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South African fintech VerPay has created an innovative payment solution for local businesses. The new offering merges telephonic interaction with its innovative app to create a seamless and easy-to-use form of contactless payment for services or products offered.
Local fintech company launches payment solution that enables ‘verbal commerce’
Dana Buys, CEO of VerPay Pty Ltd explains that the payment solution allows for contactless interaction with clients to foster a good relationship between the consumer and the client within the given pandemic conditions.
“The pandemic has forced us all to do business in new ways, and not all companies have the means – or inclination – to go completely online. Many consumers still prefer dealing with a person, as opposed to solely an app or website.”
Founded in 2017, VerPay is a Cape Town-based fintech company that specialises in cloud-based payments.
The fintech startup’s offering allows merchants to conduct business while speaking to a customer telephonically and secure payment safely establishing a method for verbal commerce.
How does it work?
With VerPay merchants are able to inform the customer of the amount owning for said product or services via a telephonic call. During this call, customers are prompted to access the VerPay mobile-friendly web app and complete the payment.
A short code will be generated on the customer’s screen, this short code must be shared with the merchant to verify the relevant transaction details.
Terms and Conditions created by the merchant are presented on VerPay’s platform for customers to review and accept. Several payment methods including Stripe, MasterPass, NetCash, Snapscan, and Zapper. The numerous payment methods allow for the service to be available to merchants in 47 countries.
Each party is notified once the payment is complete.
Buys explains that the service has been created with security as a top priority as there are risks of fraud and the potential for dispute around terms and conditions when completing transactions telephonically.
“We wanted to introduce a highly-secure solution that would facilitate speedy, convenient over-the-phone payment for orders, deliveries, reservations, deposits, call-out fees, debt collection, and more, he explains. VerPay is also ideal for businesses that make use of a telesales or field sales force.”
In line with ensuring a secure transaction for both parties. Customers do not share their confidential payment details with the merchant and make use of VerPay to complete the transaction.
“The mutually-agreed and recorded T&Cs protect both parties, reducing the risk of dispute around refunds, etc,” adds Buys.
The benefits for customers and merchants
VerPay offers other benefits to both merchants and their customers.
By accepting payment via VerPay, the merchant does not receive any confidential card or bank details, thus eliminating the need for costly Payment Card Industry (PCI) compliance. For the customer, it provides a free, user-friendly solution that eliminates the risk of any card information being stolen and an unalterable record of the terms and conditions.
With the pandemic taking a severe financial toll on small to medium-sized businesses, VerPay has waived all signup and merchant fees while the Covid-19 pandemic remains in effect.
Merchants may sign up for free by visiting verpay.net, where they may configure their payment methods and set up terms and conditions within minutes.
Featured image: Dana Buys, CEO of VerPay Pty Ltd (Supplied)