In today’s fast-paced world, convenience and efficiency are key factors in any transaction. This is especially true when it comes to making purchases, whether it’s in a local grocery store or while traveling abroad. In this blog post, we will explore the story of Dim, a grocery store owner in Greece, and how he simplified his payment process by accepting SmartCash with InstantPay. This innovative solution eliminates the need for third-party processors, settlement banks, and excessive fees, providing a seamless and secure experience for both merchants and customers.
Dim’s Traditional Payment Process:
Dim’s grocery store in Greece accepts both cash and credit cards. When John, a tourist from the USA, visited Dim’s store to buy supplies, he paid with his credit card issued by his American bank. Let’s break down the traditional transaction process that takes place in this scenario:
1. John pays with his credit card at Dim’s store.
2. The purchase details and credit card security information are transmitted to the grocery store’s Point of Sale (POS) system.
3. The information is then forwarded to the payment card network, where the transaction is checked for fraud and fund availability in John’s bank account.
4. The transaction and cardholder information are sent to a Settlement Bank for processing.
5. After several days or weeks, the funds are transferred to Dim’s grocery store’s bank account.
6. Additionally, there is a possibility of the payment being declined or later reversed as a chargeback.
7. Dim is typically charged a 3% fee for this transaction, which he passes on to customers through higher store prices.
The Alternative: SmartCash with InstantPay:
Now, let’s explore the alternative payment solution that Dim adopted to simplify and streamline his transactions: SmartCash with InstantPay. Here’s how it works:
1. John pays with his SmartCard, eliminating the need for a credit card issued by a foreign bank.
2. There is no involvement of third-party processors or settlement banks, reducing complexity and potential delays.
3. No fees are charged for the transaction, benefiting both Dim and his customers.
4. The transaction is completed instantly, ensuring a seamless and efficient experience for both parties.
5. No private information is shared with any intermediaries, enhancing security and privacy.
6. Dim receives his funds instantly, eliminating the waiting period associated with traditional payment methods.
7. John’s payment is complete, and his balance is updated in a matter of seconds.
The traditional payment process involving credit cards can be slow, complicated, and expensive for both merchants and customers. However, with the introduction of SmartCash with InstantPay, Dim was able to simplify his transactions, eliminate unnecessary fees, and provide a seamless experience for his customers. By accepting SmartCash with 0% fees, businesses can enhance efficiency, security, and customer satisfaction. Embracing innovative payment solutions like SmartCash with InstantPay can revolutionize the way we conduct transactions, making them faster, more secure, and hassle-free.