Hello Pay has created a new turnkey suite of business solutions for small- to medium-sized businesses (SMBs) and entrepreneurs that will enable growth, cut costs and increase their financial access, according to a Financial IT report Wednesday (June 8).
Hello Pay’s SoftPOS offering allows users to process payments, access daily auto reconciliation and activate and control multiple devices with one account. Hello Pay is also launching its Business Solution to enhance its SMB offering, giving merchants access to loans, business cover, armed response and more.
Entrepreneurs account for about 18% of South Africa’s GDP, with over three million workers engaged in the informal economy, according to the report. In addition, an estimated 2.9 million migrants reside in South Africa, many of whom struggle to access financial services to start small businesses.
“We realized that many of our clients require a solution that will reduce operational costs and provide protection and business growth,” said Zunaid Miya, managing director of Hello Pay. “With the Hello Pay Business Solution, merchants have access to services and benefits they would normally struggle to acquire.”
The POS device allows users to accept card payments and sell airtime and electricity. With a Hello Paisa bank account, users will also get access to the Business Solution. They’ll be able to swipe on the Hello Pay device and receive the funds directly into their Hello bank account. By receiving their funds electronically, they will be able to transact digitally, thus being able to order online and get their goods delivered to them.
Related: TransferMate Founder Sees Stablecoins as B2B X-Border Payments Future
About 98% of all cross-border business payments are managed through the SWIFT banking system, which enables the execution of payment transaction flows between financial institutions and banks worldwide.
But Terry Clune, founder and chairman of TransferMate, said sticking to a slow, delay-prone cross-border payment system is no longer an option for businesses looking for faster, cheaper and more convenient solutions to make international transactions.
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