Spring Payment solution is a multi-channel electronic application that enables customers to securely and conveniently pay for goods and services. It provides businesses with the tools to automate their payment processes.

It provides online real-time transaction information to the merchant while providing convenience of payment to his customers.

 

The Payment outlet solution is a web based payment engine which merchants can subscribe to for the collection of cash payment from Spring Bank as well as eTranzact’s member banks. Payments such as utilities’ bills – PHCN, telephone bill, water bills, payments for goods etc.

A Many to one payment system-Many payments can be made into one central/merchants account
Accessibility-The merchants’ customers can pay into any eTranzact member branch
Online Real time-The merchant can view any payments made into his account immediately
Instant payment-Eliminates cheque clearing days
Detailed reporting is available for the merchant to monitor the Payment into their merchant account.

A merchant registers with eTranzact for the Payment Outlet service
A merchant account number is generated for the merchant.
The Merchant then sets up all its products and services for which payment can be collected at the bank.
The Bank administrator upon confirmation/consultation with the necessary departments within the bank then activates the merchant for cash collection in the bank, so that all branch users can gain access and login to the payment outlet page.
Subscribers/customers to the merchant can then walk to any of the eTranzact member banks/branches that accept payment for that particular merchant to pay into the merchant’s account.
A receipt is printed out for the customer as proof of payment
Once payment is made, the merchant account is updated with the value immediately (i.e. real time online payment).
 Merchants can immediately login to their personalized web access to view the details of the payment.

1. The customer walks into a banking hall, obtains a deposit form, fills the form with the name of the merchant to pay to and then submits to the teller.
2. The Bank teller logs into the Payment outlet web screen with his/her login profile
3. Selects the merchants name from the list of the merchants available on the platform for collection is shown
4. The Teller inputs the payment details into the eTranzact Payment Outlet screen and a transaction code (Unique transaction ID and Receipt No.) is generated by the system.
5. For transactions equal or greater than the branch limit. The Authorizer then logs in to authorize the transaction and a receipt is automatically generated and printed for the student.
At the point of receipt generation, the Merchants account is automatically credited with the value paid into the account by the student and the merchant can actually login to his own eTranzact web page to view the transaction, the amount paid, the payee, the date of payment, time of payment etc.

1. Faster and better services are rendered as merchant can immediately see the money paid into their account and effect the necessary services
2. There is no delay as payments can be done at all spring bank branches as well as other eTranzact participating bank.

 

• Online Real Time Receipt into Merchant’s account
• Cost Savings: Reduced cash handling cost.
• Incidences of returned cheques will be reduced as most payments will be made directly from the customer’s accounts in real time.
• Reduced Loses and Theft
• Ensures total accountability and discourages Fraud
• All funds collected are accompanied by a full audit trail.
• Streamline payment processing