Small and medium sized enterprises (SMEs) will now find it easier to transact business with customers following the introduction of the new Tap on Phone service.
This innovation for the Barbados market was presented to a number of small and medium size business persons in an intimate launch of the product at the CIBC Caribbean Warrens Great House recently.
The introduction of Tap on Phone reflects the bank's continued commitment to innovation, convenience and financial inclusion. It enables merchants to accept contactless payments easily and securely using a compatible smartphone. It actually transforms smartphones into contactless terminals that allow them to accept card payments from customers without additional hardware.
In explaining what it is, Jennifer Fuller, Director, Enterprise Payments, Cards & Merchant Services, CIBC Caribbean, said “Simply put, it’s a new contactless payment technology that allows clients to pay in seconds using their Smart Phone or tablet”.
She went on to add that the technology embodies simplicity, speed and security. “But more than that, it represents the way we at CIBC Caribbean continue to make doing business easier, smarter and more connected for everyone”.
She further explained how it works, “With Tap on Phone, merchants can now deliver a smoother, faster checkout experience, and CIBC merchants only need to download the Fygaro VPOS App from the App store to get started! No need for an additional dongle or hardware, and payments from transactions are deposited the very next business day into your CIBC business account”.
Chief Executive Officer, Fygaro - Ariel Rochwerger who flew into Barbados specially for the launch and whose company has partnered with CIBC Caribbean to enable the technology stated “For small businesses, keeping up has often meant big costs: from purchasing hardware to waiting for approvals. We wanted to change that. With Tap on Phone, we’ve made payments as simple as a tap. Now, every entrepreneur — from a food truck in Bridgetown to a surf school on the west coast — can accept cards instantly, securely, and without barriers.”
He also gave an example of how it can work for small entrepreneurs. “Picture a vendor at Haymans Market, selling handmade jewelry” he said.
“Before, she could only take cash — and when a customer wanted to pay by card, she had to turn them down, not because she didn’t want the sale, but because she didn’t have the tools. Today, that changes.”
Pim van der Burg, Chief Commercial Officer CIBC Caribbean spoke of the bigger picture regionally when he explained “This innovation is transforming everyday commerce, enabling small businesses to participate fully in the digital economy while delivering the effortless payment experience expected by customers.”
Barbados was the first country in the CIBC Caribbean network to roll out the Tap on Phone service. It will be introduced in other countries in the near future.
During the launch, three business persons won prizes of Samsung A25 phones. They were Anthony Bunthorne, Juliann Holder and Javier Cummins.
