Touchless payments can help SMEs and their customers amid COVID-19 pandemic; Monoova

March 26, 2020

Leading end-to-end payments provider Monoova is encouraging small business owners to consider updating or evolving their “touchless payments” processes amid the COVID-19 (Coronavirus) pandemic.

Payments expert and Monoova’s head of growth, Tyson Hackwood, said society was quickly adjusting to new ways of everyday life following social distancing measures in the wake of the Coronavirus outbreak.

“The new measures mean businesses all need to adapt, with a greater focus on lowering overheads, improving cashflow and, importantly, looking after the health of customers and staff.

“Digital payment methods such as Apple Pay or Google Pay can be a way to achieve all of this, reducing the need for physical interaction and ensuring payments reach your accounts immediately.

“These digital wallets generally don’t even require actual tapping. It’s enough to be within centimetres of the terminal for the payment to work and no PIN is required. This means Australians can support operating local businesses while still adhering to social distancing rules,” he said.

Replacing physical cash handling with PayID

For essential services or online businesses that usually take cash on delivery, Mr. Hackwood recommends using PayID as an easy and straightforward replacement for physical cash.

“If your business takes cash on delivery, you’ll need to ensure you have set up your PayID to receive your money instantly without actually using cash. Similarly, for casual workers at risk, or concerned about losing income, having PayID ready and set up means you can get paid at the time when you need it, without delay,” he said.

PayID is a simple service that makes paying money into your account easier and a whole lot faster. Anyone can create a PayID by choosing something an easy to remember number and registering it with their bank.

“This means you do not have to share your BSB and account number, simply share your PayID and get paid in real time,” Mr. Hackwood said.

Since launching in 2017, Monoova has processed over 2 billion dollars through its proprietary payments software. The firm’s clients include some of the country’s most innovative and high-growth businesses such as ASX-Listed firm Splitit, DiviPay, Zukaz and Supay.