Financial solutions for growing your business
Growing a Business |
05 May 2015, 12:00
Taking your business to the next level? Standard Bank's Head of Small Enterprise, ED & Franchising, Ethel Nyembe explains why talking to your bank can help you to find the solutions to make your next step happen.
How to access new customers by offering more ways to pay
Growing your business is an exciting and challenging chapter of your business success and Standard Bank is here to help you move your business forward. Expansion usually doesn’t happen overnight, but takes careful planning and consideration before making the next big move for your business.
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Before you take that step, ask yourself if you have prepared your business for growth. Have you built a solid business infrastructure and have you defined the industry or market that you will be targeting?
As a small business you might have been limited to only accepting cash-based payments or bank transfers, which narrows your target market. Point-of-sale (POS) devices might have been too expensive as a payment option for services rendered at customer sites, but as your business grows the lack thereof might be limiting your sales.
Here’s how you can grow your access to new markets and increase your sales:
Mobile payment without the high cost
Through our innovative solutions, your business can broaden the customer spectrum that you service, opening up new growth opportunities. We recognised the urgent need to provide a real-time payment solution that offers a secure way of collecting payments, which is why SnapScan was specifically developed for you in mind.
SnapScan is geared to equip small businesses with a quick, easy, affordable and secure payment solution that is driven by Quick Read (QR) technology. It provides businesses with cost-effective hardware, in this case, software in the form of a unique QR code that’s printed on paper. Now, instead of turning customers away due to a lack of a POS system, business owners can in essence accept cards.
Selling made simple
The process is incredibly simple. Customers scan the unique QR code and confirm the transaction with their user-selected PIN. The merchant immediately receives confirmation via SMS.
Customers can link up to three payment cards on their phones and label them as Business or Personal. This allows them to simply pick the card that they want to use when making payment. With the SMS notification service as proof of payment, the business can be sure that the payment is legitimate.
A solution that any customer can use
SnapScan is targeted at the informal business market, with a variety of merchants ranging from sandwich makers at Cape Town’s trendy Old Biscuit Mill to street vendors of the bustling Vilakazi Street in Soweto. There are currently more than 12 000 shops accepting SnapScan as a payment method and the number of customers using the app keeps growing.
Related: How mobile payment can improve your customer experience
SnapScan is also bank agnostic, meaning that you don’t have to be a Standard Bank Business Banking customer to utilise the service.
Fuelling your business growth
Our strong Corporate Investment Banking division can also assist you in tailor-making a variety of proposals to suit your business needs. We are continuously repositioning ourselves so that we can consistently deliver the best products and solutions for our customers and fuel your business growth.
Your growth is as important to us as it is to you, the business owner. In this eBook you will find expert business advice from business owners and Standard Bank specialists to assist you and your business to continue to successfully keep moving forward.
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