PayWise has launched its new mobile money app for Android devices. (iOS is coming soon).
Bonus! In the app, send a payment request to 18686826328 and get $20 free (first 50 persons).
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PayWise offers online card payments with attractive features.
Transaction Fee
1. 3.5% on the payment amount, plus
2. 3.00 TT per transaction
Settlement
Receive funds in your bank account within 3 – 5 business days
Card Types Accepted
1. Credit/Debit Cards (local and international cards)
2. VISA Debit (cards that replaced the LINX card)
See: Using The New Linx Cards Online
Website Integration
1. Install our WordPress plugin and accept payments on your website
2. Offer customers different payment options: card, cash, or card and cash
3. Cash payments are made at PayWise agents
Payment Links (Cards Only)
1. Create and send payment links to customers via email or social media
2. Post payment links on your social media pages or website
2. Get email notifications when payments are made
Automatic Invoicing
Automatically, send payment reminders every month to your customers.
Other
1. Request partial or full refund of card payment
2. Get stickers to show customers you accept online payments.
We continue to offer customer service that responds to your calls and needs. Contact us at 610-9323 or [email protected].
Security enhancement was the main reason local banks upgraded the LINX debit cards to the VISA Debit (LINX) cards. By doing so the banks reduced the incidents of skimming and card replication. However, there were secondary benefits like contactless payments and online payments. The promise of online payments using the new cards was a boon for many, but this has not lived up to expectations. There are some grey areas which this short article aims to address.
Note, the information in this article was gleaned from calls to local banks’ call centres and information available on their website. The banks checked were Royal Bank, Republic Bank, First Citizens Bank and Scotiabank. Response from some banks were clear and informative. Banks’ websites contained scant to very useful information about the new card, features, and fees.
The main takeaways from the exercise are: (1) not all banks’ VISA Debit (LINX) cards work online (2) only one VISA Debit (LINX) cards works internationally (3) transaction limits apply (4) transaction fees are high.
Royal Bank was clear and transparent about their card products and the information was easily found online. See table. Scotiabank cards can be used online locally but it may only be usable at select online stores. Details about the card usage was accessible. According to the customer representative, the Republic Bank OneCard Visa Debit cannot be used online (as yet). No information was obtained about the First Citizens Bank. (See Notes below for updates).
Banks limits the value of contactless payments at point-of-sale machines. Some banks have a limit of $300. Online payment using a Royal Bank VISA Debit (LINX) card is limited to $300; Scotiabank $340.
Credit card transaction fees are paid by the merchant. However, for VISA Debit (LINX) cards both the customer and the merchant may be changed. Royal Bank charges the customer TTD 50 on foreign transactions only; the merchant is charged the normal credit card fee.
In closing, the VISA Debit (LINX) card was primarily introduced for security reasons so don’t expect broad online features, at least not soon. Depending on the bank, VISA Debit (LINX) may not be suitable for large payments and frequent daily usage; fees can be high. Your best bet for online purchases remains the credit cards and pre-paid debit cards.
Note:
On 2022-06-08, the post was changed to reflect that Royal Bank charges the TT 50 on foreign transactions only.
2022-06-11: We were reliably informed that First Citizens and Republic Bank cards work online.
The PayWise Agent network offers businesses of all sizes the opportunity to expand their revenue stream and reap other benefits associated with processing payments for over 800 merchants across Trinidad & Tobago. Here’s everything you need to know about being a PayWise Agent.
A PayWise Agent is a registered business that accepts payments from customers on behalf of PayWise merchants.
As an agent, you will earn TT $5.00 on every PayWise transaction you process.
In order to become a PayWise Agent you must meet the following requirements:
By becoming a PayWise Agent your business will join the only authorised payment service provider in Trinidad and Tobago. Pre-register now if you’d like to start earning more with PayWise.
The PayWise Agent registration process is very straight forward, but requirements vary slightly depending on the business type.
I am a Sole Trader: Download the sole trader registration package
The business is a Partnership: Download the partnership registration package
The business is a Limited Liability company: Download the limited liability registration package
Before you proceed to complete the registration requirements let us know where your business is located at PayWise pre-registration.
PayWise Merchants who wish to become a PayWise Agent do not need to complete the above registration process because we already have all relevant documents and information. As such, you can contact PayWise directly to activate your agent account then download the app to begin!
Joining the PayWise Agent network does not require any physical upgrades or alterations to your business. All you need to begin processing payments are:
Getting started as a PayWise agent is a smooth and seamless experience. Once your application is approved you are two steps away from conducting your first transaction:
Agents have two options when it comes to topping up their PayWise credit:
The minimum amount of credit you can purchase is TT $500.
