In the world of commercial real estate and asset management, payment management is an important yet sometimes complicated task. As a professional in the industry, you’re probably familiar with this challenge.

Handling a myriad of payment types — from rent collections to deposits, fees, and closing costs is no easy feat.

Traditional methods are not only time-consuming but also prone to mistakes and inefficiencies. As the industry evolves, there’s a growing need for a more streamlined, secure, and efficient way to manage money.

This is where an effective, innovative, and comprehensive payment service comes into play. A solution that’s perfectly tailored to meet your unique needs in the real estate and asset management sectors is the answer to your prayers.

Imagine consolidating everything into a single platform, automating processes, and providing different payment options. Commercial Real Estate asset management can be a stress-free reality, so let’s find out how.

Common payment challenges in CRE asset management

Real estate asset management services are varied across the board. Before diving into the benefits you can take advantage of, there are several challenges to prepare yourself for.

Fragmented Payment Processes

Managing different types of payments—rent, fees, deposits, closing costs—can be a frazzled process. It often requires multiple platforms or manual handling. This fragmentation leads to longer processes and increases the risk of errors.

Inconsistent Cash Flow

Late or missed payments can disrupt your cash flow, creating information gaps and stress for property managers and owners.

A survey by PWC highlights that nearly 90% of institutional investors believe that the adoption of disruptive technologies, such as integrated payment systems, could improve portfolio outcomes. This means an improvement in the movement of money in your business too.

Manual Processing

Traditional payment methods often require data to be entered manually, which not only takes a while but ups the risk of errors. This can land you with the wrong payment processing and reconciliation lags.

Security Concerns

Handling payments manually or with outdated systems can expose your sensitive financial information to security risks such as fraud and data breaches.  According to WTW, 72% of industry professionals name cybersecurity as one of their most significant risks. This concern has made protecting companies from cyber attacks a top concern.

Lack of Transparency

Tracking payments and providing clear, transparent reporting to your stakeholders can be difficult without a centralised system. Mix-ups can lead to disputes and disappointments, which is the last thing you need.

The Netcash advantage: An integrated payment solution

Addressing these challenges by providing an all-in-one payment solution that is specifically designed for the real estate and asset management industry. What does that look like? Let’s break it down.

Consolidated platform

One of the standout features of an ideal system is its ability to merge various payment types into a single, easy-to-use platform. Whether you’re collecting rent, fees, deposits, or closing costs, the package must allow you to manage all your transactions from one place.

This not only simplifies the payment process but also reduces the administrative headache of juggling a host of systems or manual processes.

By having a consolidated platform, rental agents and property managers can easily track payments, reconcile accounts, and generate reports, all within the same system. This comes in handy since it eliminates the need to use too many software options. 

It also cuts the risk of errors that come with managing payments across different platforms and makes you that much more efficient.

Multiple payment options

In today’s digital age, having the option of flexible payment is vital for enhancing tenant and owner satisfaction. Look for a system that provides a variety of payment request methods, including EFTs, online payments, and debit orders.

This flexibility allows tenants and owners to choose which payment method suits their needs best, meaning you’ll receive your payments consistently and on time.

The ability to offer multiple payment options can greatly reduce the frequency and even occurrence of late payments. Tenants are more likely to pay on time when they can choose a method that suits their financial habits, whether setting up automatic direct debits or making one-time payments from their credit card.

Automation and efficiency

Automation is a game-changer in the world of payment management, and any good system takes full advantage of this. The ideal platform would create automated reminders for upcoming payments, ensuring that tenants and owners are always up to date and informed about their requirements. This feature helps to prevent late payments and improve the consistency of your cash flow.

An added perk would be the option to automate recurring payments, which is an excellent help for rental agents and portfolio managers. By setting up all your recurring payments, you can ensure that all rent is collected on time each month without needing you to intervene, and it saves you time.

Late fee enforcement is another area where automation can make a big difference. If you can automatically apply late fees to overdue payments on the system, it encourages tenants to pay on time and owners to stay on track with their obligations.

