ENP Newswire - 12 September 2013
Release date- 11092013 - BNZ is launching technology set to have a huge impact on the operations of New Zealand's small and medium businesses.
The new technology will transform smartphones into mobile credit and debit card payment machines, enabling businesses to get paid quickly when they're on the move. The technology, named PayClip, attaches a card reader to most Android and iPhones, allowing 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 Head of Small Business, Harry Ferreira. This technology allows businesses to take payments on the spot and funds will be in their account as early as the next business day.' Mr Ferreira explains that receiving funding earlier has a massive effect on small and medium businesses, 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, to be good with money.
'New Zealand small business accounts for 40% of the economy's total output, and nearly a third of all employees. 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 considerable effort focussed on enabling SME businesses 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,' says Mr Ferreira. The technology, developed by Mint Wireless is based on a card present, real-time, on-line solution which enables EMV-based Chip and sign transactions. BNZ is the first New Zealand bank to offer technology such as this to businesses. Customers are able to pre-register from today and PayClip is expected to be available from next month.
For further information please contact:
Claire Rennie, External Relations Consultant, BNZ
T. 09 976 3115, M. 021 834 652, E. firstname.lastname@example.org
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