Paynow Merchant Account

Are you wondering what is a Paynow merchant account? Well, we can help you out with that. 

What is Paynow?

Paynow is a payment gateway similar to a service like Zimswitch. If you have ever paid for your goods using your bank card in the store then you are familiar with the card machines where you swipe your card. The technology in that card machine is that of a payment gateway. 

Now payment gateways have many applications both online and offline. Paynow is one such payment gateway. When you register for an account on PayNow you do not need to sign or fill out any forms from your bank. If you are planning to set up an eCommerce website this is just what you need to process payments in a quick and hassle-free way. You stand to benefit more if you are a verified merchant.

What is a Paynow Verified Merchant?

A verified merchant is a seller who would have provided extra evidence of who they are to PayNow. There are some benefits attached to being a verified merchant. You become more trustworthy to your customers. Other benefits include:

  • Verified merchants are allowed to show their verification badges on their websites and on their profiles.
  •  Verified merchants can have the Escrow facility removed so that payments can be automatically made to their account without confirming delivery. In other cases, where there is no verification, delivery must be confirmed first before funds can be released from Escrow into your account. 
  • All verified accounts can receive payment through Visa/Mastercard.
  • Settlements are received daily except on Sundays.  

Who Can Pay you Using Paynow? 

PayNow is quite a convenient way of processing payments and it offers more than one way of receiving payment from someone. Here are some ways you can receive money directly into your account using PayNow:

  • Visa allows customers to pay online using either a Visa debit or credit card. This includes both locally issued and international Visa cards. When a customer selects this option at checkout, they are required to complete a 3D Secure authentication process, which may involve entering an OTP or confirming the transaction through their bank. Once the transaction is approved, funds are settled into the merchant’s NOSTRO account, typically within two business days (T+2). 

    Zimswitch enables customers to pay using both USD and ZIG bank cards issued by local banks that are part of the Zimswitch network. Customers enter their card details at checkout and may be required to input a secure PIN for verification. Funds are settled directly into the merchant’s ZIG and USD bank accounts. 

    EcoCash allows customers to pay using their EcoCash mobile wallet. At checkout, they input their EcoCash number and receive a prompt on their mobile device asking them to authorize the transaction. Once the payment is approved the funds are processed instantly.  Funds are settled directly into the merchant’s ZIG and USD bank accounts. 

    OneMoney functions similarly to EcoCash. Customers use their OneMoney wallets to complete the transaction. After selecting OneMoney at checkout, they receive a prompt on their mobile phone and must authorize the payment to complete it.  Funds are settled directly into the merchant’s ZIG and USD bank accounts. 

    InnBucks is a USD only payment option that provides customers with an authorization code after they select it at checkout. This code can be entered manually into the InnBucks app, scanned via a QR code, or used through a deep link that opens the InnBucks mobile app with the code prefilled. Once the customer authorizes the transaction using any of these methods, the payment is completed, and the funds are settled into the merchant’s USD account

    Omari allows customers to pay in both USD and ZIG by confirming their transaction using an OTP (One Time Password) sent to their mobile number. After entering the OTP, the transaction is finalized and funds are processed. 

How to Receive Payments

Pay a visit to the Paynow website and see more details on how to receive different kinds of payments.

To open a Paynow account you must visit the sign up page here and provide the required details on the provided spaces