By Charles Pittaway, MD of Netcash

Now that the dust has settled after the pandemic, one of its most enduring legacies is the wider usage of mobile and contactless payments around the world. Global research from Accenture shows that more than half (56%) of consumers surveyed are using digital wallets. Although card and cash usage remains high across the globe, mobile payments are becoming the preferred option for many consumers.

Adoption has soared in South Africa, too, with consumers and businesses across the board looking for more streamlined, convenient and secure ways to transact. This has been spurred on by trends such as the rapid growth in card-not-present transactions, online shopping and omnichannel options like buy online, pick up instore.

With customers embracing a digital lifestyle, they increasingly expect companies of all sizes to offer them a choice of easy payment options. Mobile wallets are becoming popular with a customer who wants transactions to be quick and hassle-free. Mobile payments makes life more convenient because the customer doesn’t need to carry cash around or capture card details across multiple sites and apps.

To keep up with consumer expectations, companies of all sizes need to be able to support their preferred payment options. While mobile payment options such as scan-to-pay solutions are on the rise, some people still prefer to pay with cards or cash. Others may want to pay using instant or bank EFT, and some want to pay at a convenient venue like their local retailer.

Meeting the expectation of anywhere, anyhow and anytime payments used to be complex and expensive. In the past, the mobile payments landscape was highly fragmented. Businesses couldn’t easily support the numerous QR code and contactless payment options in the market, creating friction for merchants and consumers alike.

But the payments sector has since taken great strides towards standardisation and ensuring wallet interoperability. It has also become a lot simpler to accept QR code payments, without the need for special payment terminals, complicated integrations with accounting and point of sale systems, or steep monthly fees and transaction costs.

That has cleared the way for even the smallest businesses to accept mobile payments. The benefits are significant. The technology can speed up the checkout process and reduce the need to handle cash, which can save time and reduce errors. Customers can simply scan to pay for goods and services, making the process faster and more efficient.

Transacting via QR code is also more secure than using physical cards. Consumers are still effectively paying by card, even if they don’t need to present the plastic. As such, they benefit from the protections the card companies and banks offer consumers and merchants. Removing the physical card from the transaction reduces the consumer’s exposure to risks such as card skimming.

Mobile payments also help businesses to increase sales. A seamless checkout experience encourages customers to complete their transactions. Additionally, mobile payments can help businesses reach new customers who prefer to pay with their mobile devices. By accepting mobile payments, businesses can tap into a growing market of tech-savvy customers who value convenience and efficiency.

We’re just at the start of the digital and mobile payments revolution. Merchants that can support the customer’s expectation for a seamless and convenient payment experience across every channel will thrive into the future. Businesses will thus increasingly look for solutions that make seamless payments and acceptance a reality.

Payments are a key part of the customer journey and can help companies to attract and retain customers. Today’s fintech solutions enable merchants to simplify the movement of money in their business, from presenting bills and processing the payroll, through to accepting payments across nearly any channel or instrument—giving them an edge at a time digital payments are a way of life.

Mobile payments have come a long way and will continue to evolve towards anywhere, anyhow, and anytime convenience. Businesses of all sizes need to support their customers’ preferred payment options, including mobile wallets, to keep up with customer expectations. By doing so, they can increase sales, attract and retain customers, and simplify the movement of money in their business.

Established in 2003, Netcash is a payment solutions provider delivering debit order, salary and creditor payment services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

www.netcash.co.za

Liana Clarke: Liana.Clarke@Netcash.co.za

Sage 300cloud users should take full advantage of the integration between their accounting software and Netcash, that will streamline receiving and making payments.

Netcash is conveniently integrated into multiple Sage Payroll and Accounting applications, bringing value added benefits to the payments experience. Who wouldn’t want to get paid quicker or save valuable time and money when making payments? Open a Netcash account, connect it to your accounting software and a world of payment options opens up to you.

Finally, ONE online account for all your business payment needs. With a Netcash account, Sage 300cloud users can make creditor payments as well as receive payment via multiple options.

Debit orders are the simplest way to collect money

Debit orders are the most common way to collect monthly subscriptions, premiums, repayments, or other recurring payments. Netcash offers a complete debit order collection system, enabling you to collect recurring payments from your customers without the hassle or time-consuming admin.

The debit order service is flexible, allowing you to choose between recurring and once-off debit orders as well as Same-day or Two-day services. You get your money faster, by receiving up to 90% of your collection value paid on the day the debits are processed. The collection facility is so comprehensive that it enables collections from cheque, savings and credit card accounts. Reconciling becomes effortless using Bank Services or RecXpress software.

Multiple payment options on your invoices

With Sage 300cloud you can offer you customers a range of payment options from your invoice, sales orders, and statements. These include Bank EFT (a dedicated bank account linked to the Netcash account), cash payments at participating retail outlets (seven household names), Instant EFT, Visa Click to Pay, Credit Card, and Scan to Pay (using multiple wallets and banking apps).

Offering more options ensures that your customers can use the most convenient payment method available to them – which in turn ensures that you get paid sooner.

Make creditor payments confidently using Netcash

Creditor payments can take up valuable time each month as they can become more and more admin-intensive. They also tend to increase the risk in the day-to-day running of your business. Using Sage 300cloud and Netcash helps you increase your efficiency and make payments more confidently, here’s how:

• It saves you time
  Bank account validation helps to avoid unnecessary last-minute rejections when processing payments. You have the peace of mind that all payments will be accepted by the banks.
• Gives you extra security
  Seamless file uploads to Netcash means no more emailing payment files. Email is often unsafe, unreliable, and exposed on the computer desktop. Payment batches can be locked when uploading, ensuring that payments details can’t be edited in your Netcash account. To ensure that your account is more secure, you are able to dictate the levels of access, the number of authorisers per payment batch, and use One Time Pins (OTPs) or 2 Factor authentication to authorise payments.
• Saves you money
  Take advantage of the discounted transaction fees when you process creditor payments. The higher your transaction volume, the more you save.
• Be in control
  Extensive reporting, such as batch and audit reports, as well as payment notifications, ensures that you are kept in the loop of all payment activity on your account.
• Reconciliation simplified
  Effortlessly reconcile your accounts using Bank Services or RecXpress software.

If you’d like to speak to a Payment Advisor about setting up a Netcash account for payments on your Sage 300cloud software – please leave your details so that we can get in contact.

About Netcash

Established in 2003, Netcash is a payment solutions provider delivering debit orders, salary and creditor payments, Pay Now, eCommerce, and risk report services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

www.netcash.co.za