Ecentric has announced the launch of POSPay, a semi-white-label payment enablement solution that allows South Africas till vendors to offer payment services under their own brand. Through POSPay, till vendors integrate once into Ecentrics certified acquiring and processing infrastructure and then offer their entire merchant base a fully integrated card payment solution. It is branded under the vendors own name, runs on a certified terminal and connects to multiple acquiring banks through a single back-end relationship with Ecentric.
The product process is simple. A till vendor joins the POSPay programme after passing Ecentrics vetting process, which assesses financial capability, technical maturity, merchant base size and sales capacity. The till vendor signs a commercial agreement with Ecentric, which holds the established host-to-host relationships with participating acquiring banks. Merchant verification and approval remain the responsibility of the acquiring bank, as required under South African financial regulation. Ecentric provides the processing infrastructure, certified terminal solutions, reporting and second-level support behind the scenes. The till vendor goes to market under their own payment brand with their logo on the device and name on the service.
Fees are set by the till vendors to merchants above the baseline fees passed down by Ecentric and they earn commission from select acquiring banks for each merchant they bring onto the programme. For the first time, the payment layer belongs to the Till vendor.
