Standard Bank introduces cashback through Instant Money Bulk Payments

A business should be agile when it comes to making payments, especially to pay staff. Standard Bank Instant Money Bulk Payments allows you to pay your staff from your business account through their SA cellphone numbers. You will be able to send money even to recipients who have no bank account, and make payments of up to R5,000 daily and R25,000 monthly for every cellphone number.

The new cashback solution, a further value-add to Instant Money Bulk Payments, which will run for three consecutive months, aims to improve the bank’s service to business owners. Entrepreneurs who signed up from June 1 2021, and have 50 or more transactions processed before August 31 2021, will be able to qualify one-off to have 50 transaction fees paid back into their bank accounts. This amounts to R497.50.

The Instant Money Bulk Payments solution embraces digital innovation and the opportunities it presents. “The investments made in digital innovation will ensure our clients can succeed in a fast-changing world. Instant Money Bulk Payments gives clients the ability to make multiple payments to a number of recipients in one go, as well as setting future-dated payments to process automatically so that clients don’t need to be at their desks physically or on the system in real time,” says Nelisa Zulu, spokesperson for Standard Bank.

Technically, Instant Money Bulk Payments is a secure and convenient way of paying stakeholders. “From a security perspective, the client will have a reduced need for cash at their points of presence and this feature will also contribute to flattening the Covid-19 infection rate curve,” says Zulu.

Allowing business owners to pay their employees, suppliers and customers simultaneously, with the added benefit of the cashback solution, is what sets Instant Money Bulk Payments apart from other solutions in the market.

Standard Bank conducted extensive research through in-depth engagements with business owners for the purpose of understanding the problems entrepreneurs face and establishing how Standard Bank could solve them. “We understand that SA’s economic success is largely driven by entrepreneurs, who are the engine room for growth and job creation in our country,” says Zulu.

The outcome of this process has been the development of Instant Money Bulk Payments, a proposition that leverages convenience and simplicity through a product aimed at providing a great client experience, which is important to success and continued client satisfaction.

At its core, Instant Money Bulk Payments is a solution for entrepreneurs who are not rooted in traditional banking. Instead, the focus is on providing lean, agile and responsive banking solutions. Business owners have a specific set of business needs, and they need a banking partner that will support them through the complexities of running a business. 

“We want business owners to understand that with us they have a partner that enables their growth. We are excited to see how this solution will help our clients with everyday payment needs as we endeavour to provide the best service and solutions. Every day, we work to help businesses unlock their growth,” says Zulu.

Terms and conditions apply: The offer period started at midnight on June 1 2021, and ended at 11.59pm on August 31 2021. To qualify for the offer, clients must be 18 years or older and permanently reside in SA.

This article was paid for by Standard Bank.