Tailored real estate asset management solutions for industry professionals

Software companies recognise that the needs of industry professionals are unique. That’s why you need expert solutions to meet the specific demands of your role.

A well-formed payment solution simplifies rent collection and tenant management for rental agents by offering features like automated rent reminders, multiple payment methods, and easy reconciliation. If you’re managing new developments, the system provides a streamlined way to handle deposits, progress payments, closing costs, and utility payments, ideally integrating a payment request option for on-the-spot payments. This helps ensure that all transactions are managed efficiently and transparently.

Managing payments for community living can be complex, but with the right package, you don’t have to worry. The software should make it easier for body corporate and homeowners association managers by offering solutions for collecting levies, fees, and fines. 

The need for platform transparency ensures that all stakeholders have a clear view of financial transactions, reducing disputes and enhancing trust.

With so many properties to manage, real estate portfolio managers need a system that can handle large volumes of transactions efficiently. A well-consolidated platform with useful automation features makes it the ideal solution for managing diverse property portfolios.

The future of payment management in the real estate and asset management industry

In an industry where efficiency, security, and transparency are critical, Netcash’s solution addresses the unique challenges faced by professionals filling roles in asset management. By providing a host of essential features, Netcash has simplified managing the money side of real estate.

The benefits of using Netcash are clear: it frees up your time and improves cash flow, reduces administrative burden, enhances security, and improves tenant and owner satisfaction. For professionals looking to streamline their operations and reduce risks, Netcash is the ideal solution.

Experience firsthand how this comprehensive payment solution can help you achieve greater efficiency, security, and satisfaction in your real estate and asset management operations. 

Netcash is registered with the FSCA and PASA and is PCI DSS Level 1 compliant.

South Africa’s online shopping industry is booming, with 2024 being a breakthrough year for eCommerce. There are currently 32.55 million eCommerce users in the country, which is expected to increase by 6.38 million users this year.  

So, clearly, there’s no better time for businesses to start selling online and, as a result, offer internet payment methods to their consumers. If you’re looking to expand into the eCommerce space or simply want to know the best way to purchase online, then keep reading.  

This guide covers why online payment methods in South Africa are important, a breakdown of the top payment options, and a few FAQs. Before we get into the nitty-gritty, you might also want to know how to set up online payments for small businesses.  

Why should you provide online payment options? 

Firstly, online shopping and banking are growing steadily in South Africa, with more than 70% of the population shopping online. All trends point to a steady increase in SA eCommerce, ranging between 20-35% annually. It’s predicted that 47% of offline shoppers could shift online within the following year. 

With so many promising trends and statistics, businesses should be running at the opportunity to provide South African consumers with online payment methods right now. Besides that, contactless and cashless payments are taking the market by storm as they are safer and more convenient than cash.  

 Have a look at the following benefits of online payments:  

Improved satisfaction 

Digital payments are more convenient since they can be made at any time from any location, which is faster and safer. All these factors lead to improved satisfaction for online shoppers. The risk of human error, unsatisfactory customer service, and long waiting lines common to brick-and-mortar stores are lowered or eliminated.  

Faster checkout 

One thing about an electronic payment method you can’t deny is how fast it is, especially compared to traditional methods. With a swift click of a button, you can make an instant payment. From a business perspective, this instant clearance can improve cash flow since outdated methods like cheques take several days to clear.  

Greater sales

Digital payments make it easier for consumers to purchase goods and services using their preferred method of payment, which leads to increased sales. Also, new online payment methods, such as Buy Now, Pay Later (BNPL), allow customers to buy goods that they normally wouldn’t pay for once-off due to affordability and budgeting.   

Lower costs 

Electronic payments are generally less expensive than traditional ones. They lower the need for postage costs, reduce the use of materials such as ink and paper, and decrease labour costs and bank fees. The costs of processing invoices are grossly underestimated, and this is where your business can save money by using digital payment plans.

Also read: Payment gateways in South Africa (2024).   

