SMEs are often described as the drivers of South Africa’s economy, but the business tools they need, generally come at a high cost and are primarily designed for larger businesses.
This is the challenge that payment service provider Yoco says its addressing with a new, free Point of Sale (POS) solution.
Packaged as a bundled offering with the company’s card readers, the integrated POS solution will allow businesses to organise stock, ring up sales, do cash ups, recons and monitor their sales performance in real-time.
Yoco is upgrading its 14 000 current merchants to the Yoco Point of Sale for free, and is also making it available for free to any business that purchases a Yoco card reader.
In development for a year, the new solution was developed hand in hand with Yoco’s existing merchants to ensure it meets their needs.
“We’ve been developing our new point of sale for over 18 months,” says Yoco CTO Lungisa Matshoba. “During the beta phase, we saw 55 merchants process over 200 000 transactions on the Yoco Point of Sale. The experience highlighted to us the impact Yoco Point of Sale can have on the growth potential of thousands of other small businesses, from hairdressers to restaurants to clothing stores, across the country. The more these businesses grow, the more South Africa grows with it.”
Says Yoco CEO Katlego Maphai: “We have made accepting payments easy for SMEs – our next natural step was to focus on making running a business easier. Our ultimate goal is to allow entrepreneurs to focus their attention on growth and customer engagement, and not the day-to-day tasks which can be streamlined through technology and data.”
Yoco Point of Sale was unveiled at the company’s recently launched retail store, the Yoco Store, in Parkhurst, Johannesburg. The Yoco Store is where current and potential Yoco customers can explore and get expert advice on Yoco’s products and solutions, as well as those of its partner ecosystem, which includes cloud accounting service Xero and cloud point of sale solutions TabletPOS (powered by iKentoo) and Vend. The store is the first of its kind in South Africa and one of the first in the world for a point of sale payments company. It is completely cashless and is powered by the company’s point of sale offering.
Yoco Point of Sale is entirely cloud-based and has started rolling out across the Apple App Store and the Google Play Store. It will be available to all new and existing Yoco customers.