Accepting Credit or Debit Card Payments In Your Offline Kenyan Business
Business is booming, sales are increasing but there is one thing missing, there is that elusive clientele who have bought less or nothing at all since you could not accept credit or debit card payment. As of December 2012 the total bank accounts in Kenya were at around 15.7Million ,I don’t want to delve into much statistics but out of this number, a large number of these accounts are personal accounts . Most banks all across Kenya do issue debit or credit cards attached to your account mostly Visa also called Visa Debit cards. Visa Debit cards typically allow you to withdraw money via ATMs , at least that’s what most people use it for. However, they can be used for a wide range of uses including shopping, booking air tickets etc and that is where the real deal for Kenyan businesses comes in.
Truth is, most regions globally are slowly moving to cashless transactions where you don’t have to carry cash to pay for products or services. Kenyan businesses can easily implement and take advantage of such new opportunities to grow their business by allowing for credit or debit card payment channels.
So how does one setup their business to start accepting credit card payments?
PDQ (Credit/Debit Card) Terminal-is the machine that is used to process credit and debit card payments.PDQ stands for process data quickly. The PDQ terminal is normally used at POS (point of sales terminals) and normally uses a telephone or broadband connection. Some PDQs use Bluetooth technology where it is carried to a customer to make payments in setups like cafes, restaurants and bars. Normally used with swiping technique to make payments. A PIN (Personal Identification Number) is also used to authenticate identity and access services. With the PDQ machine your account will also be setup with a merchant account. Currently in Kenya, Equity Bank Limited and Barclays Bank of Kenya are offering the machines. A physical valuation of your premises and business will be done. Different processing rates will be used for charging your clients accounts.
Some advantages of accepting credit and debit cards in your Kenyan business include:-reduces cash to bank transactions thus lower bank charges and convenient for customers since it eliminates time spent to visit an ATM for cash withdrawals.
The benefits are limitless on what you stand to gain when you start accepting credit and debit cards in your business.
Have you incorporated card payments into your Kenyan business? We would be glad if you share with us!