Yoco, a South Africa-based fintech startup has launched online payment solutions for small businesses. In response to the national lockdown, it launched three new payment solutions, namely; Payment Page, Gift Vouchers, and Payment Request.
Yoco was founded in 2013 and now has a customer base of 80,000 small businesses. It launched its first product in 2015 – a card reader that small businesses use to accept card payments. The payment suite enables merchants to accept payments, and easily track and reconcile all invoices.
Before now, Yoco has been known for in-person payments only before the national lockdown. Its card machines allow merchants to accept card payments without paying for bank charges.
See also: SA-based SweepSouth Launches $642 Workers Relief Fund Amid COVID-19 Pandemic
Its new payment options are for small businesses transacting online. Payment Page allows small businesses to set up online payments so that customers can pay with debit or credit cards. Payment request allows SMEs to request payment with their smartphones from anywhere. The gift voucher helps small businesses get cash aids during the lockdown.
Speaking about the latest development, the CEO, Katlego Maphai said the national lockdown has had a severe impact on their merchants. “Through our platform and the results of a recent merchant survey, we have seen up to a 90% decrease in in-person transactions since the lockdown began. We knew that the best way to support our merchants was to develop products that would enable them to do business online and keep money coming in through this period,” he said.
More on TechGist Africa:
- Google Uses Daily Doodles to Honour Essential Workers Amid COVID-19 Pandemic
- IFC Invests $20 Million in PE Fund for North African Companies
- SA-based SweepSouth Launches $642 Workers Relief Fund Amid COVID-19 Pandemic
- MTN Group Donates R250 million Relief Fund to Fight COVID-19
- 54Gene Closes $15 million Series A Funding Round amid COVID-19 Outbreak