Tech deck
Each stage of the card payment evolution has made it easier for merchants to take and process payments, do business and grow using both physical and
From zip-zap to tap-tap
- In the 1960s and 70s, merchants used a 'zip-zap' machine to manually imprint the embossed letters on the card onto carbon paper slips. Today these machines are found in museums.
- New card payment technology really took off when IBM invented the magnetic strip in the 1970s.
- The electronic payment terminal became a commonplace way of connecting to Visa and Mastercard networks in the 1980s.
- Invented in the mid-70s, the smart card with its imbedded chip began to appear in the 2000s, offering greater security and more options for digital machines.
- SIM technology enabled the arrival of mobile payment terminals that connected to the internet.
- Today, light, easy-to-use App-based card readers and multi-function software based point of sale (SoftPos) terminals, like the Android based FNB Speedpoint®point of sale device, are finding favour.
- Merchants can also use cost-effective solutions such as the FNB Speedee® Zero portal to take contactless payments.
- Next up is SpeedeeApp™, a SoftPos that runs off the FNB App and on the cloud. All it takes is a tap.
Each stage of the card payment evolution has made it easier for merchants to take and process payments, do business and grow using both physical and digital channels.
'It's incredible how far we've come and how this is the runway for doing so much more,' says Thokozani Dlamini, CEO: Commercial Segment, TxP Merchant Services.
Dlamini oversees the product house within FNB Business that is tasked with enabling digital payments, be they physically in store or e-commerce based. He explains: 'We provide everything from the Speedpoint® point of sale devices in stores to links on e-commerce websites so people can pay through our payment gateway.'
Dlamini and his team operate in a fast-evolving sector that brings new, efficient technology into the local market - be it Bluetooth communication or a move to Android devices that also incorporate stock management or accounting systems to help the business owner.
For instance, notes Dlamini, right now the trend is towards bigger screens - rather than ever smaller devices - so people can interact more easily.
Multi-function is another key trend. Hence the launch of FNB's SpeedeeApp™.
- Cloud-based for easier certification updates
- Transact on the move using your phone and the FNB App
- Track payments in real time
- Save rental costs on physical card payment devices
What is SpeedeeApp™?
SpeedeeApp is a 'software based point of sale (SoftPos) which runs off the FNB App', explains Dlamini. The technology enables merchants to accept card payments on their phones or devices with a simple tap, and without the need for a separate terminal.
The launch of SpeedeeApp on the cloud is a first in Southern Africa, notes Dlamini. 'FNB might not be the first in launching the SoftPos function but we are the first in launching it into the cloud rather than having the terminal sitting on the cloud. We've partnered with Visa to launch this, using Visa acceptance cloud.' The advantage of being on the cloud is that it is easier to update certifications.
SpeedeeApp joins FNB'''s SpeedeeQR offering as another platform-based solution. SpeedeeQR lets merchants generate QR codes to accept payments using the FNB App. Plus there are physical devices such as Speedee, which is printerless, mobile and fits in your pocket; as well as Speedpoint point of sale devices which are full function standalone terminals with printer and connected solutions.
In step with your needs
While FNB Commercial has a full range of options, Dlamini is well aware that catering to a range of diverse business owners of different sizes and with divergent needs means that all concerns must be addressed. Front of mind currently include the following:
- Commission rates - FNB's new Speedee Zero pricing options, designed specifically for start-ups and entrepreneurs. However, Dlamini says even more 'finetuning' is underway around commission rates.
- Distribution model - Having heard client concerns about renting a Speedpoint point of sale device rather than buying it, Dlamini notes that FNB will soon start selling devices, be it online, though the eBucks shop or via retailers. 'This way clients can use it when they want to,' he explains.
- Value adds - Dlamini adds that the support offered as part of the device rental agreement means that merchants have access to a dedicated call centre or a 'man-in-a-van' service for device repairs and, if necessary, switching out machines.
- Security - One of the biggest issues that keeps Dlamini up at night is the constant need to protect card holders from massive fraud syndicates. 'We ensure our systems are up to date,' he assures clients, adding that it is also their goal to fully educate users about the potential risks. 'Through regular awareness we ensure our merchants are aware about everything from blocking devices that go missing to the proper etiquette to follow when transacting,' he explains.
Ultimately, Dlamini and his team aim to keep digital payments secure, fast and effective by spotting opportunities to enhance the existing range of business tools and solving solve day- to-day pain points for clients
