Employers are faced with many risks when handling cash to pay employees not qualifying for, or unable to afford, traditional bank accounts.
Net1's U.E.P.S. system successfully eliminates the need for cash by means of introducing electronic funds that are guaranteed by a financial institution. Cash is removed at the source, typically the place of employment in the form of wages.
The system reduces administrative labor costs due to the reduced time involved in distributing electronic value compared to cash pay packets, a knock-on effect is the increase in productivity experienced in the workplace. Most impactful is the substantial decrease in the costs associated with the management, transportation, delivery and general handling of cash.
By paying wages electronically and directly onto the U.E.P.S. smart card, the potential for fraud, crime and violence normally associated with cash handling are reduced. Additionally, theft claims by employees against employers are entirely eliminated because the amount deposited to the card is precisely recorded and saved in the system through multiple audit trails.
The system is suitable for large or small workforce payments on a weekly, bi-weekly or monthly basis and can be configured per employer so that the database can be split up into departmental or company sub-databases as required.
Employers frequently provide additional services to employees out of necessity, particularly loans - this system enables other service providers to deliver these products.
Our U.E.P.S. Technology Offering Incorporates:
- U.E.P.S. Technology
- Social Grant Benefit Payment
- Pension Collection and Distribution
- Salary and Wage Payments
- Cash Advances
- Third Party Host Deductions
Our Services include:
- Transaction Management Services
- Bill Payment: EasyPay's consumer bill payment service introduced at retail POS over 13 years ago is integrated into a large number of national retailers, mobile channels and is available on www.easypay.co.za.
- Prepaid Electricity: Enables the vending of prepaid electricity for electricity utilities such as Eskom and a growing number of local authorities on a national basis.
- Electronic Funds Transfer (EFT): EasyPay switches credit, debit and fleet card EFT transactions for leading South African retailers and petroleum companies.
- Hosting: EasyPay hosts payment servers and applications on behalf of third parties including financial institutions.
- Settlement & Reconciliation: EasyPay provides a complete reconciliation and settlement service to its business partners, including dynamic reconciliation, report and screen-query tools for down-to-store-level management and control purposes.
- Third Party Switching & Processing Support: EasyPay switches transactions from retail POS systems to the relevant back-end systems for Third Parties.