The evolution of payment methods: Why cash is making way for cards...

The global shift towards alternative payment methods, such as card payments, has gained momentum, challenging the traditional reliance on physical currency.

In a world where technology continues to advance and shape the way we conduct transactions, the role of cash, as the backbone of the economy, is undergoing a significant transformation.

However, in South Africa, cash still holds a prominent place in the transaction landscape. Although the movement towards electronic payments is apparent, many businesses continue to rely heavily on cash transactions. Yet, with the ever-increasing emphasis on cash replacement and the South African Reserve Bank's unwavering commitment to this goal, the need for change becomes imperative.

The evolution and improvement of South Africa's National Payment System(NPS) have shed light on the inherent dangers, risks, and costs associated with cash. Businesses and consumers alike bear the brunt of these expenses, with cash transactions often resulting in higher costs due to withdrawal and deposit fees, which rank among the highest itemised banking fees.

Moreover, the true cost of cash extends beyond financial charges, encompassing often overlooked aspects such as transportation expenses and decreased productivity.

Furthermore, businesses must also contend with the elevated risk of theft and counterfeit banknotes when accepting cash payments. These security concerns add an additional layer of complexity and potential loss to the equation. As a result, the acceptance of cash payments has become an escalating concern for businesses across South Africa.

Embrace the empowering potential of card payments, a time-tested solution to the challenges posed by cash payments.

By adopting card payment solutions, businesses can revolutionise their operations, enhance financial efficiency, and unlock a host of benefits that extend far beyond simple transaction processing.

WHAT BENEFIT DOES ACCEPTING CARD PURCHASES HAVE FOR YOUR BUSINESS?

Accepting Card Payments can bring numerous benefits to a business, such as:

1. Increased Sales and Customer Convenience: By accepting card payments, you cater to customers who prefer the convenience and security of using their debit or credit cards. This, in turn, can lead to increased sales and more repeat business. Opting to accept only cash and being situated far from an ATM or Bank Branch can deter consumers from making purchases.
2. Faster Transactions: Card payments are typically faster than cash transactions, reducing waiting times at the checkout counter. By embracing card payments, businesses not only streamline cash-ups and cash floats management but also enhance efficiency in handling in-store client transactions, resulting in significant time savings.
3. Higher Average Transaction Value: Studies have shown that customers tend to spend more when using cards compared to cash. The ease of electronic payments encourages customers to make larger purchases, positively impacting your average transaction value.
4. Reduced Cash Handling Costs: Accepting card payments means fewer cash transactions, leading to lower cash handling costs, such as counting, banking, and security expenses. This can result in increased operational efficiency and cost savings.
5. Competitive Advantage: In today's digital age, card payments have become the norm. By accepting cards, you position your business as modern, customer-focused, and up-to-date with current payment trends. Accepting Card Payments adds a level of professionalism to your business. It shows that you are prepared to accommodate various payment preferences, which can build trust and credibility with your customers.
6. Security and Safety: In today’s world, crime continues to cast its shadow over society. Regrettably, cash, with its susceptibility, becomes an alluring target for many wrongdoers, consequently elevating the peril faced by your business and employees. Elevating safety and security necessitate a reduction in the volume of cash held on premises. Opting for card payments presents a more robust and efficient resolution, significantly lowering the prospects of internal fraud. The consistent audit trail inherent in card transactions fosters accountability and curbs the potential for illicit actions originating from within your organisation.
7. Support for Cashless Societies: As more economies move towards cashless societies, accepting card payments ensures that your business stays relevant and aligned with the evolving payment landscape.

What is a modern Card Payment device?

A modern Card Payment device, also known as a Card Machine, serves as the vital gateway for processing debit and credit card transactions in today's digital age.

The modern Card Payment device represents a paradigm shift in transaction processing. It combines cutting-edge technology and intuitive interfaces to streamline and enhance the customer payment experience. Gone are the days of manual calculations and tedious cash handling. With a Card Payment device - businesses can effortlessly process card transactions.

Modern Card Payment devices have undergone a remarkable evolution, now boasting a sleek touch-screen format and powered by a specialised and secure Android version called SafeDroid. These devices offer not only enhanced functionality but also lightning-fast processing speeds, accompanied by captivating, large, bright, and colourful displays. Together, these innovations culminate in an unparalleled and vastly improved customer experience.

