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Mobile Payment Device to avoid Cash Risks

A young and innovative Cape Town-based financial services company has launched a new mobile payment service that is set to transform the way that Tourism SME’s accept payment from their customers.

Using a secure Chip & PIN card reader that plugs into a smartphone, and coupled with a mobile app, the device transforms any smartphone or iPhone into a secure mobile Point of Sale (mPOS) terminal, thus enabling merchants to process card payments – anywhere in South Africa.

The device is an affordable, and easy to use solution for smaller tourism entrepreneurs, such as tour operators, airport shuttle services and accommodation establishments, to avoid the risks associated with taking cash, by being able to process credit and debit cards via mobile transactions, sell value-added services (such as airtime) and monitor and track sales performance and transactional history through the slick and easy to use Mobile App.

Simplicity, service and security are the three pillars on which the device and App have been built. The proudly South African developed and manufactured solution has been through an incredibly rigorous international testing process with regulatory bodies and card schemes to ensure world-class security.

The Umhlanga based technology company behind the solution was founded by two young Durban raised entrepreneurs – Ramsay Daly and Matt Putman and their mentor Dr Clive Putman – an experienced technologist and entrepreneur. Earlier this year the team earned the accolade of building the first African developed mPOS offering to gain full international accreditation.

The proprietary online portal removes much of the hassle that SMMEs would normally face when signing up with their bank through traditional channels. Once paid for and approved, the device is delivered to the merchant. The solution is available to all businesses irrespective of their bank.

Merchants pay a once-off cost of R989 for the Chip & PIN card reader and thereafter a flat 2.75% per transaction, there are no hidden monthly fees. There is also a 24-month rental option for merchants looking to avoid an upfront cost.

The entrepreneurial founders are passionate about empowering small business in South Africa and recognise that SMMEs have traditionally been overlooked by large institutions that provide financial products and services. “Being South African entrepreneurs ourselves, we understood the challenges businesses face in collecting cash or digital payments from their customers. We have built a product that offers fellow entrepreneurs and businesses an easy way to take card payments securely using their mobile device whilst minimising the risks associated with carrying cash. We are really excited to finally see our vision come to life and witnessing the positive impact first hand makes all the hard work worthwhile,” says Daly.

“Our dream is that all South African businesses – from the travel and tourism sector to the informal sector, from tradesmen to enterprise level FMCGs – will be able to offer their customers a slick and secure mobile payment experience for all forms of payment through our system. We are determined to deliver an honest and transparent service to our merchant base that creates a sense of community and ultimately helps SME’s confidently adjust to the ever changing digital world,” adds Putman.

For more information visit www.iKhokha.com