Introducing Payclip – A groundbreaking new payment protocol by the BNZ
The BNZ becomes the first bank to offer Kiwi small and medium business owners a smarter, more efficient way to process payment on the go. Their aim – To deliver the next step in safe and secure smartphone banking.
In today’s technology driven marketplace, businesses are finding that it is no longer enough to simply keep up with the pace of change. For those looking to thrive it is becoming essential to function optimally ahead of change.
Doing so requires that they transform not only how they market, communicate, collaborate and innovate, but also in how they sell – and a huge part of selling is how you process payment.
What is PayClip?
PayClip, an attachable card reader which connects to I-phones as well as most Android devices, is BNZ’s new offering to the mobile banking market and it looks set to revolutionize the way small to medium businesses in New Zealand conduct transactions on the go. Utilizing mobile 3G, 4G or Wi-Fi networks to process payment from both Visa and Mastercard debit and credit cards quickly and safely, PayClip is geared at helping SMBs reduce the costs associated with funding the shortfall between delivering a product or service and receiving payment.
It’s an innovative approach to payment protocol that BNZ claims will lead to many SMBs being able to function at optimal efficiency whilst at the same time adapting to an increasingly mobile business environment. Those who use the technology can look to enjoy an improvement in their cash flow as payments received will appear in their accounts as soon as the very next business day and receipts can be e-mailed, making the entire payment process as painless as possible for business owners.
Re-shaping the mobile business environment
From this month NZ businesses will be able to take payment on the spot and have their funds in their account the very next day. The era of businesses being confined to their physical locale is dwindling fast. In its place is a dynamic, connected and fast paced environment where all that’s required to be up and running is a smart phone and Wi-Fi, 3G or 4G access.
The future of finance on your phone?
Mobile payment transactions are fast becoming one of the most, if not the most, preferred payment method by customers and businesses both. In fact, it is forecast by Gartner that mobile transactions will grow by 42% annually, amounting to $617 billion dollars by 2016. It’s a huge market and it can be guaranteed that although the BNZ may be the first to provide this service for EMV-based Chip and PIN transactions in New Zealand, the other banks are likely to follow close behind.
Whether or not the banks opt to invest in building their own competing infrastructures or contribute to developing a singular transaction infrastructure remains to be seen. For the time being however, it is BNZ leading the rest of the banking pack into an economy now struggling to bring rising housing prices to bear amidst a tumultuous market where lack of supply, projected OCR hikes next year and incoming high LVR restrictions are keeping home loan seekers awake at night. Perhaps, for the small to medium business owners amongst them, some relief can be found in the positive effect this new smartphone payment technology is projected to have on their businesses as well as the economy as a whole.
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