This report summarizes the recorded discussion between Ian (from Paywise) and Dexter (representing Pow Media Limited) regarding the use of Paywise as a comprehensive banking alternative for businesses and individuals in Trinidad and Tobago.
Account Onboarding and Verification
The discussion highlights that Paywise allows Limited Liability Companies (LLCs) to use the platform as a primary "banking system"
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Requirements for LLCs: To open an account, businesses must provide incorporation documents, two forms of ID for all directors and shareholders, a selfie signature, and proof of address for both the company and its stakeholders
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Address Verification Solutions: For businesses without a utility bill in their name, Paywise accepts authorization letters or rental/lease agreements. They even provide templates for these authorization letters to simplify the process
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Processing Time: Once all documentation is submitted digitally, accounts are typically verified and opened within 24 hours
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Business Features and Operations
Paywise offers several tools designed to streamline business management and payment collection:
Payment Collection: Merchants can accept payments via QR codes, payment links, and card payments (including international Visa and Mastercard)
. Customers do not need a Paywise account to make payments via these methods
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E-commerce Integration: A WooCommerce plugin and a developer sandbox are available on the Paywise website for seamless website integration
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Payroll and Bulk Payments: The "Bulk Payment" feature allows businesses to upload a batch file to pay multiple employees or contractors simultaneously with a single click
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Invoicing and Recurring Payments: The system can automatically send invoices with payment links and manage recurring payment schedules (weekly or monthly) for contractors or service providers
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Accounting Integration: While a direct API for real-time reconciliation with software like Zoho Books is in development, users can currently export their transaction history as a CSV file for manual import
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Licensing, Security, and Reliability
Legal Standing: Paywise is registered with the Central Bank of Trinidad and Tobago as an Electronic Money Issuer (EMI). This license authorizes them to hold customer funds and facilitate deposits and payments, though they do not offer credit services
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Security Protocols: The app features a 30-minute inactivity timeout for security. Re-entry requires a PIN and an OTP (One-Time Password)
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Fund Clearance: For e-commerce transactions, funds typically clear within two days, and transfers to a traditional bank account are generally completed within three business days
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Specialized Features and Future Roadmap
EPOS for Mobile Sales: Businesses can use the "EPOS" feature to allow sales representatives on the road to accept QR and card payments on the spot
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Circle (Child Accounts): Personal account holders can create "child accounts" for their children, allowing them to monitor spending and authorize specific transactions
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Cash-Out Feature: A "cash-out" feature is currently in the app and will soon be activated, allowing users to withdraw physical cash from their digital wallets at select agent locations
.
Debit Cards: Paywise is actively exploring partnerships to issue physical debit cards in the near future
.