By integrating PayShap into loyalty programmes, retailers can strengthen their value proposition and be the first to offer innovative payment methods to their customers.
When was the last time your business supported a payment method that cost you almost nothing? PayShap is the first opportunity retailers have had in a long time to offer a payment method that can reduce transaction costs and optimise cash flow.
However, adoption remains a challenge. Although PayShap Request is a convenient and fast payment method, some banks charge transaction fees, making it less appealing than card and cash payments. Additionally, merchant uptake is extremely slow with a heavy dependence on banks to drive adoption, whereas Brazil and India’s success is partly owed to their reliance on merchants to use instant payments.
Retailers that want to take advantage of PayShap need to be proactive in offering it in stores and online - wherever their customers are. Most importantly, they need to incentivise their customers to make the switch from cards and cash to PayShap.
Merchants pay up to 3.5% per card transaction. Even larger retailers that can negotiate better fees carry transaction costs such as chargeback fees, cash-handling fees, or delayed settlements and access to funds.
By implementing PayShap Request, retailers can protect revenue in the long run by:
While retailers have a lot to gain, customer value isn’t as clear compared to the accessibility and convenience of card and cash payments. To benefit from the cost savings of providing PayShap, retailers must create value for their customers at checkout to encourage adoption.
Over 75% of South Africans are active loyalty programme users. As the cost of living rises, consumers are increasingly price-sensitive and are looking for more value from their purchases.
PayShap Request offers a rare chance to differentiate your customer value proposition and increase retention. By rewarding customers with discounts or loyalty points for every payment completed with PayShap Request, retailers can increase adoption and attract new customers to their loyalty programme.
Thus far, this hasn’t been done, the fields are ripe for harvesting. Retailers who move quickly will define what in-store PayShap payments look like while gaining an edge over their competitors.
Customers can share their ShapIDs to retailers by presenting a QR code, barcode, or by linking their ShapID to your loyalty scheme. Convenience is the key to integrating PayShap Request with your loyalty programme. By making the loyalty check-in process (e.g., swiping or scanning a loyalty card) intuitive and rewarding, you can drive greater customer adoption.
Link your customers' ShapID to their loyalty profile. When they provide their loyalty details at checkout, a PayShap Request can be initiated using the linked ShapID on your system. This means the checkout process does not change for your customer apart from asking them to authorise the payment from their banking app.
Link your customers’ ShapID to their online profile and/or present the option to pay with PayShap on your digital channels. At checkout, they can choose PayShap as a payment method and then enter their ShapID or account number. Ideally, they won’t have to enter their details at all if you have linked their profile to their ShapID already.
When the ShapID is recognised, your payments system will initiate a PayShap Request to their bank account for them to review and accept. This checkout process ensures secure and authorised payments are completed, reducing fraud risk and chargeback costs.
PayShap Request is your opportunity to take the lead in loyalty programmes and define the next generation of retail payments. Speak to us and get a head start.