Why Sterling Bank Created Alternative to PoS for SMEs

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Why Sterling Bank Created Alternative to PoS for SMEs

Creators of the punitive cost of Point of Sale (PoS) machines may have unintentionally marginalized the small and medium enterprises (SMEs) from having the acceptance terminals. This is due to the prohibitive cost of having the payment acceptance terminals.

But the leadership of Sterling Bank Plc seems to have bypassed the obstacles to make SMEs function in the digital payment world effectively without incurring the head-splitting cost associated with the traditional PoS.

The bank has introduced an option known as OnePay for Business, a mobile app that empowers merchants to use their mobile phones as PoS systems.

The Managing Director, Clane Company Nigeria Limited, Ibraheem Babalola, said during the launch of OnePay by Sterling Bank Plc, that there is a gap between PoS terminals and cards.

He stated: “Available data indicates that we have about 300,000 active PoS terminals servicing over 50 million cards. And the super expensive nature of PoS at about N80,000 per one disqualifies many SMEs from having acceptance terminals.’’

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He added, ‘‘OnePay for Business accepts several million SMEs into the financial system by empowering them to use their mobile phones as Point-of-Service systems. OnePay for Business is a very innovative product.”

The device allows merchants and their customers to receive and make cardless, contactless and cashless payment for goods and services in a near-cash form using QR Code, Bluetooth and PaywithSpecta.

Group Head, Digital Banking at Sterling Bank, Dipo Alabede said the app meets the need for a hygienic payment method in a COVID-19 world. “The contactless payment feature on the app is essential for merchants and customers because it keeps both safe as the world combats the coronavirus pandemic. It is also an effortless way to make payments.”

According to Alabede, OnePay for Business is easy to use and available for download on the Android Play Store and iOS Store. It requires a smartphone with an internet connection to set up. After setting up, customers can log in to use payment options that include QR Code, nearby payment (Bluetooth) and PaywithSpecta.

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He identified being able to make payments anytime and anywhere, even without a wallet or sufficient cash at hand, as one of the benefits of using the Sterling QR Service. He added that merchants could also accept payments anytime and anywhere by using the mobile app.

Also speaking, the Executive Director, Commercial Banking at Sterling Bank, Tunde Adeola, urged merchants to download and use the app, stressing that it would save them money and reduce their cost of operations. He added that the bank looks forward to supporting all merchants that will download and use OnePay for Business.

Chief Digital Officer of the bank, Olayinka Oni, described OnePay for Business as another means of enriching lives through immediate settlement value for merchants.

He assured merchants and customers that the bank will continue to enrich the product, ensuring that it delivers on its promise leveraging the Nigeria Inter-Bank Settlement System (NIBBS) ecosystem for its overall benefits.

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