VerPay enables verbal commerce as businesses adapt to serve their customers in contactless ways
As South Africa enters its third wave and lockdown restrictions tighten, certain businesses – such as those in hospitality – once again find themselves having to temporarily close their doors, while seeking alternative avenues to generate income, such as take-aways.
“The pandemic has forced us all to do business in new ways, and presented new challenges – as well as opportunities, says Dana Buys, CEO of VerPay Pty Ltd, a Cape fintech company that specialises in cloud-based payment.
“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.”
VerPay is a new payment solution that allows merchants to do business whilst speaking to a customer over the phone or whilst on a video call, making it ideal for the hospitality, retail, lifestyle, travel, health and financial services industries. Explains Buys, “For eateries specifically, the huge fees charged by the third party food ordering apps eat into the revenue of these businesses already under pressure. With VerPay those fees are gone; to the benefit of the business and its customers.”
VerPay works with the merchant informing 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
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, Buys says that VerPay has waived all signup and merchant fees while lockdown levels 3-5 remain in effect.
“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.