Category: Paywise Services

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.

It’s Easy to Setup

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!

You are in Control

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!

It’s Convenient

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.

Earn Additional Revenue 

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’s User-Friendly

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!

More Foot Traffic

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