Post-demonetisation, with banks still struggling to dispense cash from ATMs across the country, how would it be if your next-door retailer could give cash to you, after swiping your debit card?
Sounds convenient? These and many other facilities are being offered by an ‘omni-payment’ transaction solution provider Paynear, founded by Priti Shah and Prabhu Ram in 2013.
“Paynear is not a dream come true, it’s our passion, determination, inspiration and the only thing we know to do”, says Priti, CEO of Paynear. Mobile point-of-sale (mPoS) technology allows a smartphone, tablet or a dedicated wireless device to perform the functions of a cash register or a point-of-sale terminal.
“Our biggest strength is that we offer merchants to transact with their customers through online and offline card acceptance, net banking, EMI, UPI, wallets, mini ATM with value-added services like recharges, bill payments, money transfer, bus ticket booking and many more in a hassle-free and secure merchant-centric solution under one umbrella”, says Priti while speaking to New Indian Express.
Paynear uses Payment Card Industry (PCI) Level 3 security standard for its card transactions. The company claims to be India’s first ever omni-channel transaction solution provider.
Paynear One app enables business owners to accept payments from their customers, earn extra income through value-added services, and manage their businesses from anywhere using in-built tools.
“The challenge in this industry is that if you are a startup, you need to be heavily funded and only then you can scale up. Convincing the merchants to pay where the existing competitors are offering their products for free was the toughest. We believe anything free loses its value so we don’t give freebies unless it has a business sense”, adds Priti.
On the funding aspect, Priti informs, “All the funds are from our family and friends’ circle. But it wasn’t an easy ride as we had challenges in promoting our product and convincing people”.
As per RBI guidelines, charges are not being levied on customers for card transactions, but a Merchant Service Fee (MSF) would be deducted from retailers while settling their funds. The customers also don’t get charged for using mini ATM services using mPoS.