Standard Bank is launching a new e-commerce service for small businesses, that gives them an ‘all in one’ package to get them online and accepting payments.
According to the bank, the product, called SimplyBlu, is a complete service for SMEs, covering all needs for accepting payments, including features to help build a web store and process in-app payments.
It also offers MasterPass, e-invoicing, tokenisation, fraud monitoring, among other services.
“Whether you’re technically savvy or not, starting up or branching out, SimplyBlu’s features help you sell and manage payments, all in a simple online payment system for businesses,” the bank said.
The SimplyBlue package includes:
- Access to a web store builder with drag-and-drop functionality and built-in templates;
- Web store address;
- Web hosting;
- Customisable e-invoices allowing customers to pay securely through email;
- Integration into a Payment Gateway (MasterCard Payment Gateway) and the bank for web store payment processing ability;
- Ability to accept domestic and international credit, debit and prepaid cards from Mastercard, Visa, American Express, Discover, JCB and Diners Club;
- Transactions are settled overnight into a Standard Bank account.
For SMEs to use the system, they need to apply online, submit required documentation, and Standard Bank said it can be up and running and start accepting payments within two working days.
Required documentation includes:
- Valid copies of South African IDs for all business owners;
- Proof of home address for all business owners;
- Proof of business address (even if you operate your business from your home);
- Proof of banking details;
- Copy of partnership agreement (if your business is a partnership);
- Copy of business registration documents (if your business is a private company or close corporation).
The product is open to all SMEs, but there are restrictions on the types of businesses that can be conducted. Any illegal activities are prohibited, while gambling businesses, money making (or get rich quick) schemes, and tobacco products are also barred from using the service.
Standard Bank stated that it would hold a launch event for the SimplyBlu service on 4 June 2019.