SnapScan, the Cape Town-based developer of the popular QR code payments app, has partnered with Standard Bank to offer businesses a low-cost card machine solution. The SnapStore Pro, a standalone card machine that accepts all payment types, has Wi-Fi and a Sim card preloaded with data, allowing it to be used anywhere with good cellphone signal. Customers can tap, insert or swipe their bank cards, scan the on-screen SnapCode, or use Apple Pay, Samsung Pay or Garmin Pay. The device can also record cash payments.
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“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,” said SnapScan CEO Marin Cundall.
The SnapStore Pro retails for R999, with no additional monthly or settlement fees. 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. 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 sign up for a SnapScan merchant account. Once their account is verified, their SnapStore Pro will be delivered within three business days.
SnapScan has been operating for 10 years and has had a close working partnership with Standard Bank. The SnapStore Pro launch comes as SnapScan looks to provide small businesses with an all-in-one solution for accepting payments, both digital and traditional.
With this move, Snapscan hopes to compete with Yoco, who has coined the market and is the leading payments provider for small businesses in South Africa. It is a market that has quickly become very saturated, as the big banks have all noticed that it is a large market that was being underserved by their payment services in the past.