Most popular online payment methods in SA 

With all the reasons why electronic forms of payment are better than traditional methods, let’s look at the top ones used in South Africa. 

1. Credit cards

As of January 2024, credit cards have been the most common payment method for online shoppers in South Africa. 43% of all online purchases were completed using a credit card.  

Credit cards are payment cards issued by the bank which allow you to purchase items using pre-approved money that you can spend from the bank. You then repay the bank with monthly instalments (with interest fees).  

They allow consumers to pay for purchases at any time (so you don’t have to wait for your salary) in a convenient and secure way, making it a well-liked electronic payment method. 

2. Debit cards

Debit cards are just as popular as credit cards, allowing fast and easy payments directly linked to a bank account. So, instead of spending the bank’s money, you will be using their own capital to purchase goods on the internet.  

Although many South Africans use their debit card for online payments (58% as of March 2023), it’s still not as safe as credit cards when shopping online. If a criminal gets hold of your PIN or account information, they can very well empty your account.  

Nevertheless, it remains a common digital payment method among South Africans with generally lower processing fees than credit cards.  

6. Instant EFT payments

Instant EFT payments allow consumers to pay for goods and services electronically via internet banking. This online payment method is often offered by third parties in partnership with eCommerce stores. Ozow Instant EFT and PayFast are excellent gateways for immediate EFT payments in South Africa. 

With 57% of South African internet users shopping online, it’s no surprise that many are choosing to pay with instant EFT as it’s straightforward and rapid. It’s also a secure way to pay online, as your bank will send you an OTP (one-time-pin) or mobile authentication to verify payments.  

7. Buy Now, Pay Later (BNPL)

Buy Now, Pay Later (BNPL), also called a “point-of-sale loan,” is a short-term loan that allows you to pay for goods online, usually in monthly installments. Apps such as Payflex, PayPal, and PayJustNow are examples of platforms that offer this service. Thanks to these online payment options, consumers can purchase something immediately and then pay in instalments.  

This is great for many South Africans who may not have the means to purchase something pricey immediately, such as furniture, fashion items, and other expensive luxuries. One thing to look out for is the hefty penalties you’ll be charged for late fees and insufficient funds.  

However, due to the rapacious interest rates demanded by the credit industry, BNPL products have become popular and continue to grow in South Africa. This growth is also driven by digitalisation, an increasing working-age population, and its appeal to Gen-Z and millennials.  

Furthermore, South Africa’s BNPL market is set to expand at a cumulative annual growth rate (CAGR) of 35.1% between 2022 and 2027. 

8. PayShap

PayShap is one of the latest digital payment solutions, allowing you to pay and get paid in an easy and fast manner. You can receive immediate payments straight into your bank account from anyone, regardless of the bank they use. With its initial roll-out on 13 March 2023, PayShap is quickly gaining recognition among South Africans for its convenient and immediate online payments and real-time services.  

 You need to register for a ShapID before making any transactions, and these can take place between Absa, Capitec, Discovery Bank, FNB, Nedbank, Standard Bank or TymeBank. So, it can be used by anyone who owns a bank account, which likely contributed to its rapid uptake since its launch. To put that into perspective, PayShap managed to process nearly ten million transactions to a value of over R6.6 billion in such a short time.  

 There are currently over two million active ShapIDs in the country and this is expected to increase.

9. Cryptocurrency

Cryptocurrency continues to act as a viable means to pay for goods and services. As for South Africa, there are about six million (or 10%) of its population who own a crypto asset. As such, this digital payment method will likely grow in popularity, and its market is predicted to grow by 7.86% annually between 2024 and 2028.  

More and more online retailers and brick-and-mortar stores are starting to accept cryptocurrency as payment. Transactions made using crypto are only possible through a cryptocurrency wallet. Wallet applications are installed on your computer or mobile device, allowing you to access your crypto.  

