Nedbank Small Business Services (SBS) has recalibrated its small merchants acquiring offering to provide frictionless, fast and affordable access to point-of-sale (POS) devices.

For the 1st time as traditional banking clients, informal traders, sole proprietors and single-director companies can now acquire a Nedbank POS device through a sleek and simple digital onboarding process via the Nedbank Money app and receive the device within 48 hours.

Nedbank’s new merchant acquiring solution places the power of digital capability in the hands of the business owner.

The solution also addresses cash flow challenges – the bane of many a small business’s existence – with same-day settlement of payments into their Nedbank account.

What’s more, merchants who bank with Nedbank will receive a full refund if they achieve the minimum turnover within a 3‑month period of trading – which will ultimately make the device free of charge.

‘One of the cornerstones of sustainable small-business success is their ability to receive payments quickly, easily and affordably,’ says Alan Shannon, executive for Sales Strategy and Enablement at Nedbank. ‘Unfortunately, SMEs and small merchants often find themselves entangled in a web of challenges when trying to implement card acceptance (also known as acquiring) solutions. Between expensive and complicated POS devices, cumbersome onboarding processes and lack of access to simple and reliable transaction information, many small merchants eventually find it difficult to see the value that a card acceptance system can add to their operations.’

Nedbank offers a choice of these 2 innovative devices:

PocketPOS – designed for fast-paced and mobile business environments. It offers a compact and affordable mobile card machine at a low once-off fee of just R499.

Android POS – perfect for businesses that need quick and efficient processing of payments and printing receipts. It features a high-resolution colour touchscreen display and comes at a once-off fee of R1 699.

Both solutions offer a full rebate on the device purchase price when merchants pay their receipts into their Nedbank account and achieve the minimum turnover. By doing so, businesses benefit from priority same-day settlement of inflows, resulting in improved cash flow management.

These devices can also accept American Express® (Amex) transactions at the same merchant service commission (MSC) rate as Visa and Mastercard charge, giving merchants wider acceptance and access to a bigger customer base using Amex Cards to earn Greenbacks.

Additionally, Nedbank provides the merchant with convenient and immediate self-service capabilities on the Nedbank Money app. Instead of having to phone a call centre or visit a branch or ATM, merchants can now use the app to request statements and transactional reports, log and track service requests, resolve POS errors and more.

Besides its innovative acquiring solutions for small merchants, Nedbank SBS also offers a comprehensive suite of business-building products and services tailored to the needs of small businesses.

With over 500 dedicated bankers in more than 200 locations, Nedbank brings a wealth of experience and expertise to the table, and offers everything from transactional banking products to payment and finance solutions – and even business investment opportunities.

Nedbank also offers its clients a choice to pay as they transact as well as bundled business accounts to cater for the diverse needs of small merchants.

Then there are the compelling funding and business growth opportunities available to Nedbank Business Banking clients, including GAP Access, which gives an advance of up to R1,5 million.

‘We believe that banking is not just about transactions; it’s about unlocking sustainable success and growth opportunities for small businesses,’ Shannon explains, ‘which is why our tailored solutions are designed to address the specific pain points and challenges faced by entrepreneurs, providing them with the support they need to thrive in today’s competitive market.’

Nedbank’s dedication to innovating to drive growth in the small-business sector has not gone unnoticed. The bank has been named the Best SME Bank in South Africa by The Asian Banker for 2 consecutive years and was recently also recognised as the Best SME Bank in the Qorus Reinvention Awards.

‘At Nedbank, we understand that small businesses are the backbone of our national economy, so our goal is to provide easy-to-use banking services and business tools that fuel their aspirations,’ Shannon says. ‘For small-business owners looking to streamline their payment processes and access growth opportunities, Nedbank’s small-merchants acquiring solutions and comprehensive offerings for small businesses are the keys they need to unlock lasting success.’