South African FinTech startup, walletdoc, has announced a new method in which businesses can collect payments via their invoices and statements sent to customers. The new method as announced by walletdoc, involves using easy and secure online credit and debit card payments on invoices and statements.
“Consumers are cash-strapped and this creates cash flow issues for businesses. By allowing consumers to pay accounts online and instantly by credit and debit cards, our merchants have noticed a dramatic increase in the speed and volume of payments which has improved their cash flow. In addition, there is a rise in invoice fraud in South Africa, where an invoice is altered to get a customer to pay for goods or services into a fraudster's account. Using walletdoc eliminates invoice fraud risk," said Leonard Shenker, joint CEO at walletdoc.
Businesses are able to sign up with walletdoc business in minutes. No system integration is required and walletdoc is compatible with any accounting system used by the business. After that, businesses simply send their bills to walletdoc which on-sends the bills to their clients in real-time with embedded debit and credit card payment functionality.
walletdoc is also a member of AlphaCode, a club for FinTech startups. It is supported by Rand Merchant Investments. Head of AlphaCode. The startup also partnered with Absa when it launched and following that it developed a suite of information-protection measures.
“walletdoc has given our customers an additional convenient payment option and allowed us to eliminate our traditional speed point in the process. On the first day of implementation of walletdoc, we received multiple payments through the walletdoc system within two hours and our customers continue to use the system on a regular basis,” explained Lior Solomons from Morningside Plumbers, a company that uses walletdoc.