Pay@ launches easy-to-use payment platform for entrepreneurs and SMEs

Pay@, a leading payments service provider and aggregator, is proud to announce the launch of Pay@Go, a new platform designed to empower small businesses with seamless and efficient payment solutions. With Pay@Go, small business owners can now access a range of services tailored to streamline their payment processes and enhance their financial management capabilities.

“We wanted to provide a simplified billing and payment process for entrepreneurs and small businesses, which don’t require technical expertise or a complicated integration process to implement. Pay@Go is the result,” explains Janine Sweeney, Business Development Lead at Pay@. “We see Pay@Go as a crucial financial solution, as it empowers SMEs with scalable, flexible payments that can grow with their business without creating operational downtime.”

According to Stats SA, small-to-medium businesses (SMEs) account for ‘over 90% of registered business in South Africa, provide employment to more than half the labour force, and contribute more than a third of the country’s GDP. South Africans have a natural entrepreneurial ability, and this nationwide talent is crucial for the economic stability of the country.

However, the failure rate for South African SME businesses is very high – in fact, one of the highest in the world. Research conducted by the University of Stellenbosch shows that reasons behind 70 – 80% of small businesses closing their doors within the first five years include a lack of proper financial management skills, a lack of access to sustainable financial assistance, and an inadequate understanding of the industry in which the business operates.

Fortunately, with the advancement of technology, SMEs have a growing pool of digital and financial solutions that can help them realise their entrepreneurial ambitions. SMEs that embrace technology such as digital payment platforms
have a competitive advantage over those that don’t. In fact, a report titled Levelling the SME playing field
points to technology being the missing piece of the puzzle for failing small businesses.

In saying this, the challenge remains that many solopreneurs and small businesses often have to rely on themselves or on a small employee pool to implement technology. With 32% of respondents stating that they experience difficulty in integrating new technologies with existing systems, it is critical that entrepreneurs and SMEs have access to solutions that are simple and set their business up for success.

Pay@ was launched in 2007 to bring financial inclusion to both South Africa’s banked and underbanked. Following tremendous growth with the consumer-focused solution, which is a frictionless payment system to pay bills and transfer money, the critical impact a similar platform could make for SMEs was identified.

With Pay@Go, small businesses now have access to a platform that supports various payment methods, automates cash flow and reconciliation management. Invoices can be issued via email or SMS with payment links or QR codes to facilitate easy customer payments. A tracking tool also provides business owners with a clear view of payments received and outstanding payments, giving much-needed and real-time insight into the business’s current cashflow.

“As a company, we want to be more than a fintech company. The Pay@Go platform for entrepreneurs is evidence of our commitment to become a partner for South Africa’s small business sector. By enabling convenient, secure, and efficient payment technology that can also process more traditional payments such as cash, entrepreneurs can redirect their efforts away from the technical side of the business and focus on the growth and sustainability of their business.”