With the advent of the internet the world has become a global village and the activities that required physical presence are becoming online affairs. In keeping with this trend, most merchants now have web sites that promote their goods and services. The increasing numbers of small online Merchants are now faced with the challenge of cashless transactions over the internet since online payments have become a normal way of life.
The small online merchant has the option of creating his own payment system but this will take him time and effort and distract him from his business operations. His best option would be to integrate an existing online payment system into his online web site. Some payment systems tend to miss out a great part of the society that does not operate bank accounts although they have an appreciable effect on the financial world.
iBuy is designed to play a key role in generating internet revenue for the merchant . The service is targeted at making it possible for small online merchants to tap into the financial wealth of this unbanked sector of the populace by enabling them participate in the world of online financial transactions.
iBuy is a fully integrated system that changes the way the small online merchant’s clients make online payments. It is a generic, scratch card based system tailored towards the peculiar situation in Nigeria. Its generic nature gives it the benefit of being usable on any merchant’s website that wants to make use of the service.
The scratch cards are bought with cash in denominations so that with iBuy the merchant’s clients make online payments as though they were spending cash by combining denominations where necessary. Residual money from transactions is left on the last card in a combination. Checking the balance on an iBuy card is done online or via sms. The option of purchasing a blank card with any required denomination is also available.
Affirming the robust and secure nature of the service, the iBuy server is contacted for verification whenever a scratch card is used at a merchant site. Using the My Security Key feature, security can be applied on your iBuy card by registering it. Implementing the My Security Key feature makes it impossible to use the card without the registered security key.
With these security features in place, merchants can rest assured that their clients have a reliable means of remitting payment for their goods and services via iBuy. Taking it a step further, merchants can monitor the transactions taking place on their site and they can generate specific reports from the logged transaction details that the service keeps.
