Currently an entrepreneur who needs to sell goods and services needs to contend with bank obstacles such as traditional card machine fees that are prohibitive for smaller businesses and the banking institutions emphasis on trading history and steady transaction revenues to assess risk. Entrepreneurs have to wait weeks to get a card terminal from a traditional banking institution.
This challenge inspired Katlego Maphai and his team to develop Yoco to transform the payment landscape for entrepreneurs. Yoco is making it possible for any small business and entrepreneur, anywhere to take credit card payments.
Any business can sign up for Yoco online and they can be up and running within four working days. An entrepreneur does not need a sales history to qualify. Yoco, through its cloud based storage solution enables an entrepreneur to access transactional data from anywhere and track any sales even if they are not made via a card payment.
This innovative solution has attracted the attention of the Western Cape Government as a result the MEC for Economic Opportunities Mr Alan Winde visited the startup. During his recent visit he had this to say
“Yoco is an excellent example of a tech start-up which is embracing innovation to make it easier to do business. The team at Yoco are a world class example of how technology can be used to take the economy forward.”
Officially launched in 2015, Yoco now employs 24 people. They have over 1 000 small businesses using their platform, processing over R 25 million in card payments each month, and growing fast.
To qualify, business owners need to meet the following requirements:
- South African Citizen with a valid ID Number
- A valid bank account through which you are able to receive payments
- FICA Approval
- An Android or iOS compatible smartphone or tablet
To accept card payments, merchants can use either a Bluetooth reader for iOS and Android devices, or a reader that plugs in to a headphone jack of iOS-only smartphones or tablets.
You can visit Yoco on: www.yoco.co.za