South African fintech startup LayUp and payment & merchant solutions provider Dashpay have partnered to roll out the former’s revolutionary first-in-SA lay-by application to thousands of the latter’s Newland Payment Solutions Point of Sale (POS) smart devices at merchants across South Africa.
Customers wishing to take a step into the digital future of lay-bys simply need to visit any one of the participating merchants across the country who use Newland Payment Solutions POS devices and sign up via the device in one simple step, with instant approval upon completing the lay-by application.
LayUp allows for automated recurring payments with multiple payment methods including Cash, Debit & Credit Card, or instant EFT, to completely streamline the lay-by process. Customers can then visit any merchant running the LayUp app on their Newland POS device, anywhere in the country, to pay their instalment or update their account.
“LayUp solves many of the problems associated with traditional lay-by system and is unique because it doesn’t exclude customers by utilising credit checks or opening a line of credit – it just takes the lay-by system into the 21st century, making it transparent, safe and secure, while simplifying an incredibly onerous administrative process for both merchants and consumers,” says LayUp Founder Andrew Katzwinkel. “Partnering with Dashpay will literally put access to household necessities and previously out-of-reach items into the hands of consumers”.
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Nearly 24% of adults in South Africa are unbanked and R12 billion in cash is believed to be held outside of the banking system. With unemployment rising, as many as 30 million people are locked out of the South African economy. As more people turn to credit to help make ends meet, they’re finding that not having a credit history is excluding them from accessing day-to-day goods, never mind luxuries. This has seen millions turn to often disreputable lenders for unsecured loans, with dire consequences.
The technology improves completion rates for merchants by allowing the customer to pay anywhere, anytime, through any Newland POS with participating merchants or even online. “By adding the LayUp app to our Newland devices, we’re giving our merchants the opportunity to either simplify the lay-by process – or open up an entirely new revenue stream by introducing digital lay-bys to their offering,” says Dashpay’s Benjamin Powell. “Other benefits are going to include allowing participating merchants the ability to increase basket sizes, improve conversion rates, build loyalty and repeat business from customers, reduce administration cost & effort and access reporting tools, online”.
Merchants across South Africa use Newland Payment Technology POS devices. LayUp is also available for online sign-up, and customers can access their own dashboard to track their payment progress.
Article sourced from: https://southafricatoday.net/financial/dashpay-partnership-puts-digital-lay-by-solution-layup-at-the-fingertips-of-thousands-of-merchants-and-millions-of-customers/
For more about LayUp, visit LayUp – LayUp – Digital Lay-By Solution for Online & In-store Business or contact [email protected].
