Paycorp’s progress over the last 15 years has come in leaps and bounds. From the idea of giving financially under-serviced South Africans easy access to cash, the business has expanded its offerings from ATMs to include point-of-sale (POS) terminals, prepaid cards, prepaid vending machines, ecommerce, mobile POS (mPOS) devices and, most recently, escrow services. The payment solutions industry is constantly evolving in time with how technology, businesses and lifestyles are changing – Paycorp’s rapid growth since 1999, which we delve into in detail in our previous blog, is a testament to this.
Paycorp has adhered to the strictest data security compliance for over five years
The brand has shown an unfaltering commitment to payment security. For five years running, it’s continued to adhere to the highest level of Payment Card Industry Data Security Standard (PCI-DSS) compliance. Earlier this month, it received the latest version 3.1 of the rigourous security standard, and was one of the first financial services brands with such high compliance. Any merchant choosing Paycorp as a provider of merchant services can rest assured knowing that their customers’ card data will always be kept secure.
Here is a brief summary of Paycorp’s payment solutions and how they can add value to businesses and individuals:
The first Paycorp product, ATM Solutions continues to offer ATM machines that suit the demographic and security needs of stores, forecourts and hospitals alike. Paycorp’s machines rely on wireless communication, and earlier this year they released their first solar-powered ATM. An ATM is a sure-fire way to draw more customers to your business – you’ll also earn a small commission on each cash withdrawal.
Reload Mobile Money’s prepaid cards are linked to a mobile money account. The beauty of these reloadable cards is that they require minimal documentation to set up, and involve less admin to set up and lower charges than a bank account. Individuals benefit from using them, and stores selling the cards benefit by attracting more customers.
Prepaid airtime and electricity in South Africa are more widely used than mobile phone contracts and post-paid electricity. As a store owner, providing your customers easy access to these essential services will ensure they become repeat customers. You’ll also earn a rebate on every transaction carried out using the Kazang vending machine.
Paycorp merchant services include traditional and portable credit card machines, as well as an mPOS solution, ZipZap. While the traditional credit card machines suit large retailers, the mPOS solution is ideal for very small businesses and entrepreneurs such as market traders, builders, personal trainers and healthcare professionals. From now until January 31st, all new ZipZap customers get a reduced rate of 2.75% per transaction.
ProtectPay is an escrow service, and the latest product offering from the payment solutions provider. The service is designed to protect buyers and sellers in peer-to-peer marketplaces (both online and offline). The buyer deposits money into the escrow service, which holds the funds until the buyer is happy with the product. The funds are then forwarded to the seller. For a more detailed explanation of the service, refer to our news piece.
The mobile revolution has spawned new types of payment solutions
Looking to the future, one can safely say that the mobile revolution has a long way to carry us yet. An article published by Forbes earlier this year titled “The mobile revolution has only just begun” emphasises exactly this. In it, they reference a global study conducted by the Boston Consulting Group, which demonstrates just how much value the average smartphone user places on their device. Not only that, businesses who used mobile more enjoyed 200% more revenue growth than so called “mobile laggards”. It seems that anything mobile-related is sure to make inroads in 2016 – great news for EFTPOS’ ZipZap mobile payment app and Reload mobile money.
For more information on the business’ payment solutions and merchant services, please download the Paycorp brochure, or contact our team.