By Babajide Komolafe
Interswitch NigeriaÂ Â Limited has enterdedÂ into a partenrship withÂ Tetrazzini Chicken Restaurant which entails the deployment of Interswitch Retail Management Systems (RetailPAY) across all existing and upcoming Tetrazzini outlets spread across the country over the next five years.
Interswitch is the nation’s premier electronic transaction switching and payment processing company while TetrazziniÂ isÂ one of Nigeriaâ€™s leading Quick Service Restaurants (QSR). The two companiesÂ recently signedÂ Â a 5-year outsourcing agree-mentÂ on the deployment of RetailPAY.
Interswitch RetailPAY is an electronic payment solution. It is the first of its kind in Nigeria and is designed and developed specifically for the retail business.
With this deployment, Tetrazzini became the second QSR in the country to outsource its retail management to Interswitch, which entails the using of InterSwitch RetailPAY solution.
Recently Mama Cass, another QSR with outlets in Nigeria and the United Kingdom signed an outsourcing agreement with Interswitch.
Interswitch RetailPAY is a web based solution which allows retail merchants in different sectors of the economy such as QSR and other retail-oriented organizations to view all cash, card, cheque and credit transactions from anywhere in the world.
The solution also enables these organizations to manage their inventory and requests online, real time, across all outlets 24/7.
Chief Executive Officer of Interswitch, Mr. Mitchell Elegbe, said from the companyâ€™s study of the retail business, the challenges identified by merchants include the absence of an integrated turnkey retail management solution that can manage sales (manned, self-service, dial-in, remote), product, and collections, inventory and operations management online real time across all merchant locations and this severely hindered the growth potential of these businesses.
Aside these, Elegbe said the merchants were confronted with the challenge of selecting a cost-effective and reliable commu-nications infrastructure to monitor sales and inventory.
On the benefitsÂ RetailPAY, Elegbe said that the product delivers precise answers to the aforementioned challenges and more.
For instance, RetailPAY supports not only the PoS, but also back-office operations. Other functions include PoS terminals usage; multi-tier inventory manage-ment; centralized online monitoring system; multiple payment acceptance options for cash, card, cheque and credit; financial reporting; cashier and supplier management as well as loyalty.
â€œThe solution also features excellent post-purchase support service that guarantees 24/7 maintenance for national and regional presence as well as competent support personnel.
Interswitch RetailPAY is currently the first and only solution in Nigeria that can effectively manage online, real time payment and inventory concerns for QSR and other merchants.
It has low set-up and minimal running cost. Another benefit is that the same system can be used for financial and telecoms services such as airtime top-up, prepaid electricity, funds transfer and bills paymentâ€, he added.