As the world becomes more digitized, small business owners need to embrace the ever-evolving payment technology to keep up with competition. One of the latest payment services, taking small business by storm, is Yoco. It is a point-of-sale service provider, founded in 2015 in South Africa. So, how does Yoco work?
What is Yoco?
Yoco is a payment service that enables small business owners to accept card payments easily and securely, without the need for a traditional card terminal. It includes a card reader, which connects with a smartphone, tablet or a PC, and a payment processing software.
How does Yoco work?
Setting up Yoco
To start using Yoco, first, you need to sign up for an account, which is free of charge. Once registered, you will receive a Yoco card reader, which is free, and it will be delivered to you. After obtaining the reader, you need to activate it by downloading the Yoco app from the App Store for iOS devices or Google Play Store for Android devices.
Next, register the reader, which involves connecting it to your smartphone/tablet using Bluetooth, and you are good to go.
Accepting payments with Yoco
Yoco's payment processing is straightforward, and it takes a few steps involving the following:
- Open the Yoco App.
- Enter the amount to be charged.
- Ask the client to insert, tap or swipe their card on the Yoco card reader.
- Let the payment process.
- Print or send the receipt directly to the customer's email or via SMS.
The process of entering the amount, inserting or tapping the card, and printing or sending the receipt, takes less than 30 seconds, making it convenient for customers, and considerably fastening the queue flow.
Yoco's Fees
Yoco charges for its payment processing services in the same way as any other payment provider. They deduct fees from each transaction, which involves a flat rate of 2.95% per transaction without any other hidden charges.
The Yoco card reader is free of charge, and there are no monthly, signup or subscription fees.
Advantages of using Yoco
Yoco's benefits include:
- Convenience - It is a portable payment processing system that you can carry anywhere.
- Affordability - There are no hidden costs such as monthly fees or upfront charges.
- Increase sales - It enables entrepreneurs to access point-of-sale card payment system that boosts turnover growth.
- Analytics - The system provides insightful information, such as product sales and best performing staff members, enabling business owners to make informed decisions.
- Efficiency - It speeds up the payment process that results in quicker queue flow.
Conclusion
Small business owners have everything to gain from embracing payment technology such as Yoco. It is affordable, convenient, efficient, and it comes with analytics that enable business owners to make informed decisions. Yoco is a game-changer that is revolutionizing the payment industry in South Africa and beyond.
