Story image

BNZ aims to transform SMB smartphone transactions

12 Sep 13

BNZ is launching technology, which the bank hopes, will have a huge impact on the operations of New Zealand’s small and medium businesses.

Designed to transform smartphones into mobile credit and debit card payment machines, the new technology will enable businesses to get paid quickly when they’re on the move.

Named PayClip, the new product attaches a card reader to most Android and iPhones, which BNZ says allows businesses to quickly and securely receive payment from Visa and Mastercard credit and debit cards wherever they have access to data (3G, 4G or wifi).

“Managing cash flow while awaiting payment is one of the biggest pain points for small and medium businesses," says Harry Ferreira, Head of Small Business, BNZ.

"This technology allows businesses to take payments on the spot and funds will be in their account as early as the next business day.”

Ferreira explains that receiving funding earlier has a massive effect on SMBs, not least of which, is reducing the costs associated with debt funding the shortfall between delivering a product or service and receiving payment.

Director Retail, Andy Symons, says that PayClip is one of a number of products and services BNZ is rolling out to enable New Zealand business, particularly those in the SME sector, be good with money.

“New Zealand small business accounts for 40% of the economy’s total output, and nearly a third of all employees," he adds.

"BNZ has committed to supporting this sector as their success is key to the economic success of our country and all that means.”

That support includes a focus on enabling SMBs to un-tether from their offices. This month BNZ also launched updates to its mobile banking for business capability, becoming the first New Zealand bank to allow SME businesses to approve common payments, securely from their mobile phone.

“We all know business is becoming increasingly mobile. PayClip joins the suite of capability allowing us to support our customers to operate at maximum efficiency in the new mobile business environment,” Ferreira adds.

The technology, developed by Mint Wireless, is based on a card present, real-time, on-line solution which enables EMV-based Chip and PIN transactions.

BNZ is the first New Zealand bank to offer technology such as this to businesses with PayClip expected to be available from next month.

Wine firm uses AR to tell its story right on the bottle
A Central Otago wine company is using augmented reality (AR) and a ‘digital first’ strategy to change the way it builds its brand and engages with customers.
DigiCert conquers Google's distrust of Symantec certs
“This could have been an extremely disruptive event to online commerce," comments DigiCert CEO John Merrill. 
Protecting organisations against internal fraud
Most companies tend to take a basic approach that focuses on numbers and compliance, without much room for grey areas or negotiation.
Telesmart to deliver Cloud Calling for Microsoft Teams
The integration will allow Telesmart’s Cloud Calling for Microsoft Teams to natively enable external voice connectivity from within Teams collaborative workflow environment.
Jade Software & Ambit take chatbots to next level of AI
“Conversation Agents present a huge opportunity to increase customer and employee engagement in a cost-effective manner."
52mil users affected by Google+’s second data breach
Google+ APIs will be shut down within the next 90 days, and the consumer platform will be disabled in April 2019 instead of August 2019 as originally planned.
GirlBoss wins 2018 YES Emerging Alumni of the Year Award
The people have spoken – GirlBoss CEO and founder Alexia Hilbertidou has been crowned this year’s Young Enterprise Scheme (YES) Emerging Alumni of the Year.
SingleSource scores R&D grant to explore digital identity over blockchain
Callaghan Innovation has awarded a $318,000 R&D grant to Auckland-based firm SingleSource, a company that applies risk scoring to digital identity.