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.