Cape Town-based SnapScan, developer of the popular QR code payments app of the same name, has partnered with Standard Bank to offer businesses a low-cost card machine solution.
The launch of the point-of-sale terminal comes 10 years after SnapScan’s founding in 2013. SnapScan and Standard Bank have long had a close working partnership.
“While there are other great card machines out there, we believe our SnapStore Pro is superior because it’s built for small businesses to accept all payment types in one space,” said SnapScan CEO Marin Cundall in a statement on Monday.Businesses that bank with Standard Bank will receive a next-business-day settlement
“Combining card and gadget pay acceptance with our QR offering allows us to make it as simple as possible for small businesses to offer their customers the best payment options.”
With the SnapStore Pro, customers can tap, insert or swipe their bank cards, scan the on-screen SnapCode, or use Apple Pay, Samsung Pay or Garmin Pay. Businesses can also record their cash payments on the device, the company said.
The SnapStore Pro is a standalone card machine that works without being connected to a smartphone or tablet. It has Wi-Fi and a Sim card preloaded with data, allowing the device to be used anywhere there is good cellphone signal.
Businesses that bank with Standard Bank will receive a next-business-day settlement, while other businesses will receive their settlement within two to three business days.
The SnapStore Pro retails for R999, with no additional monthly or settlement fees. Transaction fees are based on a business’s turnover in the prior month, starting at 2.95% (excluding VAT) and decreasing to 2.55% (excluding VAT).
To use the SnapStore Pro, businesses must first sign up for a SnapScan merchant account. Once their account is verified, their SnapStore Pro will be delivered within three business days.
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