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CASE STUDY

Fairmoney

How Fairmoney Leverages Blockchain-Powered ZonePOS to Deliver 100% Reliable Payments Experience.

1. Executive Summary

Overview: Fairmoney, a leading fintech company in Nigeria, sought to enhance the reliability and security of their payment processing, particularly at their merchant locations. Persistent issues with transaction disputes and chargebacks were not only affecting their operational efficiency but also their customer satisfaction. Enter ZonePOS, a decentralized PoS Payment Gateway developed by Zone, designed to address these exact challenges and more. This case study explores how Fairmoney successfully integrated ZonePOS, resulting in zero chargebacks and a 100% resolution rate on potential disputes within just three months of implementation.

Key Results:

  • Chargebacks Eliminated: Zero chargebacks recorded in three months of operation.
  • Instant Dispute Resolution: 100% of disputes are auto-resolved by ZonePOS, requiring no manual intervention.
  • Operational Uptime: 99.9% uptime, ensuring uninterrupted service across all merchant locations.
  • Transaction Volume: Scaled to handle 100% of Fairmoney's PoS transaction volumes within 48 hours of integration.

    • 2. Background and Challenge

    Industry Context: The financial services industry, particularly in emerging markets like Nigeria, is plagued by transaction delays, disputes, and chargebacks, which often result in customer dissatisfaction and increased operational costs. Fintech companies like Fairmoney are at the forefront of driving financial inclusion but are often hindered by these legacy issues.

    Fairmoney's Pain Points:

  • High Dispute Rates: Recurring issues with transaction disputes, where customers often did not receive value, leading to a negative experience and operational headaches.
  • Manual Resolution Processes: Chargebacks required manual processing, consuming time and resources.
  • Reliability Concerns: Frequent transaction failures and the resultant need for customer support were affecting Fairmoney’s reputation.

    • 3. The Solution

    About ZonePOS: ZonePOS is a next-generation, decentralized PoS Payment Gateway built on Zone's regulated blockchain network for payments. It offers unprecedented reliability and security by directly routing transactions from acquirers to issuers, ensuring same-day settlements, and eliminating chargebacks through real-time auto-resolution mechanisms.

    Why ZonePOS? Fairmoney chose ZonePOS for its:

  • Direct Card Routing: Ensures faster and more reliable transaction processing.
  • No Chargebacks: Automated resolution of disputed transactions, preventing the need for manual chargebacks.
  • Scalability: The system's ability to seamlessly scale with Fairmoney’s growing transaction volumes.

    • 4. Implementation Process

    Strategy: The implementation of ZonePOS at Fairmoney was executed in a phased approach, ensuring minimal disruption and quick adaptation. The focus was on immediate integration with Fairmoney’s existing systems, rapid deployment, and continuous monitoring.

    Steps:

  • Initial Assessment: Zone’s team collaborated with Fairmoney to identify critical points in their transaction processing chain that required improvement.
  • Custom Integration: ZonePOS was tailored to fit seamlessly into Fairmoney’s existing infrastructure, ensuring that there was no need for overhauling their systems.
  • Training and Onboarding: Fairmoney's staff received comprehensive training on the new system to ensure smooth operations.
  • Go-Live: The system was launched across all Fairmoney merchant locations, with the capability to handle full transaction volumes within 48 hours.

    • Challenges and Solutions:

  • Data Migration: Ensuring that historical transaction data was accurately transferred to ZonePOS without any discrepancies.
  • Change Management: Fairmoney's team was initially concerned about the transition, but extensive training and support mitigated these concerns.

    • 5. Results and Impact

    Quantitative Outcomes:

  • Zero Chargebacks: Over three months, ZonePOS handled all transactions without a single chargeback—a significant improvement from previous systems.
  • Instant Dispute Resolution: ZonePOS auto-resolved all disputes, eliminating the need for manual intervention and drastically reducing operational load.
  • High Scalability: Within 48 hours, ZonePOS scaled to process 100% of Fairmoney’s transaction volumes, handling peak loads without any issues.

    • Qualitative Outcomes:

  • Client Testimonial: "The integration of ZonePOS has been a game-changer for Fairmoney. We’ve seen a complete turnaround in our transaction reliability, and the customer feedback has been overwhelmingly positive." – Associate Director of Strategy, Fairmoney
  • Industry Impact: The success of ZonePOS at Fairmoney has set a new benchmark for transaction integrity and efficiency in the fintech industry.

    • 6. Lessons Learned and Best Practices

    Key Insights:

  • Customization is Key: Tailoring the solution to Fairmoney’s specific needs ensured a smooth integration and immediate impact.
  • Automation Enhances Efficiency: Automating dispute resolution processes not only improved operational efficiency but also significantly enhanced customer satisfaction.
  • Collaboration Drives Success: Close collaboration between Zone and Fairmoney was essential in overcoming challenges and ensuring a successful deployment.

    • Best Practices:

  • Early Stakeholder Engagement: Engaging with stakeholders early in the process helped align goals and set realistic expectations.
  • Continuous Monitoring: Post-launch monitoring and support ensured that any potential issues were addressed promptly, maintaining the high reliability of the system.

    • 7. Conclusion

    Visionary Statement: The implementation of ZonePOS at Fairmoney has not only resolved long-standing issues but also set a new standard for payment processing in the fintech industry. This case study exemplifies the power of innovation and collaboration in driving transformative change. With ZonePOS, Fairmoney is now equipped to lead the future of financial transactions, ensuring that every payment is fast, secure, and reliable.

    Next Steps: Interested in how ZonePOS can revolutionize your payment processing? Contact us today for a personalized consultation.


    8. Appendix

    Supporting Data:

  • Interactive Charts: Visual representations of the improvement in transaction reliability, dispute resolution, and customer satisfaction post-ZonePOS integration.
  • Video Testimonials: Insights from Fairmoney’s leadership team on the impact of ZonePOS on their operations.

    • Contact Information:

  • For more information about ZonePOS and other products, visit Zone Network
    • Fairmoney

    Fairmoney

    Fairmoney, a leading fintech company in Nigeria, sought to enhance the reliability and security of their payment processing, particularly at their merchant locations.

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