Business in a Box
FAB’s Magnati launches end-to-end subscription-based ‘Business in a Box’ solutions for in-store and online SMEs
SME solutions include electronic cash registers (ECR), ERP modules including inventory management, accounting services and HR management of WPS enrollment, and all other payment solutions under ‘Payment as a Platform’
Helps SMEs with on-click e-commerce conversion and transition to become part of marketplace
Magnati has worked with many partners and fintechs to offer bundled on-premise and cloud solutions
SMEs can benefit from no upfront spend and by becoming referral agents of Magnati’s ‘Super Surprises’ data monetisation tool for driving footfall
Abu Dhabi, UAE: 13 April 2021: Magnati, a fully owned subsidiary of First Abu Dhabi Bank (FAB), has launched its “Business in a Box” solution to help small and medium scale enterprises seamlessly kick-start their in-store and online businesses.
The “Business in a Box” tool offers SMEs a full suite of solutions including electronic cash registers (ECR), ERP modules covering inventory management, accounting solutions, human resource management for enrolling employees on WPS, and all other payment solutions under Magnati’s “Payment as a Platform” service. Magnati will also help SME merchants build their e-commerce capabilities through on-click conversion from in-store.
SMEs face challenges around upfront investments in hardware and software across multiple vendors for cash registers, ERP systems, POS machines and payment mechanisms, and around managing and manually reconciling different systems and devices on the counter, which also leave a cluttered look. Magnati’s “Business in a Box” addresses all these challenges through a single subscription that allows merchants to avail end-to-end, fully integrated hardware and software on a monthly fee.
In addition to the payment solution, merchants also become members of Magnati’s “Super Surprises” referral scheme. “Super Surprises” is an advanced data monetisation tool that generates customised offers for every unique card that interacts with Magnati’s payment ecosystem. By becoming members of the referral scheme, SMEs earn referral income by displaying offers for every unique card that shops with them. Every successful sale through the offer originated out of the SME is eligible for referral fees.
Ramana Kumar, Chief Executive Officer of Magnati, said: “Magnati’s strategy is built around becoming the platform of choice for all of our customers, through solutions that cater to their individual needs. Our platform has been created in partnership with fintechs and other advanced solutions providers, to deliver ‘Business in a Box’. Our APIs are now fully integrated and our merchants will get seamless service of all solutions in a single package. They don’t need to worry about hardware and software changes and everything will be taken care by Magnati through a subscription service. We are also delivering additional value to our merchants through an option to build revenues as ‘Super Surprises’ referral agents. This comprehensive offering underscores the magnetism, energy and agility of Magnati.”
All merchants either setting up their business or investing in their hardware and software licences for ECR, ERP modules or accounting systems can work with the Magnati sales teams to understand how “Business in a Box” can help them.
Magnati is the carve out of FAB’s payments business and its transition from a transactional to a data-driven and platform business. Magnati is a fully owned FAB subsidiary, strengthening the Group’s leadership position in the rapidly expanding payments sector and accelerating its digital transformation agenda.