Pesapal taps market with instant cash from PoS sales
Merchants will be able to send money directly to mobile wallets and bank accounts immediately their clients pay via PasePal point-of-sale (PoS) machines in a new feature meant to attract wide use of their machines.
Using Pesapal’s e-wallet Openfloat, merchants no longer have to wait days to move money into their accounts which means business have faster access to cash flows which is a matter of great concern for operations under the tough macro-economic times.
The firm says merchants can now use the funds received to pay bills, purchase inventory, and invest in their business without having to wait for days or weeks for the funds to clear.
Pesapal CEO and Founder Agosta Liko said eliminating settlement delays will also help reduce fraud allowing business to confirm and receipt payments immediately they are cloaked.
“Real-time settlement offers several benefits to merchants, including quicker access to funds, improved cash flow management, reduced risk of fraud, and better customer experience. The development, therefore, empowers businesses, especially Small and Medium Sized Enterprises (SMEs) and large organizations, with the flexibility to manage their money and make time-sensitive payments,” Mr Liko said.
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One of the fastest-growing PoS providers in East Africa Pesapal has grown its footprint across Kenya, Uganda, Tanzania and Rwanda. The organization processes over 12 million transactions monthly and is on track to connect a million African entrepreneurs to e-commerce, digital payments and the global financial system by 2030.
The new feature allowing merchants quicker access to their funds, ultimately improving the health of their business is likely to drive up its use.
Mr Liko said this new feature ensures that funds are available to merchants immediately, enabling businesses to streamline their operations and make better financial decisions.
Merchants using Openfloat enjoy various benefits which include payouts to bank accounts and mobile money. One can view transaction reports and track their cash flow in real-time.