Once credit is purchased, the balance is almost instantly updated on your PayWise account and you can easily keep track of your credit balance via the app.
Agents can only process payments with the funds available in their account so there is no risk of exceeding your credit limit. PayWise also provides a money-back guarantee for any unused credit.
Processing a PayWise payment is fast and easy:
At PayWise we are committed to maximising the benefits of the agent network for all of our stakeholders – merchants, consumers and of course the agents themselves. As such, we invest in promoting our agent locations through a variety of channels:
Businesses that are PayWise agents and have multiple locations can add each location as a PayWise sub-agent. The sub-agents are linked to one agent account which is controlled and managed by the master agent. All payments made by sub-agents are made from the master agent credit balance.
PayWise agents can benefit by using their credit balance more effectively over several locations and by increasing their revenue potential.
As a registered PayWise agent you simply notify PayWise of your additional locations and install the PayWise app on a device at each location.
If you still have questions about what it means to be a PayWise Agent, please ask us in the comments below. We’ll provide you with an answer, as well as update this blog post to reflect these additional inquiries.
It’s official! PayWise is now the first and only Central Bank authorised payment service provider in Trinidad & Tobago, as indicated by the recently published list of Authorised Payment Service Providers and Payment System Operators.
We received the official stamp of approval on March 13, 2019, and are now pleased to note that this information was released into the public domain within the last few days.
As an authorised payment service, the Central Bank now has oversight over our operations and PayWise is required to conform to the bank’s strict requirements and comply with financial regulations.
“PayWise has always prided itself in operating at the highest standard and in the best interest of our customers, so we are very excited to be an authorized payment service provider. As a company that is committed to providing innovative financial services in Trinidad & Tobago we felt that it was necessary to be compliant.” says PayWise Founder, Ian T. Alleyne.
The process was extensive but we believe it was important to complete the requirements so that our customers and industry stakeholders know they are dealing with a bonafide and regulated entity. We hope this further underpins the trust our customers and stakeholders have in PayWise.
The new PayWise was designed to be quick, easy and convenient for all stakeholders. However, for the newest members of the PayWise community – our agents – there are even more advantages. Indeed, as we seek to expand our reach by partnering with businesses of all sizes across Trinidad and Tobago, we do so with the intention of improving their bottom line. Here are 6 key benefits of being a PayWise Agent.
Once your agent application has been approved, you can become active almost instantly. All you need to do is download the PayWise app from the Google Play Store and top-up your PayWise credit balance. Then you’re ready to begin processing transactions and earning money with PayWise!
PayWise agents have full control over the value of the transactions they facilitate during any given period. Payments from agents to merchants can only be made using the agent’s PayWise balance, therefore agents can only process payments within the limits of the credit balance. As such, you can determine the credit balance you want to maintain and top up at your discretion. This way there’s no risk of over extending your resources and exceeding your limit!
Topping up your PayWise credit balance is a simple process with two convenient options. Agents can either make an online bank transfer to the PayWise bank account or they can make the deposit over-the-counter at the bank. These two options allow for flexibility as well as agility with your credit balance becoming available within 5 minutes of your payment being received. The balance is almost instantly updated on your PayWise account and you can easily keep track of your credit balance via the app.
Becoming a PayWise Agent means adding another stream of income to your business model. At a rate of TT $5.00 per transaction, every PayWise payment you process is revenue earned. With no startup costs or any increase in your operational expenses, being a PayWise agent is a great way to earn passive income with minimal investment!
It only takes a few seconds to process a PayWise payment. After you log in to the PayWise app, simply select “Make Payment” and enter the merchant’s PayWise account number, the transaction amount, and the customer’s mobile number. Within seconds of submitting the information, the customer will receive a receipt via SMS and the merchant will be notified of the payment via email. Transaction complete!
There are about 1,000 registered PayWise merchants across Trinidad and Tobago, each of them with customers who are eager to find a convenient way to pay. Every person entering your establishment to make a PayWise payment becomes a potential customer for you as well. With agents projected to process at least 120 transactions each month, you don’t have to be a mathematician to see the advantage of this additional foot traffic in your store on a regular basis!
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PayWise has always been a brand dedicated to empowering the local business community. In its new form, it presents an invaluable opportunity for businesses like yours to become part of a network that is strong, secure, reliable and profitable. If you’re ready to earn more money with no added expenses, sign up to get started!
The past few weeks have been a time of reflection and reassessment for Paywise Limited. The sudden termination of our partnership with the National Lottery Control Board (NLCB) agent network earlier this month was an unexpected setback in our quest to provide reliable payment solutions for businesses across Trinidad and Tobago. We know we must now take big, purposeful steps in order to rebuild our platform and regain your trust.
