Online business owners can now access funding of up to N2million with SocialPay, an online payment collection product designed by Sterling Bank for Loyal Customers.
This Business Hub is meant to facilitate payments via multiple payment options, including USSD, bank transfer, card options, and PayWithSpecta.
In addition, the first 10,000 merchants will have access to a one-month interest-free loan up to a maximum of N1million.
SocialPay is designed to solve the problem of trust between online merchants and their customers by allowing merchants to track payments using automatic invoicing. The platform currently hosts over 2,000 social sellers.
Shina Atilola, Divisional Head, Retail and Consumer Banking, Sterling, explained that Social Pay was introduced to make pay disbursement easy and accessible to Nigerians involved in digital commerce.
He hinted that customers in this category, including retailers and buyers, have commenced selling and making purchases via social network platforms.
With all the packages mentioned, Akintola further noted that the group introduced SocalPay, so the process of cash acquisition would seem convenient to make and receive payments.
Online Business Owners Can Access N2m Loan Through SocialPay
In a more elaborate explanation, the SocialPay permits a secure payment solution for businesses carrying out transactions online via the world wide web, social media pages and on personal handles, or even direct messaging platforms for businesses.
He pointed out that social media is gradually becoming the medium through which 25 million Nigerian Citizens engage in their daily life activities, adding that SocialPay would also go a long way in facilitating quick and reliable purchases from sociable meeting points.
“SocialPay makes payment as simple as clicking a button, and the money is transferred immediately. The biggest benefit of the payment solution is that the transacting parties (sellers and buyers) are protected.” He said.
Customers would make daily repayments on the business loans, and they will be able to choose what percentage of their daily sales would go towards repayment from 10%-30% with competitive interest prices.
The launch of SocialPay rides on the back of the success of PayWithSpecta, which has remarkably improved sales and revenue for business owners.
The new product also features a data collection tool and an Escrow payment function which allows customers to receive payments back from merchants in the event of dissatisfaction with goods delivered.