The seventh Annual Township Financial system Summit and Expo, hosted by the Township Enterprise Company (TEA), gathered entrepreneurs throughout a large number of industries in efforts to ignite township development.
At this occasion, SME South Africa spoke with Richard Charlie, the Head of Gross sales at Shop2Shop. Richard shared how Shop2Shop helps township companies transfer into the digital world by easy, low-cost cost instruments.
Shop2Shop is well-known in township communities, however many nonetheless don’t perceive the total impression of what they do. Richard defined how their system works, why it’s rising so quick, and the way it helps small enterprise homeowners.
Making a Easy and Inexpensive Fee System
Richard described Shop2Shop as greater than an organization that sells card machines. The Shop2Shop cost system is an answer constructed for township companies.
Most POS machines price between R1 200 and R2 000, which many spaza retailers can’t afford. Shop2Shop sells its units to spaza homeowners at a extra inexpensive charge.
“The thought is to not earn cash from the system,” Richard mentioned. “The purpose is to empower companies.”
Shop2Shop works with native resellers who promote these units within the township. This makes it simpler for entrepreneurs to entry them and belief the method. The corporate’s goal is straightforward: assist small companies settle for funds with out worry, stress, or excessive prices.
How the Shop2Shop System Works
Many individuals in townships use SASSA playing cards to purchase items. Shop2Shop permits them to:
Withdraw money at a Shop2Shop level, or
Faucet their SASSA card to pay for objects
When a buyer faucets to pay, the cash goes straight into the store proprietor’s Shop2Shop pockets. The cash displays instantly. There is no such thing as a lengthy ready interval.
This helps the entrepreneur as a result of they’ll:
Restock items instantly.
Pay their wholesaler.
Switch cash.
Preserve much less bodily money available.
Funds from the entrepreneur to wholesalers utilizing Shop2Shop are free. This removes the dangers of carrying money and cuts down on additional charges. Wholesalers that also settle for money can drop cash in a Shop2Shop secure. The money displays digitally as soon as deposited. This technique helps everybody transfer between money and digital funds with ease.
Utilizing Digital Funds to Provide Small Loans
Shop2Shop additionally offers small loans to enterprise homeowners. These loans are based mostly on how the proprietor makes use of the system.
Nonetheless, in an effort to give out these loans, Shop2Shop wants to grasp how the enterprise performs financially “Should you’ve been on our system for six months, we all know who you might be and the way you transact,” he mentioned.
This digital document permits the corporate to supply:
In a single day loans for fast inventory purchases.
7-day loans.
14-day loans.
30-day loans.
These loans are small, easy, and quick. They assist entrepreneurs who usually want cash to purchase inventory shortly. For outlets that promote fast-moving items like bread, eggs, chips, or airtime, any such help is essential.
Why Township Entrepreneurs Select Shop2Shop
Richard made it clear that Shop2Shop is rising quick. “We’re the largest. However we keep underneath the radar,” he mentioned.
Entrepreneurs select Shop2Shop as a result of:
It’s inexpensive.
There aren’t any hidden charges.
Cash is accessible instantly.
The system matches the best way township companies work.
Transactions are clear and honest.
Richard additionally mentioned that many banks cost hidden prices that confuse small enterprise homeowners. Shop2Shop avoids that. At this time, the corporate has greater than 200,000 retailers on its system throughout South Africa.
Serving to Townships Be a part of the Digital Financial system
Shop2Shop’s work is about extra than simply cost units. It helps township entrepreneurs be part of the digital economic system whereas nonetheless working of their native setting.
Enterprise homeowners get quicker entry to their cash.
They’ll scale back the dangers of dealing with money.
They’ll qualify for small loans.
They’ll monitor their enterprise higher.
This help strengthens small companies and permits cash to remain throughout the group.
Transferring Township Companies Ahead
The township is without doubt one of the largest contributors to the South African economic system, bringing in billions yearly. On the very least, township-based companies want options that enable them to function with out pointless problem. Shop2Shop is an instance of an organization that’s not simply in it for the cash, however brings about tangible options for entrepreneurs.
