PAY WITH EQUITY FREQUENTLY ASKED QUESTIONS

1. What is Pay With Equity? Pay With Equity is a mobile money service that allows customers to pay for goods and services easily and conveniently using a mobile phone to a merchant Till Number.

2. What are the features of Pay with Equity? i. Push transactions ii. Pull transactions iii. Interoperability

3. Which mobile wallets can pay to Pay With Equity merchant tills? i. Equitel and Eazzy banking App ii. Safaricom and Equitel USSD *247# iii. M-Pesa iv. Airtel Money v. Pesalink

4. How does one make payments to Pay With Equity Tills? 5. How does a QR code payment work? A QR code (Quick Response code) is a machine-readable barcode that contains information about the item to which it is attached. In our case, a QR code contains a merchant’s information e.g. name, location, merchant ID Merchants can receive payments from customers who simply scan the merchant’s QR code using a smart phone camera to make a payment.

6. How will I know that a transaction has gone through for me to release Goods sold? You will receive a message on your Pay With Equity till confirming that the transaction has been successful and money has been received. The customer will also receive a confirmation message on their phone.

7. When a customer pays into a Pay With Equity Till, how long does it take for the Merchant to get the credit into the account? Transaction settlement for Pay With Equity merchants is real time. Money paid into a Pay With Equity till hits the merchant’s Equity account immediately and is available for use by the Merchant.

8. What are the benefits of Pay With Equity to the Bank? i. Deposit mobilization ii. Creating convenience to customers iii. Decongesting banking halls.

9. What is the maximum number of Pay With Equity tills a merchants is allowed to have? A merchant can have as many tills as their business requires.

10. What are the requirements for one to become a Pay With Equity merchant? i. The applicant must have a running business ii. The applicant must maintain a collection account with Equity Bank iii. The applicant must fill in and sign the Pay With Equity merchant application form iv. The applicant must read and accept the Pay With Equity terms and conditions

11. What is the maximum amount a Merchant can receive into a Pay With Equity till from one customer? The maximum amount per transaction (for Equity customers) is Ksh 300,000 per transaction and total of Ksh 1,000,000 per day

12. Do I need any support documentation from my customers for large transactions? No. All transactions including large transactions will be PIN authorized by the customer and you do not need them to produce their ID or Passport

13. Can a customer reverse or cancel a transaction once paid to a till? No, a customer CANNOT reverse or cancel a transaction once paid. A merchant who has received payment for a certain transaction can reverse that transaction and by so doing refund money to the customer. The bank can also reverse a transaction and refund money to the customer. This is done after a complaint or request for reversal has been lodged and validated.

14. How long will it take for a dispute to be resolved? Any dispute will endeavor to be resolved as fast as possible but not more than 72 hours.