Standard Bank extends SnapScan fintech collaboration with launch of innovative point-of-sale device
SnapStore Pro places full-service banking in the hands of SA entrepreneurs
Standard Bank's commitment to supporting South African entrepreneurs by showing up with the right tools at the moments that matter is demonstrated by its ongoing partnership with SnapScan in providing innovative fintech solutions that drive business growth.
Ten years ago, Standard Bank’s partnership with Cape Town-based innovator SnapScan put phone-enabled QR code payments into the hands of South Africans. To also help businesses remain relevant as transaction technologies change and payment methods increase, “we’re happy to announce that we’ve extended our fintech partnership with SnapScan in the creation of SnapStore Pro, a point-of-sale machine combining card and gadget pay acceptance with our existing QR offering,” says Jenine Zachar, Head of Enterprise Banking at Standard Bank.
Allowing the customers of small businesses to tap, insert or swipe their bank cards, scan on-screen SnapCodes or use Apple Pay, Samsung Pay or Garmin Pay, “SnapStore Pro ensures that no business misses a sale because they are unable to process a payment,” says Zachar.
In addition, by equipping small businesses to record their cash payments and display all payment types in one place, SnapStore Pro allows small business owners to instantly consolidate transactions from various payment tools into one digitally available document, “making reconciliation a breeze for the busy entrepreneur,” adds Zachar.
She continues by saying that SnapStore Pro will also provide access to full-scale banking through Standard Bank, “helping small businesses punch above their weight with instant digital access to the services and advice traditionally only available to larger businesses.”
Both WiFi-enabled and supported by a SIM card preloaded with free data, SnapStore Pro provides South African small business with “easily accessible payment ability, no matter how or where entrepreneurs find themselves selling goods or services,” says Zachar.
While there are many merchant payment devices in the market, Zachar believes SnapStore Pro provides business operators “with a truly great onboarding experience.” Following a simple digital set-up process, SnapScan then delivers SnapStore Pro merchant devices directly to busy time-challenged entrepreneurs.
The SnapStore Pro card machine retails at R999 with transaction fees based on the previous month’s turnover. Businesses that bank with Standard Bank receive next-business-day settlement. Non-Standard Bank parties receive settlement within three business days. Finally, since pricing and fees decrease the more often the device is used and the more functions and services are added, “SnapStore Pro rewards businesses for being busy instead of charging them more,” says Zachar. She adds that, with no contracts required and businesses able to instantly view transaction histories, being able to track and reconcile activity from the same device they use to accept payments also means “there are no hidden or unexpected fees”.
As SnapStore Pro rolls out in the market, Standard Bank will add more features, “expanding our already extensive merchant product ecosystem with best-in-class fintech support across the full spectrum of SME needs in the South African market,” says Norman Nyawo, Head of Merchant Services at Standard Bank South Africa.
By collaborating with innovators to bring trusted products and services to all South African businesses, SnapStore Pro helps “especially smaller businesses leverage the power of Standard Bank’s market leading financial services platform to compete effectively in the markets in which they operate”, says Zachar.
All South African entrepreneurs can sign up for a SnapScan merchant account and receive a SnapStore Pro within three days of verification using the SnapStore Pro sign up page.
Current SnapScan merchants can add SnapStore Pro directly through their SnapScan Merchant Portal.