Estel - Merchant Payment
Inclusive and Simplified: Estel MultiPay Revolutionizes Payments
In a world where digital payments have become the norm, the need for a comprehensive solution has never been more crucial. In 2022, a staggering 89% of people opted for digital payments, with 62% embracing two or more methods. The global digital payment market surged to a value of $102.60 billion in the same year, and digital commerce alone is set to reach an astounding $6.03 trillion in 2023.
In this dynamic landscape, Estel MultiPay emerges as the ultimate solution to simplify your payment processes. Whether you're a merchant navigating a myriad of payment methods or a customer seeking seamless transactions, our Multi Pay solution got you covered. With rapid digitization of payments, a merchant's capacity to receive digital or online payments is important. Merchants who are unable to accept digital payments, may end up losing business & customers.
With governments globally pushing cashless transactions & with the Fintech revolution sweeping all markets, customers now have a plethora of options to make merchant payments, such as:
Credit Cards
Debit cards - (both Plastic & Virtual)
Closed-loop / Gift cards
Direct bank debit via Mobile or Internet banking
Mobile wallets / Mobile money
QR code
Contactless payment and any other Online modes
Numerous payment options have led to chaos for merchants, as they are expected to not only keep multiple devices to accept transactions from all these methods, but also end up working with multiple payment providers for settlement for each of these methods.Not accepting all methods of payments can lead to opportunity loss for merchants, which is detrimental to their business in these hyper-competitive times.
Estel’s Multi-Pay is a cutting-edge merchant payment solution that allows the merchant to not only accept digital cashless payments from all sources of customer funds (listed above), via a single App & Device, but also settle with just one payment provider, making their digital payments operations very simple!
Components of Estel’s Multi-Pay Solution
Smartphone, Card-reader, and (optional) Printer these components form the front end of the solution. The smartphone runs Estel’s Multi-Pay Software mobile application. A fully certified card-reader connected with the phone, reads the debit/credit cards and allows customers to authenticate their transaction by inserting their PIN on this secure & certified external card reader cum PIN-pad. A low-cost Bluetooth thermal printer, connected with the phone prints the receipts/statements. This component is optional since the solution can also deliver downloadable eReceipts via SMS or email.
Estel Multi-Pay application
A smartphone application. This app is compatible with most smartphones in the market, enabling , a merchant to use his/her existing handset to install the Application. This smartphone client provides a frontend interface to the merchant and communicates with Estel’s Multi-Pay server.
Merchant Portal (web & mobile)
Provides merchant & device registration, activation, profile & merchant self-care options. It also provides online reports & access to real-time transactions & settlement data
Estel Multi-Pay Software (Server-side)
Estel’s Multi-Pay Solution is the software interface between Multi-Pay Applications, and multiple digital payment acquirers (banks, all card types, wallets)
Estel’s Multi-Pay solution uses card readers which are fully certified by EMV & PCI, and the solution itself is certified by MasterCard & Visa and is PA DSS compliant. As a prominent Multi-Pay Solution Provider, Estel is renowned in the industry. In addition to the Multi-Pay Solution, Estel also offers Estel’s mPOS, a merchant payment solution that transforms smartphones into full-featured POS devices.
Features
Robust Transaction Processing
Estel's Multi-Pay Solution module operates atop a high-performance transaction engine, capable of handling more than 1000 Transactions per Second (TPS), ensuring rapid and reliable payment processing.
Extensive Integration Expertise
With a wealth of integration experience with Mobile Financial Service (MFS) entities, including banks and Mobile Money Operators, Estel possesses the capability to seamlessly connect with a wide range of financial institutions and Payment Service Providers (PSPs).
Benefits
Streamlined Payment Processing
Merchants can consolidate all digital payments into a single device, eliminating the need to manage multiple devices for various payment methods, resulting in operational simplicity.
Effortless Management and Settlement
Simplify your financial operations with a single payment account. With Estel Multi-Pay, merchants receive settlements from a single Payment Service Provider (PSP) or bank for all digital payment methods, eliminating the complexity of dealing with multiple providers.
Estel Multi-Pay Solution empowers merchants to embrace digital payments with ease, reduce costs, and contribute to the growth of a cashless economy while simplifying their operations.
Supported Use Cases
Sales
Effortlessly process customer payments for products and services, facilitating seamless transactions.
Void
Handle order cancellations or corrections efficiently, ensuring a smooth experience for both merchants and customers.
Use cases
Problem
Mr. Ngala, a merchant in Zambia, had to turn away quite a few customers who wanted to make payments digitally. He was losing sales.Though he was ready to adapt to digital payments, the problem was that there were many mobile money operators and banks, and to accept payment from all of them, he would need to open an account with all of them and purchase expensive payment devices from each of them.
As a small merchant, Mr. Ngala did not have enough means to invest in all these merchant payment instruments or time to manage all those accounts/devices.
Challenge
The market did not have any PSP-providing payment aggregation service, due to the complex technology the challenging integrations required to connect to multiple Mobile Money Operators and banks of Zambia. Such a solution or payment aggregation requires specialized knowledge and expertise in developing communication interfaces with industry-standard security.
But, with its vast experience in the MFS domain, Estel’s Multi-Pay solution was able to seamlessly communicate with all the Banks and PSP to allow NetOne (a Zambian PSP) to provide the country’s first payment aggregation service.
Benefit/Outcome
Mr. Ngala and many other merchants like him can now receive digital payments from customers using any digital payment means by working with a single PSP (NetOne). He needs to manage only one account with NetOne for settlements, and can use his own smartphone (with an inexpensive card reader) as a POS.
World view
The transformative power of advanced payment systems is evident in their growing adoption and the tangible economic benefits they bring. As seen with the 1% uptick in card usage across 70 nations, it led to an impressive growth of $104 billion in consumption, underscoring the robust link between payment efficiency and economic vitality.
This is particularly pronounced in emerging markets, where electronic payments have augmented GDP by 0.8%, revealing the potential of these systems to spur development and uplift communities. In fact, with 90% of banks' valuable customer insights originating from payment data, the evolving payment ecosystem is becoming a reservoir of knowledge, enabling businesses to better understand and serve their clients. Furthermore, the anticipated collaborations between traditional payment providers and fintechs, as vouched for by 86% of stakeholders, promise a future where payment innovation will become a norm rather than an exception.
The growth rates in 2021, which saw cashless transactions rise by 14% in Advanced Economies and 15% in Emerging Markets, serve as a testament to this trend. In essence, the ongoing advancements in payment services not only signify an era of seamless transactions but also herald a future where financial inclusivity, economic growth, and consumer empowerment go hand in hand, collectively sculpting a more prosperous global society.
What is Multi-Pay?
MultiPay" typically refers to a payment solution or system that allows users to make payments through various methods, such as credit cards, debit cards, mobile wallets, bank transfers, and more. It is designed to offer flexibility and convenience to both consumers and merchants by accommodating multiple payment options within a single platform or service.
Estel brings a comprehensive and customer-centric approach to the table for its clients. Beyond product features, Estel offers:
Tailored Solutions
Customized offerings to meet specific client needs.
Collaborative Innovation
Co-creation of innovative solutions, ensuring clients stay at the forefront of their industries.
Process Excellence
Rigorous quality control and industry best practices to ensure seamless integration and long-term reliability.
Trust and Partnership
A commitment to building lasting partnerships based on trust, mutual growth, and a shared vision for success.
In essence, Estel goes beyond products, offering partnership, innovation, and excellence to help clients achieve their business objectives and stay competitive in their markets.