What is the ALLPS Card Payment Solution?

Amplifin's ALLPS Card Payment Solution is the premier transactional solution that enables your business to effortlessly accept debit and credit card transactions, ensuring seamless payment processing and an enhanced customer experience and convenience.

What makes the ALLPS Card Payment Solution unique?

• Enjoy advanced features with the ALLPS Card Payment Solution, including Budget payments, Cashback at POS, and Balance Enquiry functionalities, providing added convenience and flexibility to your customers.
• Rest assured with Amplifin's PCI-DSS certified modern Card Payment devices, ensuring the highest level of data and transaction security. Your customers' card data is protected and meets global standards.
• Easily manage multiple legal entities on a single device, ideal for businesses operating multiple entities at one physical location, saving on device rental costs. Successful transactions will thus be segmented and paid out into each individual entity’s business bank account.
• Benefit from insurance, maintenance, and optional dual connectivity included with all Amplifin mobile devices.
• Access complimentary training for your business and staff, empowering them to make the most of the solution.
• Gain comprehensive near real-time transaction reporting through ALLPS-i, or an API, offering enhanced insights for better decision-making.
• Experience competitive rates that deliver value for your business.
• Our dedicated Support Team is available at no extra cost, providing professional assistance.
• Choose from a range of professional and sophisticated modern Card Payment devices, enhancing your business's image and brand presence.
• Automate settlement processes with the ALLPS Card Payment Solution, eliminating the need for manual cash-up procedures.
• Funds collected through the ALLPS Card Payment Solution are settled into your Capitec Bank AET Account the following morning (around 3 am), granting immediate access for ALLPS payments (payments to eWallets) or optional transfers to your business account later in the day.

Who can benefit from ALLPS Card Payments?

The ALLPS Card Payment Solution brings value to businesses across industries, making it a beneficial solution for a wide range of businesses. Whether you are a small or large enterprise, ALLPS Card Payments serve as a valuable payment option for your customers.

In the Credit Providing and Debt Collection industries, the ALLPS Card Payment Solution streamlines early settlements and arrears collections. ?

By utilising the Balance Enquiry function, payers can make partial payments toward their outstanding debt, after having reviewed their available balance.

In the Retail, Hospitality, and Service environments, businesses can enjoy secure, efficient, and seamless debit and credit card transactions.

What cards can be accepted through the ALLPS Card Payment Solution?

Any Mastercard or VISA branded debit or credit card can be accepted through the ALLPS Card Payment Solution. This includes international debit and credit cards.

What our clients have to say...

“This method helps us a great deal with clients that could not previously borrow money that does not have a debit facility.” - Credit Provider, Klerksdorp

“So far so good the experience is not bad at all and when we encounter problems, we normally call for assistance which we get helped as soon as possible and the problem gets to be resolved.” - Credit Provider, Johannesburg

“Amplifin has made life much easier we are able to help clients with any card that they have, there has been a lot of changes and clients are also happy with the way we do things now.” - Credit Provider, Rustenburg

“The system used by Amplifin is both simple and sufficient in our everyday work environment.

We have experienced the following positive points while doing business with Amplifin:

? Customers can rely on the company to deliver outstanding quality, service, and value.

? The company attracts and retains outstanding people to work there.

? The company makes it simple to do business with them.

? Customer loyalty is appropriately valued and rewarded.

? The company communicates openly and honestly.

? Customers can trust company personnel to behave with fairness and integrity

We have collaborated with various companies who offer the services our company needs for its line of business and Amplifin has been the best choice so far among previous providers.

Your debit and credit card payments system are the most efficient and easy to use. It allows us to make safe secure payments and collect in an orderly, safe, and efficient manner.

The success rate among our collections has improved evenly since we joined Amplifin, and the chances of clients defaulting have decreased significantly.

Our clients are also happy with our newly introduced debit and credit card payments system.

Overall, we cannot find any fault in working with your organisation and would give reference to any other organisation to do the same.” - Credit Provider, Nelspruit

How do I enable ALLPS Cards Payments for my business?

Simply contact one of our consultants, our Support Centre on (012) 993 8383, or send a mail to [email protected]. We will assist you every step of the way during your application and activation.