According to recent research, the informal sector accounts for about 18 % of South Africa’s gross domestic product, with over three-million workers engaged in the informal economy. In addition, an estimated 2.9-million migrants are said to reside in South Africa, many of whom struggle to access financial services in order to start small businesses such as spaza shops, salons and kiosks. 

To better serve this sector, Hello Pay has created a new turn-key suite of business solutions that aims to enable growth, save costs, and give users access to financial services.

The company’s SoftPOS offering currently allows users to process payments, access daily auto cash-up (reconciliation) and activate and control multiple devices with one account. Hello Pay has now launched its Business Solution to enhance its small and medium-sized enterprises (SME) offering, giving merchants access to a range of servicecs such as loans, business cover and armed response.

“We realised that many of our clients require a solution that will reduce operational costs and provide protection and business growth. With the Hello Pay Business Solution merchants have access to services and benefits they would normally struggle to acquire,” says Hello Pay MD Zunaid Miya.

“Hello Pay’s Business Solution is an all-in-one suite of services offering everything merchants and small businesses would normally have to seek from multiple providers. Our solution gives merchants access to these services and benefits, quickly and efficiently. Those who already have access to such services will also benefit from our lower costs and ease of use.”

The POS device allows users to accept card payments and sell airtime and electricity and, with a Hello Paisa bank account, gain access to the Business Solution. Users are now able to swipe on the device and receive funds directly into the account. By receiving funds electronically users are able to transact digitally, order online and have goods delivered.

Additional benefits of the Hello Pay Business Solution include:

• Business insurance cover from as little as R60 p/m
• 24-hour armed response for just R2 a day
• The ability to pay staff salaries or remit money home using Hello Paisa
• Transaction rates as low as 1.2%
• An online Portal to keep digital records instead of hassling with long slips
• A dedicated agent to train and guide users through all the available services

“We wanted to even the playing field by offering small merchants and migrants the same opportunities as everyone else. The solution not only offers them a way to go cashless but also to protect and grow their business. Our solution is affordable and convenient for small business owners looking to give their fledgling companies the edge. Hello Pay is proud to play a role in ensuring SMEs reach their full potential with an industry-leading solution that resolves business owners’ most pressing pain points.” says Miya.