Access Bank just launched SWIFTPAY a verified payment gateway to help with payments and inventory for MSMEs. Ayodele Olojede, the Group Head for Emerging Businesses at Access Bank shared the news in a recent media chat, revealing how the initiative will foster business expansion online by creating safe, convenient, and cheap portals that offer digital marketing training and other benefits to customers.
SWIFTPAY is a payment link that can be hosted on social media pages allowing anyone to pay you. The process of signing up is less than 5 minutes while offering convenience in time and savings. SWIFTPAY is free and has a 15% processing charge to ensure the user gets to keep as much of their earnings as they possibly can. In addition, the users’ account remains domiciled with the bank meaning there won’t be any need for Know Your Customer checks as your business is verified. The bank will use your financial records when lending you money.
Payment Acceptance services are quickly becoming a critical element when keeping businesses safe. More firms are relying on WhatsApp, Telegram, Facebook, and Instagram to build their websites as they transition their businesses online. Despite the convenience created, transactions are still handled through the DMs, a system that poses a challenge when handling large volumes of business sales.