VerPay, a South African FinTech company, launches a payment solution that enables ‘verbal commerce’.
The novel Coronavirus has necessitated the need for a sharp step change across nearly every facet of daily life; which has, in turn, rendered the payments landscape ripe for innovation.
“The pandemic has forced us all to do business in new ways, and not all companies have the means – or inclination – to go completely online”, says Dana Buys, CEO of VerPay Pty Ltd, a Cape FinTech company that specialises in cloud-based payment.
“Many consumers still prefer dealing with a person, as opposed to solely an app or website.”
VerPay, allows merchants to do business whilst speaking to a customer, making it ideal for the hospitality, retail, lifestyle, travel, health and financial services industries.
The merchant informs the customer of the amount owing over the phone, which the customer then enters into the VerPay mobile-friendly web app. This generates a shortcode on their screen, which the customer reads to the merchant, allowing the merchant to verify the relevant transaction details. The customer reviews and accepts the T&Cs assigned by the merchant, before selecting a payment method to complete the transaction. Both parties are notified once payment is processed.
Buys explains that there has always been a need to do business over the phone, yet completing transactions telephonically has been difficult, due to the high risk of fraud and the potential for dispute around terms and conditions.
“We wanted to introduce a highly-secure solution that would facilitate speedy, convenient over-the-phone payment for orders, deliveries, reservations, deposits, call-out fees, debt collection and more, he explains. VerPay is also ideal for businesses that make use of a telesales or field sales force.
“Customers do not share their confidential payment details with the merchant, instead making use of VerPay to complete the telephonic transaction, using popular payment methods. The mutually-agreed and recorded T&Cs protect both parties, reducing the risk of dispute around refunds etc.”
By supporting trusted mobile payment methods such as Stripe, MasterPass, NetCash, Snapscan and Zapper, VerPay is immediately available to millions of merchants in 47 countries. More payment methods will be added weekly.
A recent report by Accenture covering COVID-19’s seismic impact on payments, predicts an inevitable move towards a cashless society, as consumers seek hygienic alternatives to handling banknotes. Yet the report flags that as payments become digitised, consumers will be increasingly vulnerable to fraud.
“The knock-on effect is that consumers will expect seamless and most importantly, secure payment experiences, providing them with a greater sense of control,” explains Buys.