receipt to the captured email address.

The second version provides the functionality to print out a physical receipt. Both these systems use Bluetooth technology to connect with the smartphone.

The PocketPOS will also reduce the cost of card acceptance for businesses. Nedbank maintains businesses can save up to 50% on their existing card acceptance costs by using the PocketPOS.

The system will initially only be available to a selected group of Nedbank clients, whose number will be increased in the second quarter of 2013.

“The benefits of this innovation are vast for both business and consumers. PocketPOS provides a secure alternative to cash and we are extremely excited about bringing mobile card acceptance to South Africa, as we believe this will be a true enabler of small business growth in the future,” said Ingrid Johnson, group managing executive of Nedbank Retail and Business Banking.

 - Fin24
 
nedbank  |  entrepreneurs
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