For small to medium-sized enterprises (SMEs), which play a crucial role in South Africa’s economy by providing income for many thousands of people, developing a culture of quick payments can be vital.
It helps these businesses ensure they stay afloat with a liquid and reliable cash flow. Quick payments also assist in keeping them out of debt and able to pay their bills promptly.
Let’s explore how a platform like OTT mobile can facilitate quick payments in the SME ecosystem.
Embracing Digital Payment Solutions
One of the primary ways to engender a culture of quick payments within the SME community is to adopt digital payment solutions such as OTT mobile. This streamlines transactions, encourages prompt cash payments from customers, and enables SMEs to quickly settle their bills in cash.
Offering the option to pay digitally through OTT Mobile’s platform speeds up the payment process significantly, making it more convenient and instantaneous without the added risk of handling physical cash on the premises.
Offer Discounts
Customers who use the preferred method of payment (either physical cash or digital cash) or who pay early can be offered a discount on goods and services. This encourages good purchasing behaviour and helps ensure a more stable cash flow by rewarding customers for their promptness.
As a business, SMEs can also attempt to negotiate better terms from suppliers if they pay in cash or use OTT Mobile, owing to the expediency and convenience it affords.
Educate Customers and Suppliers of Digital Payment Solutions
Platforms like OTT Mobile work best in a connected ecosystem, where all parties in a value chain – from suppliers to consumers – all make use of it to transact.
The benefits of working with cash include no bank fees and instant transactions. However, with a digital cash platform, those same benefits can be realised while also taking advantage of increased security and convenience.
Before, it was only possible to exchange cash physically over the counter. However, with OTT Mobile, businesses and consumers alike can exchange cash anywhere in the country just as easily.
Developing a culture of this kind of instantaneous payment requires that more people in the value chain be educated about the benefits and convenience of platforms like OTT Mobile.
If you wish to be part of the culture of quick payments, contact us at OTT Mobile now to sign up. Get all the benefits of digital transactions and cash transactions at the same time.