Sunday 15 / September / 2024
Muscat: Business payment solutions, which enable customers to make payments effortlessly are an essential step in the success of modern businesses. As the leading financial services provider in the Sultanate of Oman, Bank Muscat partners with thousands of businesses, institutions and organisations of all types and sizes ranging from government entities and large corporates to micro, small and medium sized businesses, educational institutions, non-governmental organisations. The bank provides different solutions depending on their unique requirements and has invited business partners to check out the full range of payment solutions available to them depending on their unique requirements. Today, the bank’s payment solutions include POS (point-of-sale) terminals, payment links, QR-code based payments, Dynamic Currency Conversions, Self-checkout Terminals, Integrated POS solutions and Payment Gateways.
Speaking on the occasion Abdullah Hamood Al Jufaili, Assistant General Manager, Digital Banking Bank Muscat, Bank Muscat, said: “Bank Muscat is committed to empowering our merchant partners with innovative digital solutions that bring efficiency and scale in their respective businesses. We are very happy to note that our partners are quickly adopting the bank’s state-of-the-art digital banking solutions to speed up transactions, optimise the efficiency of their employees, minimise data-entry related risks in payment processes and improve overall security and cash management. We encourage all our partners to explore Bank Muscat’s full range of digital offerings that can help further supercharge their customer transactions experience. The bank will continue to launch offer the latest financial services and solutions in line with global financial trends to its customers.”
Digital options to supercharge retail businesses
Bank Muscat offers the best-in-class payment products to help businesses to expand and reach newer heights. The payment acceptance solutions offered by the bank includes Point of Sale (POS) Terminals as well as online payment options. The features of the payment-acceptance solutions include universal compliance with up-to-date security features, acceptance of all domestic and international debit, credit and prepaid cards, prompt payment settlements, on-site support and round-the-clock help desk as well as access to payment reports for ease of reconciliation. The different options available to merchant partners include the following:
POS terminals: These allow merchants to accept card payments from Visa, Mastercard and American Express amongst others. Customers can easily make purchases in line with the latest payment security standards in the market using Tap and Pay, EMV Chip and PIN as well as magnetic stripe cards.
Integrated POS terminals: Integration of POS terminals with the checkout counters helps in quick processing of customer’s purchase and provides all the necessary information about their purchase. On the business side, duplicate entries of sales transaction with the POS and cash register is eliminated. The integration solution can also handle management reports to aid sales, analysis and inventory to suit demanding retail needs.
QR codes: Customers can use their mobile phone and their mBanking app to scan a dynamic or static QR code and make payments to a merchant. Dynamic QR codes are displayed on the POS device and a customer can scan it using their Bank Muscat mBanking app. The dynamic QR code generated on the POS device is individual for each transaction and the payment details are prefilled to avoid data input errors. The customer only needs to accept and complete the payment.
A static QR code on the other hand only displays the merchant’s (recipient’s) details. The customer has to then manually enter the amount to be paid and complete the transaction.
Dynamic currency conversion (DCC): This is a credit card feature that allows a customer to make a POS credit card purchase in a foreign country using the currency of the home country.
Payment links: An online payment method where the merchant requests instant payments by generating a request (creating a payment link) and sharing it with a customer through SMS or email.
Self-checkout machines: They provide a mechanism for customers to complete their transaction at a retail outlet without needing a cashier.
Payment kiosk: They can be used to receive a bill payment and the backend system can be either a POS or a Payment Gateway.
Payment Gateways: These enable a merchant to accept online and offline card payments.
Bank Muscat’s payment solutions enable merchant partners to offer an array of payment options to their customers. The bank has deployed experts to guide partners through the options available and make the right choice regarding their needs. Also available is a support team that works 24/7 to provide customer support and a straightforward onboarding process. Whether large or small, Bank Muscat has the right payment solution available for all types of business, depending on their unique needs. What is more, the bank’s payment solutions offer a customised user experience for both merchants and customers.
The bank’s ongoing digitalisation drive is in line with the goals of Oman Vision 2040 and will further enhance financial inclusion in Oman. Digitalisation addresses the entire value chain of institutions and corporates by providing sophisticated analysis of data sets, real-time insights to ensure transparency and greater control for customers to make better-informed decisions. The bank’s efforts in customer centricity and digitalisation have been well recognised by local and international media with the bank winning multiple awards including the Best Digital Bank in Oman in the Consumer and Corporate categories from Global Finance as well being listed by Forbes Middle East in its rankings of the Top 50 Banks in the Middle East.
