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SAME DAY REMITTANCE IS A WELCOME BOOST FOR SMALL MERCHANTS THIS BLACK FRIDAY

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UTP Merchant Services, Jaime Lowe, Sales Director

On November 26th, much of the globe will witness the start of the peak festive trading season – Black Friday. It is hoped that this year’s Black Friday will have a different complexion to the one of 2020, heavily impacted as it was by COVID-19 and lockdown.

Brits plan to spend an estimated £4.8 billion on Black Friday and Cyber Monday purchases this year and, while this doesn’t meet pre-COVID estimates, it will still mark the start of an important uptick in spending for many businesses.

When it comes to taking payments during these hectic but vital few days, smaller merchants will need to manage the spike in demand as deftly as their larger counterparts. Shoppers’ habits have changed to meet the new digitised normal, and merchants are expected to offer more payment options than ever before.

Innovation is widespread when it comes to speeding up merchant payment processing, however, once a purchase has been made, the money can still spend days in financial limbo before it is available again for merchants to use.

The typical three day timeframe for payments to be credited has been accepted in the payments industry for decades, but now the technology to shorten processing times to hours, even minutes, is available and can help maximise the opportunity for thousands of businesses in peak periods.

 

Payments challenges on Black Friday

Though the festive trading period comes as a welcome boost for merchants, its frenetic pace means that keeping tabs on business sales and spend takes on a renewed importance. With stock that needs more regular replenishment and extra seasonal staff requiring payment, waiting days at a time for transactions to settle at best adds a layer of stress. At worst, it prevents smaller merchants from capitalising on the surge in trade as fully as they could.

As such, cashflow is a major concern in any business. This is especially true of smaller businesses – while large chains will often have cash reserves that allow them to pay their employees and pay for any unexpected expenses, smaller businesses will tend to be operating with less banked. Most UK firms have only three months of cash reserves, and 18% have less than a month – that 18% is likely to be mostly small businesses.

For businesses of any size being able to see exactly what is happening in the company from a financial perspective is vital, especially during hectic times like Black Friday, and this is an area in which innovations like faster processing can help. On a basic level it simplifies the decision-making process: you will have a more accurate view of funds at any given moment and can make plans accordingly rather than allocating future profits.

It was the smaller merchants that suffered the heaviest blows during the months of enforced restrictions and it is these same merchants who will be most looking forward to a period of heightened consumer spending. Multiple factors will determine how many of these smaller merchants are able to maximise the potential of Black Friday, Cyber Monday, and any future periods of increased consumer activity, but armed with heightened processing solutions, their chances are greatly improved.

Faster processing is an innovation that has the potential to level the playing field between small businesses and larger merchants, giving companies that must deal with cashflow problems the ability to pay suppliers and plan for growth. For businesses of any size, it can mean having greater visibility over the money coming in during a busy period backed by sophisticated reporting systems.

With seemingly everything else in the modern retail world happening instantly the three-to-five-day timeframe stipulation in payment reconciliation seems like a relic that benefits everyone except the merchant. It has perhaps been the standard for long enough that organisations forget how customer-unfriendly it actually is, but the good news is that there are alternatives available that can ensure that merchants are being paid on time.

 

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Transact365 launches seamless cross border payments in India

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  • Transact365 enables merchants to transact locally in India
  • Merchants can partner directly with Transact365 without needing to source local partners
  • Transact365 offers two local solutions – Unified Payments Interface (UPI), and NetBanking 

 

UK-based fintech Transact365 has added local India payments for merchants.  By using Transact365’s gateway solution, merchants can access new opportunities in India without having to form local payment partnerships or establish an Indian company. The move ensures merchants now have access to over one billion Indian-based consumers enabling them to pay faster in a familiar way.

Transact365 offers two local solutions tailored to the needs of the Indian market – Unified Payments Interface (UPI) and NetBanking.

Developed by the National Payments Corporation of India – UPI is an instant, real-time payment system that facilitates inter-bank transactions through smart phone devices, powering multiple bank accounts into a single mobile application of the 274 participating banks. UPI facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.

NetBanking is a unique payment method facilitating online payment transactions in India. When a user makes a payment via NetBanking, the payment is initiated via the Transact365  gateway which allows the user to complete the transaction with the merchant in realtime in local currency.

Transact365 has also established a local payment distribution allowing merchants to pay clients in India in real time with fully automated api connectivity 247 365 Days a year.

Transact365’s launch in India is the first in a series of big market expansions planned for 2022. Having already expanded into Europe, Asia and Australia, Transact365’s payment gateway system ensures merchants of all sizes and sectors can access fast-growing markets seamlessly and quickly.

Dan Fernandez, CEO of Transact365, said: “We are pleased to announce that merchants can now use Transact365 to process payment transactions in India. By utililising local payment solutions, Transact365 ensures merchants can now facilitate payments in India, with users able to confirm their payment in a matter of seconds.

“Our expansion into India comes at an exciting time for the company. With customer and merchant demand for payment gateways rising, Transact365’s revolutionary system ensures more businesses are able to access consumers in rapidly expanding markets. Importantly, our launch in India will soon be followed by similar market expansion announcements throughout 2022.”

 

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Europe’s first blockchain neobank, BENKER, opens for pre-registration

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BENKER(http://www.benker.io/) is to become the first officially licensed blockchain neobank launched in Europe following approval by the Bank of Lithuania under the Electronic Money Institution (EMI) category. Now open for pre-registration, it is the first financial services provider in the European Union to operate entirely on blockchain.

The neobank will run on Natrix(https://natrix.io/), a purpose-built hybrid blockchain created for the financial sector to meet all GDPR, bank secrecy and regulatory requirements. BENKER will achieve the highest level of Compliant Client Autonomy, where users have complete control, autonomy and real freedom, assuring sustainability of the market where users and financial market participants are on the same level.

Viktor Bodnár, CEO of BENKER, hopes that the neobank will be a catalyst for fundamental transformation in personal finances, offering customers greater autonomy. On his vision for the future of the market, he said: “We’re introducing a new brand in financial services that can challenge the established order by extending existing legal and regulatory safeguards with the advanced technology-based guarantees achieved through blockchain. In obtaining our EMI licence we have been allowed to radically diminish client exposure to the actors of financial markets, and I see this as a move towards the ‘New World Order’.”

“By adding blockchain to the way in which customer accounts are managed securely, we are offering constant transparency, traceability and complete control over financial matters for our clients, creating the highest level of freedom. This is what we’re calling Compliant Client Autonomy and it’s an idea that is at the heart of BENKER.”

Following a two-year planning, development and application phase, and now with its EMI licences receiving full approval, the neobank will offer services for both individuals and SMEs, and a platform on which to buy and sell gold.

Bodnár finished: “We’ve worked hard to create a fully compliant and secure blockchain neobank, and I’m delighted that it is now going live in 2022. The result is a system in which clients and service providers are finally on the same level, and within all legal and regulatory requirements. This will make managing personal finances in the future more efficient than ever.”

 

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