Are you wondering what is a PayNow merchant account? Well, we can help you out with that.
What is PayNow?
Paynow is a payment gateway similar to a service like Zimswitch. If you have ever paid for your goods using your bank card in the store then you are familiar with the card machines where you swipe your card. The technology in that card machine is that of a payment gateway.
Now payment gateways have many applications both online and offline. Paynow is one such payment gateway. When you register for an account on PayNow you do not need to sign or fill out any forms from your bank. If you are planning to set up an eCommerce website this is just what you need to process payments in a quick and hassle-free way. You stand to benefit more if you are a verified merchant.
What is a PayNow Verified Merchant?
A verified merchant is a seller who would have provided extra evidence of who they are to PayNow. There are some benefits attached to being a verified merchant. You become more trustworthy to your customers. Other benefits include:
- Verified merchants are allowed to show their verification badges on their websites and on their profiles.
- Verified merchants can have the Escrow facility removed so that payments can be automatically made to their account without confirming delivery. In other cases, where there is no verification, delivery must be confirmed first before funds can be released from Escrow into your account.
- All verified accounts can receive payment through Visa/Mastercard.
- Settlements are received daily except on Sundays.
Who Can Pay you Using PayNow?
PayNow is quite a convenient way of processing payments and it offers more than one way of receiving payment from someone. Here are some ways you can receive money directly into your account using PayNow:
- V payments. This is a platform, owned by Zimswitch, processes payments online. Currently, they accept payments from customers who hold these accounts: CABS, Trust Bank, ZB Bank, CBZ, FBC Bank, and POSB.
- Mastercard/Visa. For this option, you can use a locally issued or internationally issued Visa/Mastercard. You can also use a credit card and it will work flawlessly on PayNow. Some Zimbabwean banks with Mastercard/Visa that can be used include FBC, NMB, Standard Chartered, Steward Bank, Ecobank, Barclays, and many others.
- Ecocash – You can receive money via Paynow from any registered Ecocash line.
- TeleCash – Customers that are registered on TeleCash can make a payment that is accepted on PayNow.
- OneMoney – customers that are registered on OneMoney can make payments that are accepted on PayNow
How to Receive Payments
Pay a visit to the PayNow website and see more details on how to receive different kinds of payments.
To open a PayNow account you must visit www.paynow.co.zw and sign up using these three steps:
- Supply your full name
- Supply your email address. You will immediately receive an email to authenticate your username
- Supply your mobile number and create a password that has at least 6 characters.