South African fintech startup walletdoc has introduced a new way for businesses to collect more money from customers using easy and secure online credit and debit card payments on invoices and statements.
Leonard Shenker, joint CEO of walletdoc, comments: “Consumers are cash-strapped and this creates cash flow issues for businesses. By allowing consumers to pay accounts online and instantly by credit and debit cards, our merchants have noticed a dramatic increase in the speed and volume of payments which has improved their cash flow.
“In addition, there is a rise in invoice fraud in South Africa, where an invoice is altered to get a customer to pay for goods or services into a fraudster’s account. Using walletdoc eliminates invoice fraud risk.”
In association with EasyPay, walletdoc to date has offered users a secure and convenient way to pay more than 400 of South Africa’s largest billers such as monthly subscriptions and utilities.
“Our network of payable billers is now growing exponentially with our new offering for all businesses which seek a smart solution to collect more money by offering online card payments,” Shenker says.
Businesses are able to sign up with walletdoc business in minutes. No system integration is required and walletdoc is compatible with any accounting system.
Businesses send their bills to walletdoc which on-sends the bills to their clients in realtime with embedded debit and credit card payment functionality. In this way, the invoice is turned into a virtual card machine offering card as a payment option to clients. Clients will still be able to pay the bill via EFT if preferred.
Bill recipients do not need to download walletdoc nor be existing users of walletdoc to be able to pay with Visa, Mastercard, Diners Club or American Express cards and benefit from their credit card reward programmes.
Businesses get detailed bill payment management information which indicates which bills have been received, opened and paid. Each payment is referenced to an account or invoice number so there are no unallocated payments, reducing the administrative burden often associated with incorrectly or unreferenced EFTs.
Customers are also sent reminders for payment prior to the due date.
Businesses are settled every working day for the prior day’s payments. Merchants pay a small fee for payments received, there are no upfront nor monthly fees to use walletdoc business and merchants may no longer need a POS device.
walletdoc is a gold member of AlphaCode, a club for fintech startup entrepreneurs powered by Rand Merchant Investments.
Head of AlphaCode, Dominique Collett, says: “walletdoc has experienced dramatic growth due to understanding and elegantly solving a customer pain point. The founders are expanding their winning concept so that any business can increase cashflow and consumers can further reduce bill payment hassles.”