Last Updated on Tuesday, 27 October, 2020 at 9:37 am by Andre Camilleri
Fintech company 247Pay is offering an innovative eco-system for the acceptance of card payments for all types of local businesses both in-store and online. From retailers and those in hospitality, to sole traders, personal trainers, florists and taxi drivers. According to Karl Dingli, head of Sales and Business Development, 247Pay is actively looking at expansion and diversification into new product ranges.
Having recently signed on their 500th client, 247Pay (pronounced twenty-four seven Pay) is actively seeking further expansion, with a particular focus on Gozo, apart from the introduction of a new range of cash registers to complement the service it offers through the myPOS Services for whom it is the local agent. myPOS, a European licenced entity, has a major presence in most countries, notably Italy but also France, Germany and Spain.
“The COVID-19 pandemic has led many local entrepreneurs to change their business model,” Karl Dingli, head of Sales and Product and Business Development at 247Pay, observed. “Many have started to offer deliveries and to integrate payment gateways in their websites. Through myPOS our clients can accept all the major credit cards, contactless cards, the new virtual cards and even Apple Pay and Google Pay online via their website or app.”
Merchants are given an IBAN bank account to receive their payments and a portable card acceptance payment device that works with 3G mobile networks. The merchant does not have to pay for the 3G service, which is provided free. There is also a mobile app through which they can send payment requests to their clients either via e-mail or text message. “Payment is accepted anywhere on the go and is settled instantly into the merchant’s account,” Mr Dingli said.
“The app accesses cloud-based servers with the client’s data. So, our clients can easily operate the service through their mobile app or through the conventional internet banking portal. The mobile app is very user friendly. It gives the functionality to operate the service: you can view the transaction history, the devices being operated, (and) extract information for reconciliation purposes.
“We also offer a debit card with the system, so it caters for the person who may be on the move. You can have people operating the system and, as a client, you will have instant access to all information – the transactions, the accounts, the devices and also the freedom of movement of funds from your account with myPOS to any other bank account. They can even pay suppliers from the system.”
Mr Dingli said that where 247Pay differs from other fintech companies is that the service is being provided to local businesses by a local company – 247Pay is a subsidiary of the HandsOn Group and is based at the Mosta Technopark. Client acceptance is done face to face and a lot of their business is through referrals from other satisfied clients.
“We meet the clients in person, we consult and offer financial consultancy in terms of what they can do and how they can benefit from our easy-to-use services in a way that supports local businesses because, as you know, the local culture is built on personal relationships and they would prefer to know who they are dealing with. We are only an e-mail or a phone call away,” he said.
Apart from increasing their client base, even in Gozo, Mr Dingli said 247Pay is to introduce a new product line of cash registers in the coming weeks. These cash registers are going to be very sleek, modern and portable too. For more information, visit the newly launched website at www.247pay.eu or find them on the major social media.