New online payment solutions to support small business through the Covid-19 pandemic

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DURBAN –  Yoco, a financial platform for small business, has launched a suite of online payment solutions for merchants to sustain their cash flow during and beyond lockdown. 

“Yoco’s mission has always centred around helping small businesses thrive and supporting them is more important now than ever before. 

The national lockdown has had a severe impact on our merchants. Through our platform and the results of a recent merchant survey, we have seen up to a 90 percent 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,” said Katlego Maphai, co-founder and Chief Executive of Yoco. 

The Yoco team has worked to develop three new payment solutions: Payment Page, Gift Vouchers, and Payment Request. All three are purpose-built for small businesses to do business online in different ways, simply and securely.

The announcement comes on the back of another Yoco milestone reaching a customer base of 80000 small businesses. Supporting small businesses is more important than ever.

According to Yoco, this inspired the team to drive the online payments project forward. The company has been developing these solutions for a few months. 

Covid-19 has made contactless and online payments a priority for all of our merchants, no matter which industry they find themselves in. Supporting merchants through this process of adaptation and innovation is a part of our mission.

Here’s a look at the three new payment solutions:

Payment Page enables merchants to receive card payments through a personalized online page, removing the friction of EFTs and creating a seamless experience for customers. 

Gift Vouchers allow customers to support their local small businesses cash flow needs now, and redeem the vouchers for products or services once the lockdown is lifted. 

Payment Request gives merchants who are still trading the ability to request and accept online card payments for sales, conveniently tracked within their sales history. The Online Payment suite is available on the Yoco app from now to all Yoco customers.

To further support small businesses, Yoco are also launching a small business directory at Owners are encouraged to register on the directory to make their businesses discoverable by consumers across South Africa.

Another startup that is helping other businesses is Airbuy who are offerong to to build online stores for other startups at no cost through virtual technical workshops offered by AWS Activate.

Airbuy said that the skills gained from the workshop will equip entrepreneurs to leverage technology and take their businesses online during the national lockdown.

The workshops offer a detailed step-by-step approach for entrepreneurs, from inception to launch, and provides them with AWS services that will help these businesses to flourish even after the national lockdown.

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