CheqOut will enable small businesses and individuals to harness credit card facilities for their business. Individuals running a business or taxi drivers on the move rarely own credit card payment facilities, but CheqOut is set to change that.
CheqOut will allow you to receive credit card payments via your mobile phone, so you do not have to rush off to the ATM to draw money if you want to make a payment. Business owners will be able to use these facilities anytime, anywhere. The initial release will only be on iOS and Android devices.
CheqOut founder Bradley Elliott says, “95% of the SA economy is based on small businesses, however not all of them can afford the cost of credit card facilities or land lines because their turnover is not high enough. CheqOut’s aim is to empower these small businesses by providing them with an additional low-cost payment method and basic point-of-sale system”.
Once you have registered on the website, you fill out your banking details, and then download the app. Funds from your customers’ credit cards will clear within 48 hours to your bank account. CheqOut will charge a competitive flat rate for transactions.
CheqOut’s security consists of a 3-layer system alongside fraud detection within CheqOut.