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The state of SME payments: Giving SMEs the tools to grow – case studies

October 30, 2024

The state of SME payments: Giving SMEs the tools to grow – case studies

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At Paymentology, we believe SMEs deserve a better deal in payments. Whatever the unique needs of a business – whether it’s access to a wider range of payment options, payment and loyalty cards, better payment security or data analytics that drive business growth – we can help.  

Here are a few examples of banks and fintechs we’ve worked with to shape client-centred, results-focused payments systems.

Currenxie

Currenxie, founded in 2014, is at the forefront of international payments, with a focus on supporting SMEs, the backbone of the global economy. Traditional banking systems often leave SMEs underserved, particularly when it comes to cross-border transactions, which can be slow, costly and difficult to track. These barriers limit SMEs’ ability to compete effectively on a global scale.

Currenxie addresses these challenges by offering a digital-first financial platform that empowers businesses to conduct international payments more efficiently and affordably. Through its platform, Currenxie provides a global multi-currency account, eliminating the need for businesses to manage multiple bank accounts in different countries. This not only simplifies financial operations but also streamlines cross-border transactions, enhancing the overall efficiency of international business.

Businesses using Currenxie benefit from lower fees and real-time foreign exchange (FX) trading directly on the platform, ensuring full transparency and eliminating hidden costs. Processing times, often a major pain point for SMEs, are also significantly reduced thanks to Currenxie’s cloud-based transaction management system.

As a result of Paymentology’s partnership with Currenxie, SMEs can unlock the global marketplace, improving their cash flow, profitability and operational efficiency. With the ability to exchange and transfer funds across borders, businesses are able to expand their reach, foster relationships with international partners and compete more effectively in a global economy. 

  

Altron Fintech

Altron Fintech stands out as a key player in South Africa, providing a comprehensive suite of payment processing solutions. Their offerings range from debit order processing, card personalisation and issuance, to payment switching services and advanced debit and credit card payment solutions. Altron FinTech also caters to the consumer market with person-to-person payment options and value-added services, delivering convenience and efficiency to its users.

Through its NuPay line of business, Altron Fintech offers secure, managed electronic payment and collection solutions. Trusted by over 8,000 businesses, NuPay has established a solid reputation for reliability and innovation. NuPay’s solutions include DebiCheck transaction processing, a tailored service for businesses across various industries, ensuring efficient and secure financial operations.

In partnership with Paymentology, Altron Fintech expanded its co-branded NuCard offering beyond its existing credit provider base, introducing a payroll solution. This extension supports businesses with secure payroll processing, contributing to effective financial management. Through these initiatives, Altron FinTech continues to drive innovation and accessibility in South Africa’s financial services sector.

 

Mukuru

Mukuru launched in 2004 with a mission to address the financial hardship caused by hyperinflation in Zimbabwe. Over the years, it has become the next-generation digital financial service provider, processing over 100 million transactions in the last decade. 

In partnership with Mastercard and Paymentology, Mukuru issues prepaid cards. Backed by Standard Bank, the card provided a lifeline to unbanked individuals. It has continued to change lives by driving financial inclusion in Africa’s emerging markets through various financial services, including insurance, savings, and loans, with Paymentology’s cutting-edge solutions and unwavering customer support helping it to make financial services more accessible to unbanked and underbanked populations. 

PayCentral

PayCentral has established itself as a leading co-brand in South Africa, offering a wide array of physical and virtual card types, from reloadable transactional cards to gift cards. This flexible solution caters to the diverse needs of its users, positioning PayCentral as a preferred choice for businesses and individuals alike.

In collaboration with Paymentology and through its partnership with Standard Bank SA, PayCentral delivers secure payment solutions specifically designed to serve business owners. These cards provide a reliable alternative to traditional payroll systems and bank transfers, ensuring safer, more efficient financial operations. By addressing risks associated with conventional payment methods, PayCentral is driving business growth and enhancing security.

PayCentral covers a broad spectrum of services. Among its offerings is the CashCentral card, designed to facilitate wage and salary payments for the unbanked, promoting financial inclusion. Additionally, specialised campaigns like fuel cards and medically filtered cards cater to specific sectors, while the CashCentral+ card enhances user flexibility with its e-commerce capabilities and higher limits. Through its versatile card options, PayCentral continues to empower businesses and individuals, contributing to financial inclusion and growth across South Africa.

 

Paymentology: Providing bespoke payment solutions for SMEs

At Paymentology, we have more than a decade of experience in delivering cost-effective, flexible and full-featured payment solutions for SMEs at all stages of growth across Europe, Africa and the Middle East.

For more information on how Paymentology can help SMEs address their unique challenges, download our SME payments report and get in touch with us today to find out how we can support your SME. 

By Paymentology