Nedbank has developed a mobile, cell phone based, payment software solution that allows merchants to process credit card payments without needing a point of sale (POS) terminal. The product can be used with any network and costs less than POS terminals. 

“Small businesses will be able to process credit card transactions via their cellphones without changing networks or compromising the safety of transactions. Hand in hand with this offering is a manual imprinter that enables the merchant to show proof of purchase,” says Sydney Gericke, MD of Nedbank Card.
The technology, Nedbank iMPi, is aimed primarily at enterprises that have a low volume of transactions and those who require mobility in their day-to-day business activities.
Nedbank’s target market includes Bed & Breakfasts (B&Bs), lodges, passenger transfer businesses and mobile service providers such as plumbers, electricians, courier companies and small medical practices such as speech therapists.
This enhanced payment solution through cellphones follows closely on the heels of Nedbank’s offering earlier this month of FREE banking on the most common transactional banking items to small businesses and start-ups, for a period of two years. These include:  * Free unlimited Cash deposits
* Free unlimited cheques,
* Free unlimited debit orders,
* Free unlimited Internet banking transactions.
“Nedbank iMPi is a cost-effective and convenient solution for small businesses – they can use their existing cellphone and they do not need to change networks,” says Gericke.
“The technology is easy to use and can be used with GPRS, SMS or simple voice commands. Clients will experience seamless credit card transactions as the POS will be brought to them, thus limiting the need for cash or cheques on hand,” says Gericke.
Those applying will undergo Nedbank’s verification process in order to qualify as merchants. Once registered, merchants will receive a unique software code and PIN to download software and begin transacting.