Money transactions are part and parcel of any business entity. For a business to maintain a smooth run of its activities, money must check-in and out as a way of completing the circle of doing business. Equity Bank one of the biggest money lenders in Africa partnered with PayPal in the year 2013, to provide an online platform to help people transact online without sharing their financial details.
For the last couple of years, the partnership between Equity and PayPal has been helping Kenyans make payments and receive money both locally and internationally. Statistics released by the Communication Authority of Kenya shows that Kenya is poised to have greater e-commerce growth in the next five years. This is as a result of technology growth in terms of data internet subscriptions that has witnessed so far over 24.8 million subscriptions.
Equity Bank customers who have PayPal accounts will now be able to enjoy improved services after the two entities reviewed what they have been offering to their customers over the years. The number of days that were used to process customers’ withdrawal transactions has been reduced to three from the previous 8 days as a way of making customers enjoy the partnership of Equity Bank and PayPal.
Some business people who have been using PayPal via Equity Bank have testified that the reduction of days of doing withdrawal transactions has really helped their business ventures to grow.
“As a small business owner, swift access to money is essential for the growth of my company. I need funds to pay vendors and employees, as well as pay capital costs. With this new service, I can get my money quicker than ever before,” said Brian Sechelo, a local merchant using Equity Bank and PayPal services.
PayPal has spread its wings to more than 200 countries across the globe allowing their customers to get payment in more than 100 currencies in the process of doing withdrawals from their PayPal wallets.
Why Equity Bank customers with PayPal wallets have an upper hand when doing transactions:
- Faster and improved services
According to customers who use Equity and PayPal services, accessing their money is now swift and convenient hence enabling them to make orders and pay their workers within the shortest time possible. In the process, many business entities are growing due to the nurture of doing business without any delay.
- Flexibility
The partnership of Equity and PayPal is one of those services that give customers freedom of choice in terms of what to use while doing money transactions. Handling money entails sending, making payments and also getting paid; all this can be accessed via a mobile phone as Equity bank customers are able to access their PayPal wallets through the mobile banking option.
The flexibility of the equity and PayPal union has enabled Kenyans to make payments and receive money both locally and internationally without sharing their financial information with sellers. What makes this affair even more enjoyable is the kind of service one can get; mobile banking, online banking, agency banking, and mobile money transfer services that entail online payments systems.
- Customer Trust
One of the aspects that make a business successful is building strong customer trust. Taking care of the worries of your customers makes them feel part of your business entity. The partnership of Equity bank and PayPal brings together over 29 million customers across the globe.
Equity Bank’s Chief Finance Officer, Innovation and Payments, John Staley, noted that his Bank is working hard to embrace technology and ensure their customers enjoy the freedom of modern banking. He added that they are also looking forward to tapping into the 188 PayPal customers as a way of spreading out their wings more.
- Safer and easy to use
Going by the words of PayPal General Manager in charge of Israel and Africa Efi Dahan, PayPal is one of the easiest online money transfer platforms to use. This can also be supported by the big numbers of customers PayPal enjoys. With PayPal, merchants can feel free to sell their goods and services with a guarantee that the system they are using will sort them out when it comes to making transactions.
- Currency
PayPal accepts quite a number of money currencies that are used across the world while doing business. This has helped different nations that don’t use the same currencies to be able to do business without limits. Equity customers get access to more than 100 money currencies that they can use in their withdrawals.
In 2015, 28% of the 4.9 billion payments processed by PayPal were made on a mobile device. For one to be able to use PayPal services, he/she is supposed to undergo a short registration process that will link them directly to the services. Equity Group is one of the largest financial service providers in East and Central Africa serving customers from more than seven countries, championing the social-economic prosperity of the African people.
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