Each year CANSTAR assesses the new and innovative financial products and services launched on the New Zealand market and showcase those businesses in the financial sector that are leading the way. In 2014, BNZ has garnered a CANSTAR Innovation Excellence Award for its mobile payment solution: PayClip.
PayClip is a mobile payment solution that allows small businesses to accept MasterCard and Visa debit and credit card payments on the spot using their smartphone or tablet without having to manually enter data – effectively turning a handheld device into a portable till.
This clever little gadget enables businesses to manage their cashflow, as they don’t have to wait for their invoices to be paid and can access payments made straight into their BNZ account as early as the next business day.
Available for iPhone and most Android smartphones, users clip PayClip on to their mobile device, log in to the PayClip application, enter the amount that needs to be paid, confirm, and then insert the customer’s card into the PayClip device.
The customer then signs their name, which is verified against the signature on the back of the card. The transaction is then complete and an email or text receipt can be sent to the customer.
The transaction is encrypted so users and their customers can rest assured the payment is secure.
PayClip is ideal for small businesses, particularly those who are mobile. There is a monthly fee of $10 per device and a Merchant Service Fee of 3.25%. The device, once charged, will process about 2,500 transactions.
• A small mobile payment solution with no need for manual data entry.
• The product’s lightweight structure enables ease-of-use for a huge section of the business community (particularly small to medium enterprises (SMEs).
• The fact that the PayClip is inserted into the mobile device means that security risks are lowered.
• Additional features and functionality can be added to the application as they are introduced.
• The product is available for use on iPhones and most Android phones and devices.
• Businesses are able to manage their cashflow easier, as payments are made straight into their BNZ account.
CANSTAR’s verdict …
The fact that the PayClip is able to be inserted into mobile devices is excellent, given that this ensures higher levels of security.
BNZ’s Head of Small Business, Harry Ferreira says “PayClip is one way BNZ can support SME’s to be good with money, by effectively giving SME’s the ability to receive payment on the spot at a very affordable price point”. As many tradesmen report problems with customers paying their bills, and having to chase people up, this product could significantly change the business processes of many.
Considerably smaller than a portable eftpos machine, this would seem to be a great innovation.
View other the other 2014 Innovation Excellence winners (pdf)