To all of our merchants, whose operations were negatively impacted by the unexpected interruption of the Paywise service, I offer my sincerest apology. You placed your trust in us and we failed to safeguard your businesses against the risk of this unforeseen and very unfortunate development.
Indeed, since the NLCB network agent announcement was first made, I have fielded emails, messages, calls and comments ranging in sentiment from frustration and disappoint to appreciation and encouragement. I read them all and I’m genuinely grateful for your feedback because the concerns expressed and the ideas shared have informed the decisions that are being made to develop a new Paywise that works both for and with you.
From day one, my goal has been to offer a solution that facilitates convenient, cash payments and that core objective has not changed. In fact, I am pleased to report the new Paywise is coming soon!
Over the last few months, our team has been hard at work devising an improved, sustainable solution that will not only facilitate alternative cash payments, but also provide opportunities for businesses like yours to partner with, and profit from, the Paywise platform.
Without revealing too much, I can assure you that it will be a Paywise that is not reliant on the physical or virtual infrastructure of a sole provider…a Paywise that empowers and provides opportunities for its merchants…a Paywise that is even faster, and more user-friendly for both business owners and customers…and, most importantly it will be a Paywise defined by the unmatched customer service, strong reliability, easy accessibility, and solid trust that has been synonymous with our brand from inception.
We are very excited to introduce our new service in the coming weeks. If you aren’t already, I invite you to follow us on Facebook, LinkedIn and Instagram, and subscribe to our mailing list to receive more information on what Paywise is doing to support your business and your customers.
In the meantime, I want to take this opportunity to say “Thank You” to all of our merchants, as well as their customers. You all had faith in Paywise when an alternative option for cash payments in Trinidad and Tobago was little more than a notion. It is because of your belief in our vision, as well as your own desire to challenge convention, that Paywise was able to break down barriers within the local financial services sector and provide a feasible solution for a prevalent problem faced by many local business owners.
Now, I ask that you maintain that faith in our shared vision moving forward. Rest assured that our services will be reinstated in the very near future and we look forward to once again serving you with the same reliability and trust you have grown accustomed.
Yours Faithfully,
Ian T. Alleyne
Founder, Paywise Limited
What are the requirements?
Your business must be registered and have a business bank account.
How do I sign up my business?
You will receive an email from us with the registration requirements. Complete the requirements and email the documents to us. After signing up a welcome package is sent via email. This contains your Paywise account number, payment instructions, etc.
How long does it take to activate the service?
One business day.
How does Paywise work?
Give the Paywise account number to your customers. Customers make payments at the PayWise agents and collect a receipt upon payment. Afterwards, payment notifications are sent to you by email . On the next business day, the money is transferred to your business bank account.
How can I find Paywise agent?
See link: http://bit.ly/PayWiseAgentList_G
What is the fee?
The fee is $8.00 TT per transaction for payment amounts of $800 or less. Over $800 the fee is 1%. Paywise deducts the fee from the amount paid. There are no setup fees and no hidden costs.
How can I verify a payment?
There are two ways to verify a payment:
a. Payment Update Report
Paywise processes payments on an hourly basis. An email, listing the payments made, is sent each time payments are processed to your Paywise account.
b. Transaction History
Paywise maintains a history of all payment transactions. Log-in to your Paywise account to view all payments received.
How will I know what amount will be credited to my business bank account?
At the end of each business day, a summary of all payments for that day is emailed to you. The summary contains the payments received, Paywise fees and the amount to be credited to your bank account.
When are funds transferred to my business bank account?
Payments are transferred at noon on the next business day.
Is there a minimum amount to be transferred?
No. All payments received are transferred on the next business day.
We encounter many entrepreneurs conducting small businesses. Many businesses are registered and have business bank accounts. However, some are registered but are without a business bank account. Others are unregistered.
To utilize the Paywise service business must be registered and have a business bank account. Several persons who have asked if we offer business registration services. So we decided to assist. Also, we decided to help registered businesses obtain a business bank account.
Paywise now offers, through a partner business, business registration services. In addition, we will refer registered businesses without a business bank account to a local bank. A representative from the bank will call the business and facilitate the opening of the business bank account.
For more information call us at 610-9323 or email us at [email protected].
Paywise now provides merchants with the area in which a payment was made. This feature tells merchants the city or town (e.g., Port-of-Spain, Arima, Mayaro, Penal) in which payments are made by customers.
Paywise creates more value for merchants and helps them increase sales.
