‘Payjack’ is an innovative solution from WorldNet created specifically for the small business sector which enables a business to accept card payments on the go by turning the phone in their pocket into a mobile virtual terminal.
A key attraction of Payjack is the fast and easy merchant signup process. A simple, three-minute online application is followed by a 48-hour approval turnaround time. Then, after downloading the app, the business can take its first payment.
The solution was designed by WorldNet, a provider of multi-channel online payment solutions across Europe, to meet the needs of the thousands of smaller businesses in Ireland that do not currently have access to credit card facilities. ‘Over 200,000 businesses operating in Ireland today don’t have the ability to take card payments. With an increasingly cashless society, this represents a huge missed opportunity for these businesses to sell their goods and services, and to get instant payment,’ said Will Byrne, CEO of WorldNet.
One of the challenges currently facing small businesses in Ireland is cash flow. The ability to accept card payments can substantially improve this, by allowing the business to accept card payments at any time and at any location. ‘Traditionally, there hasn’t been a suitable product available for small businesses, hence the reliance on cheques and cash. Payjack provides such a product by tapping in to the technology that’s already out there,’ says John Clarke, Head of Product Innovation with WorldNet. ‘For many small businesses and sole traders, the solution to taking card payments is already in their pocket.’
Payjack supports credit and debit cards and is available for iPhone, Android and iPad. Security is assured with end-to-end encryption - card details are never stored on the phone. Customers get a receipt by email or by text message.
Payjack launches into the Irish market on May 14th, with significant pre-launch interest already recorded.
WorldNet is an established Irish-based provider of multi-channel online payment solutions. Founded in 2008 by payments industry veterans Will Byrne, John Clarke and Billy Saunderson, the company’s focus is on differentiation through innovation.