The informal sector accounts for about 18 percent of South Africa’s GDP, with over three million workers engaged in the informal economy. In addition, an estimated 2.9 million migrants reside in South Africa, many of whom struggle to access financial services in order to start small businesses like spaza shops, salons and kiosks. That’s an incredible portion of the population that remains underserved in the financial sector, unable to access or otherwise afford the services needed to grow their businesses.

To better serve this sector, Hello Pay has created a new turn-key suite of business solutions that will enable growth, save costs, and give users peace of mind that financial access is available to them when they need it.

Serving the underserved

Hello Pay’s SoftPOS offering, which was awarded the Most Innovative Solution in 2021 at MTN’s annual Business App of the Year Awards, already allows users to process payments, access daily auto cash-up (reconciliation) and activate and control multiple devices with one account. Now, Hello Pay has launched its Business Solution to enhance its already-compelling SME offering, giving merchants access to loans, business cover, armed response and much more.

“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 Zunaid Miya, Managing Director of Hello Pay.

“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.”

Suite of services

After signing up on the Hello Pay website, a dedicated agent will contact the user to set up a personal appointment to take them through all the available services and provide training.

The POS device allows them to accept card payments and sell airtime and electricity. With a Hello Paisa bank account, they’ll also get access to the Business Solution. Now, they’ll be able to swipe on the Hello Pay device and receive the funds directly into their Hello bank account. By receiving their funds electronically they are able to transact digitally, thus being able to order online and get their goods delivered to them, rather than having to close their businesses and drive to their suppliers to buy stock. This saves time and money, creates a huge convenience as well as allows them to be trading for a full day.

Other 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

“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.