Leading fintech iKhokha creates e-commerce opportunities for SMEs

Adoption of e-commerce has accelerated in recent years as consumers and businesses place more trust in online business.

Ignited by the Covid-19 pandemic, e-commerce popularity continues to rise with the South African e-commerce market projected to reach around R225 billion in value by 2027.

But what does this mean for small businesses? With a handful of colossal online stores taking the most important piece of the pie, is there an opportunity for smaller players to make their mark online?

Fintech company iKhokha believes that everyone should have the right to participate in the digital economy, regardless of company size.

After recently launching iK Tap on Phone, iKhokha is now on a mission to democratize e-commerce with iK Pay Link, a payment solution that gives businesses a chance to explore e-commerce without upfront investment.

Available on the free iKhokha app, iK Pay Link enables businesses to send unlimited free digital payment links to their customers via email or instant messaging platforms such as WhatsApp and social media.

“Many businesses in South Africa want to be able to offer their products to a wider audience or take payments from customers who are not physically on-site. But they face a number of barriers to entry that prevent them from doing so,” says iKhokha CEO Matt Putman.

New frontier for small and medium-sized enterprises

“With products like iK Pay Link, we can help businesses that we already serve today to grow by generating new revenue streams and helping them take the leap online,” he says.

Although e-commerce is becoming more accessible, it is still not easy for small and medium-sized businesses. Consider the costs from web development fees to commissions for e-commerce platforms, and it quickly becomes clear that a full-fledged e-commerce store is an unrealistically expensive venture for small, cash-strapped businesses.

Knowledge and competence gaps also pose a challenge for these businesses. The world of digital commerce is a new frontier for small and medium-sized businesses. With limited understanding or experience in online business, entering this brave new world is both intimidating and risky.

iKhokha’s iK Pay Link gives small businesses a risk-free opportunity to dip their toes into the e-commerce pool.

With no upfront investment required and the ability to sign up and send a payment link in five minutes, it’s an ideal solution for those new to e-commerce or those looking to save on current costs.

The beauty of payment connectors is their versatility, as businesses can adapt the technology to their needs.

So what does it cost? iKhokha charges a standard online transaction rate (2.85% excluding VAT). This amount is only charged when a customer has paid using the payment link, eliminating all risk for the business owner.

But the beauty of payment connectors is their versatility, as businesses can adapt the technology to their needs.

Travel and tourism, food and beverage, hospitality and healthcare are among the industries with the highest adoption rates for payment links. Within these sectors, payment links are becoming a popular solution to collect deposits, help businesses avoid cancellations and improve efficiency.

Payment links are also becoming the best payment solution for social commerce entrepreneurs. These tech-savvy businesses choose payment requests sent via social messaging over EFT payments, as they promote accuracy and eliminate human error.

No better time

“Our goal is to help these businesses grow their revenue and reach with products and bold, innovative features that help them start, manage and grow their businesses,” says Putman.

The landscape is undeniably challenging for SMEs. iKhokha believes small businesses must utilize all available avenues to give them a fighting chance and grow South Africa’s small business base.

With the growth of e-commerce penetration among small businesses, and the impact it will have on their ability to compete, there is no better time for SMEs to find a foothold in the digital marketplace.

For more about iKhokha, please visit www.ikhhokha.com.

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