How the E-commerce surge can benefit your business

While online banking isn’t new, the younger and older generations that have flocked to these online options to pay bills, buy groceries or attend virtual concerts, are likely to stick with this new normal.

Some banks, especially the larger institutions have experienced as much as a 90% increase in e-commerce, as even more businesses have had to embrace the trend. As the celebratory season approaches and the end of 2020 draws to a close, many small, medium and large business owners are demanding more options for providing an easy, convenient and reliable commerce channels to their customers.

The enhanced accessibility, affordability, convenience and fortified cyber security that have made the process easier has seen an increase in demand. In turn, financial institutions have had to ensure their response time and communication channels are expanded. Several banking institutions have invested in additional training for staff, expanded call centres, and developed effective communication with customer tutorials and strategic advertising campaigns.

At Republic Bank there are even greater advantages for entrepreneurs including the convenient EPay solution. The process from application to onboarding, start to finish, can take as little as four days to get your business up and running.

Some of the key benefits of EPay include :

• Secure online real-time access from any device anywhere in the world
• Quick and simple registration
• Simplified on-boarding process, setup in as little as 4 business days
• Payment reminders, recurring billing, inventory management
• Simple and easy dashboard that guides you through your daily tasks
• Web Store –modern online store with just a few clicks
• Payment Button
• A digital platform suitable for all business sizes
• Lower overhead costs

Keep in mind that payment transactions are extremely quick and efficient. Once you submit transactions for settlement, your Republic Bank account will be credited within 48hrs. And reconciliation tools are available through the payment gateway which provides an Online Reconciliation application for the merchant to access. Additionally, Republic Bank will issue a daily email on settlement and charge details.

Many have also asked if you have to be a Republic Bank customer to access these offers and the answer is - No. In fact, we can credit funds to any local Bank through ACH. However, if you have an account at RBL, payments to that account will be processed in a shorter time period so you can access your funds quicker. We have been battling many profound challenges to our lives during this pandemic, the horrendous loss of life, being separated from friends and family and the isolation and anxiety for the future. However, rest assured that together we are committed to help your business innovate, adapt and evolve during these strange days. We’re here for you every step of the way.