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Zapper launches Scan-to-Pay to help SMEs who suffer from late payments
Zapper's new Scan-to-Pay service help reconcile the £36.4bn currently owed to six out of 10 UK SMEs in late payments. The service makes invoice payments as quick and easy as taking a photograph.
Zapper allows businesses to add unique QR Codes to invoices, whether they are delivered in electronic or paper format. When customers gets a Zapper QR Code on their bill, they just open the app, scan the QR Code and confirm the amount to be paid. Their card is charged and they receive an email receipt instantly and the business also gets immediate notification that they've been paid.
Zapper has no setup fees for small enterprises, making this new payment solution more accessible to SME's than any of its predecessors. Unlike traditional card terminals that cost roughly £600 per year in rental fees and minimum charges, there are no monthly contracts to use this service. Zapper charges a standard fee of 2.7% +£0.20 applies per successful payment.
The Zapper app is free for customers to download and is compatible with Android and iOS phones. It works using the smartphone camera to scan QR Codes on-screen and in print. Completing the user profile in the app is quick and easy and only has to be carried out once.
The Zapper setup process for SME's is:
1. Log on to www.zapper.com on your computer or on your smartphone
2. Fill in the sign up form - if you are using an outside company or software package for producing your invoices, you can contact Zapper directly and the company will help get your QR Codes onto your invoices
3. Choose from one of 12 QR Codes to put on your first invoice
4. Then you're ready to get your first bill Zapped
Upon processing your first payment the finance team will contact the merchant to verify banking and company details for security purposes. Zapper commits to getting the first transaction paid by the end of the following week but in most cases, settlement takes place within a couple of business days.
A global increase of 44% in mobile payments in the last year alone indicates consumers and business are ready for developments in mobile payments that make every day tasks like paying bills and shopping online faster and more convenient.
European Managing Director Bradley Duke says:
"We wanted to create a system that was of great benefit to customers and businesses of all sizes, leveraging the powerful technology that we all already carry around in our pockets.
"With Zapper sole-traders and SME's don't have to worry about handling cheques or customers having cash on them. As long as customers have their smartphones with them, they can make payments anytime and anywhere they like with the same guarantee of safety and security that they have with a normal credit card payment... just without the hassle. It's an easier way to pay and a result, they are more likely to pay rather than leave it and pay late. It also gives people the choice of using credit cards when cash may be tight."
Larger enterprises are also finding benefit in this new technology as it is reducing the stress on their call centres and thus increase profitability for these firms by using Zapper. Some larger enterprises may wish to use an existing partner for payment processing. In this case, when Zapper doesn't handle the payment processing, only a small flat-fee per invoice applies. There is also a one-off fee for integrating the system with the payment processor.
17th October 2013