Raiffeisen Bank launches smartphone acquiring sign-up for business

Raiffeisen Bank has made it possible for business clients to set up card and device payment acceptance through the myRaif mobile app — no branch visit or paperwork required.

According to Yevhen Vasyltsov, Head of the Acquiring Department at Raiffeisen Bank, clients can now order a POS terminal for their point of sale directly in the "acquiring" section of the myRaif business account.

"We wanted setting up acquiring to take about as long as it takes someone to grab their morning coffee. The client opens the app, chooses what they need — payment acceptance on a website or a POS terminal in-store — enters the company name, KVED code and the account for payments, and within seconds the application is already with the bank. It's essentially just five steps: as simple as ordering clothes from an online store," said Yevhen Vasyltsov.

How it works. In the app, the client selects the acquiring type — a POS terminal (from 1.3% plus a fixed fee of UAH 400) — enters the company name that will appear on the receipt, chooses the account for payments and the KVED code under which they'll receive payments. If the client needs a physical terminal, they immediately select the nearest bank branch for pickup — the app suggests the best options automatically.

All documents related to the acquiring order are signed electronically and sent to the client's email right away. According to the bank, processing the application takes up to 10 seconds. The service is available to FOP clients in the myRaif mobile app.