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Paytonic FAQ'S

What are benefits for ECO Bank to use PAYtonic, especially during Demonetization:

Considering that the Central Bank of Nigeria (CBN) announced that it intends to demonetize the higher denominations of the Naira notes — ₦200, ₦500 and ₦1000; PAYtonic can provide a range of benefits, including convenience, increased security, trackability, reduced corruption, and promotion of cashless digital economy. Here are some details:

  1. Convenient and Cashless Transactions: PAYtonic provides a convenient and cashless way of making transactions. With the unavailability of cash, PAYtonic can make it easier for people to pay for goods and services directly from their bank account, without having to worry about carrying cash. PAYtonic payments are quick, easy, and convenient. Users can make payments from their mobile devices/laptops/desktops, without the need to carry cash or visit a bank.
  2. Accessibility: PAYtonic payments can be made 24/7 from anywhere in the world, provided there is internet access.
  3. Speed: PAYtonic payments are much faster than traditional payment methods. Transactions can be processed within seconds or minutes, allowing for a quicker and more efficient payment process.
  4. Increased Security: PAYtonic provide enhanced security, which is important during demonetization. PAYtonic offers multiple layers of security features such as encryption, biometric authentication, two-factor authentication, etc. This helps in ensuring that the transaction is secure and reduces the risk of fraud.
  5. Trackability: PAYtonic offer the benefit of trackability. During demonetization, the government is interested in tracking the flow of money, and PAYtonic can help in that. It can track the transaction history, and this information can be used to identify any suspicious activities.
  6. Promotion of Digital Economy: Demonetization can act as a catalyst for the promotion of PAYtonic. With the unavailability of cash, people will be more willing to adopt to a digital payment solution like PAYtonic. This can help in promoting the digital economy and reducing the dependence on cash transactions.
  7. Person to person Payment (P2P) and Person to System (P2S) payment: A person can send & receive money to/from friends & family. A customer can send money to shop owners. All payments to shop owners are auto-credited to their bank accounts. This can also help ECO bank have more current accounts from merchants.
  8. Cost savings: PAYtonic can help banks reduce costs associated with traditional payment methods, such as cash handling, paper checks, and processing fees.
  9. Increased CASA: PAYtonic can help a bank with increased CASA deposits by attracting new customers, increasing customer retention, reducing operational costs, and offering value-added services to customers.
  10. Increased revenue: PAYtonic can help banks generate additional revenue streams through transaction fees and other charges.
  11. Integration: Integration: PAYtonic can be integrated with other software and systems, allowing for seamless payment processing and record-keeping.
  12. Improved record-keeping: PAYtonic provide an electronic record of all transactions, making it easier to track payments, reconcile accounts, and generate financial reports.
  13. Enhanced customer experience: PAYtonic provides customers with a more convenient and streamlined payment process, which can lead to increased customer satisfaction and loyalty.
  14. Improved security: PAYtonic offers multiple layers of encryption and authentication, reducing the risk of fraud and improving security for both the bank and its customers.
  15. Better data insights: PAYtonic provides banks with access to real-time data and analytics, allowing them to gain insights into customer behavior and preferences, which can be used to improve their products and services.
  16. Greater efficiency: PAYtonic can automate many payment processes, reducing the need for manual intervention, and increasing operational efficiency.
  17. Competitive advantage: By offering a robust and innovative solution like PAYtonic, banks can differentiate themselves from competitors and attract new customers.

What are benefits for ECO Bank’s business accounts to use PAYtonic:

  1. Merchant CRM: PAYtonic provides a single solution to manage the business. It

    2. helps with:

    ➢ Let a merchant create, send, and manage itemized invoices to the customers

    email-ID. Simplify the billing procedure and provide billing details to the

    customers.

    ➢ Merchants also can manage their customers, transactions, collection agents,

    payments, and billing using a single solution.

    ➢ Ability to send invoices to the customers and collect cash from customers.

    ➢ Integrated mobile based payment Solution.

    ➢ Accounts Receivable & Accounts Payable solution with analytics

    ➢ Simple onboarding process with Less documentation.

    ➢ Gets a periodic statement.

    ➢ Collection effort/ cost reduced by 30-50%

    ➢ Can send invoices and reminders/offers

    ➢ Ease in managing accounts

  2. Loyalty Program: PAYtonic helps the merchants to give cashbacks and other rewards to the customers. It also helps to take-care of the operational tasks and give the customers a seamless experience.

  3. Lending Solution: PAYtonic lending solutions simplify and automate the process of borrowing. The merchant can avail financial services like business loan, personal loan, OD facility, and other banking services through a recognized bank for all the business expenses. PAYtonic helps to streamline the lending operations process to make lending/borrowing as smooth as possible for all the merchants.

How can ECO bank Implement PAYtonic in their current IT setup:

Share APIs: APIs are essential for enabling different systems to communicate with each other and share data in real-time. APIs enable the payment system to interact with the bank's core systems and facilitate transactions. For example, an API may be used to retrieve account information, initiate a transfer, or authorize a payment.

Pool/nodal account: This will help to consolidate funds from multiple accounts into a single account to facilitate real-time payments. This allows payments to be processed and settled more quickly, without the need for interbank transfers, which can take several hours or even days.