By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

DIGITAL banking providers are easing the “pains and pressures” faced by unbanked and underbanked Family Islands, according to Jevon Butler, chief sales officer at Kanoo, said yesterday.

Speaking at the Andros Chamber of Commerce Economic and Investment Conclave yesterday, Mr Butler said that local Money Transfer Businesses (MTBs) and Payment Service Providers (PSPs) are expanding their services throughout the country to ensure that all business can service their consumers and have access to banking services.

He said: “The reality is this Kanoo is here, Sand Dollar is here, Sun Cash is here and as they say a rising tide raises all ships. So collectively the MTBs and the PSPs are alleviating the pains and pressures that Bahamians throughout the islands are experiencing from the financial institutions, specifically commercial banks.

“With our footprints throughout The Bahamas collectively, you don’t have to keep asking when is the bank coming back…the banks are here.”

Lori Russell, SunCash merchant services and sales, said digital currency providers can be advantageous for merchants as they often have lower fees than tradition banks.

She said SunCash provides handheld devices to merchants that can process credit and debit card payments as well as Amazon Pay, PayPal, Google Pay and Sand Dollar. The device has a 1 percent sales fee but is free for merchants and does not have registration or terminal fees.

She said: “The advantages of having a Suncash wallet or a SandDollar authorised financial institution account versus the bank is persons are able to accept various payment methods. You have things like a PayPal, Amazon Pay, Google Pay, credit and debit cards and of course, the Sand Dollar.

“Our fees are relatively low, in most instances lower than what the typical bank will charge for a handheld device to accept any payment methods and those handheld devices that we provide, our merchants are free at this time.

“We do not charge a fee for that we get them free once you sign up with a merchant account the only fee attached to the merchant account is we take 1 percent of your sales but we do not have any signup fees, termination fees, terminal fees or registration fees.”

Mr Butler said that Andros has a unique touristic experience and local stakeholders can take advantage of Kanoo’s invoicing feature to receive payments when clients book their resorts or activities.

He said: “Andros holistically has a quaint, intimate, touristic experience at a domestic and international level. For those business owners who have fishing lodges, taxicab drivers, doing chartered fishing tournaments or chartered fishing trips, they can sign up with Kanoo and take advantage of our invoicing feature.

“That invoicing feature permits the business owner to send either a QR code or hyperlink to their clients in which the client can go ahead and pay a deposit or pay for the full amount of the service being provided by simply inserting the debit or credit card information and those funds will settle in the merchant’s Kanoo account.”

He said Family Island businesses can have difficulties receiving booking fees from international travellers if they cannot process their desired payment method and they can save time and maximise profits by taking advantage of the services digital currency providers offer.

He said: “One of the frustrations that Family Island merchants who are in the touristic environments specifically in Andros experience periodically, is the fact that someone has made a booking but they never either one show up to honour that booking or to have a challenge because they pay with debit or credit cards, and that merchant may not have those facilities readily available.

“Therefore, we are encouraging verses to sign up with Kanoo, as they know and have the ability to receive those funds pre booking. They will have the ability to receive those funds pre arrival and ensure that the deposits are in place in case the client decides not to honour the appointment. It secures the merchant from losing their greatest asset which is their time.”