With many small business owners struggling to collect invoices efficiently, an online payment system, Peach Payments has introduced Peach PaySafe, an online payment option for all businesses to collect invoice payments. With over R2 million invoice payments processed, PaySafe allows business owners who don’t conduct their business online to use the portal.
Co-founder of Peach Payments Rahul Jain says, “A high proportion of SMEs in SA and other emerging economies do not trade online. Their success depends on the personal contact and face time that they have with their customers. We saw the need to find an admin-easy, accurate and safe invoicing and online payment system for small businesses that do not operate online, which is PaySafe.”
To get payment, the business owner logs in to the PaySafe portal and sends the client an email or SMS, and in turn the client can pay on online, this method requires no integration with a website or application.
Rahul says, “Peach PaySafe users range from freelancers, professionals, high-end tour operators, SMEs providing business services and even local taxi and helicopter operators. We are now adding more features like integrating PaySafe with accounting platforms like Xero and also allowing merchants to set an expiry time for requests. Our clients will further benefit not only from improved cash-flows but also reduced administration time and costs.”
“PaySafe will rapidly change the way businesses in South Africa issue an invoices and collect payments,” says Rahul.
“Despite there being many players in the payments space, the dire need for advanced payment platforms in developing countries presented us with a tremendous opportunity. Our solutions, including our core transaction processing and now PaySafe, address the pain points of traditional payment methods. They are geared to the realities of the African market. All our products are built for mobile interfaces to address the African customers who primarily access the internet on their mobile devices.”
Jain says that Peach Payments was also the first provider in South Africa to provide a working solution for subscription payments or recurring billing back in 2013. He adds that Peach Payments is now expanding into Kenya and Nigeria, with plans for other African countries.
Peach Payments is a gold member of AlphaCode, a Rand Merchant Investments (RMI) club for fintech startup entrepreneurs. RMI’s senior investment executive and head of AlphaCode, Dominique Collett, says: “Peach Payments is serving a huge emerging industry by optimising payment channels that allow customers to securely and seamlessly pay for goods and services.”