Covid has brought about changes very quickly, with more people wanting to use contactless payment services in order to reduce risk of transmission. “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,” says Dana Buys, CEO of VerPay Pty Ltd, a Cape fintech company that specialises in cloud-based payment.
The new system allows merchants to do business whilst speaking to a customer, making it ideal for the hospitality, lifestyle and travel industries. So how does it work? The merchant informs the customer of the amount owing over the phone, which the customer then enters into the VerPay mobile friendly web app. This generates a short code on their screen, which the customer reads to the merchant, allowing the merchant to verify the relevant transaction details. The customer reviews and accepts the T&Cs assigned by the merchant, before selecting a payment method to complete the transaction. Both parties are notified once payment is processed.
Buys explains that there has always been a need to do business over the phone, yet completing transactions telephonically has been difficult, due to the high risk of fraud and the potential for dispute around terms and conditions.
“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.
“Customers do not share their confidential payment details with the merchant, instead making use of VerPay to complete the telephonic transaction, using popular payment methods. The mutually-agreed and recorded T&Cs protect both parties, reducing the risk of dispute around refunds etc.”
A recent report by Accenture covering Covid-19’s seismic impact on payments, predicts an inevitable move towards a cashless society, as consumers seek hygienic alternatives to handling banknotes. Yet the report flags that as payments become digitised, consumers will be increasingly vulnerable to fraud.
“The knock-on effect is that consumers will expect seamless and most importantly, secure payment experiences, providing them with a greater sense of control,” explains Buys.
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 un-alterable 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 setup terms and conditions within minutes.
“We’re excited to introduce another way of doing business. Our easy-to-use, secure and clear-cut payment solution will allow businesses to adapt to the ‘new normal’ that much faster,” says Buys.