 You can pay from anywhere with fewer fees, anonymity, and a reduced need for third-party involvement. Note that once you pay via this method, it cannot be reversed. Also, cryptocurrency is not regulated; its value changes over time, and there’s a risk of loss.   

10. QR code payments

A Quick Response (QR) Code Payment is a contactless payment method made possible by scanning a QR code from a mobile app. For this type of payment to process, you’ll need a smartphone with a camera and internet access. One security concern is that this method may be vulnerable to phishing scams if not encrypted. 

South Africa is no stranger to the growing trend of using QR codes. Scan to Pay is currently the largest QR ecosystem in the country, facilitating an average of 12 million transactions per month. SnapScan, Zapper, and Netcash Scan to Pay are other excellent options for the payment method.    

As the sun rises on a new day, the South African solar industry’s revolution continues pushing forward. In the continent’s push for accessible and sustainable energy, it’s time to analyse innovations shaping the future of the South African solar industry.  

With solar solutions emerging as an increasingly vital part of our world today, traditional sources continue to prove unreliable.   

The solar power industry has shown to be one of the most viable alternative energy sources locally, with record-breaking numbers in recent years. But what’s behind this driving force, and what hurdles remain?   

With a positive outlook and a growing solar market, let’s examine the industry, its challenges, and how to stay ahead of the curve. 

Read next: Digital payment processing. 

What’s standing in the way of the South African solar industry? 

As the solar industry in South Africa is proving to be the light at the end of loadshedding, it still faces challenges. Alongside these potential problems, there is also a buffet of solutions to innovate the sector.  

Battling an increase in initial costs 

Despite decreasing overall costs, high initial costs in South Africa are the first obstacle to businesses’ and individuals’ adoption of solar energy. This widespread barrier stems from the fact that South Africans simply do not have the funds to afford skyrocketing setup costs. 

This represents a problem where initial installation costs are out of reach, and long-term savings are almost impossible to imagine. Solar suppliers must balance high quality and profit gain as the sector expands. 

As more people and businesses are forced to turn to solar alternatives, the need for versatile payment systems and solutions is greater than ever.  

Subscription model payments, which include debit orders and recurring billing backed by trusted payment providers, are at the forefront of these solutions. By offering these, solar providers position themselves to improve accessibility to solar power for individuals and businesses.  

Rising competition from other energy sources 

While the industry is thriving, its success hangs on a precariously thin thread, and solar suppliers must strengthen their ability to withstand competing energy sources. Fluctuations in fossil fuel prices and investment in other renewable energy sources pose the greatest threat to this. 

Collaboration is key in this regard, and a strong, competitive solar industry must be fostered to succeed. From raw material suppliers to manufacturers and installers, a harmonious industry can endure. 

That said, this relies on mutual monetary benefit. Solar suppliers have to engage with other key players in the industry and create favourable relationships. With resources in high demand, on-time creditor payments are the ideal foundation for establishing lasting industry relationships. 

Technicalities with grid integration and infrastructure 

Another hurdle is ageing infrastructure and grid integration. Years of mismanagement and lack of maintenance make integrating intermittent solar energy into the existing power grid significantly more difficult. 

Without massive upgrades to accommodate small- and large-scale solar integration, the industry will be throttled, and growth will suffer. This necessitates lasting collaboration between solar companies, utilities, and the government to modernise the grid infrastructure. 

As a result, this collaborative effort can ensure smooth energy integration, improved grid stability, and enhanced overall system resilience. Beyond these, these strategic partnerships can facilitate knowledge sharing, resource pooling, and risk mitigation, benefitting the entire industry. 

Maintaining skilled and valuable staff 

The successful adoption and implementation of solar and solar energy companies in South Africa requires a skilled workforce. The backbone of this workforce is employees with technical expertise who are valued, respected, and paid on time. 

Solar suppliers must integrate salary payment systems that keep staff happy. Considering the high price tag that comes with solar equipment, unrest among your employees can lead to escalating issues, such as internal theft.  

As the industry emerges from its infancy, internal disputes and disruptions pose a real threat, one that solar suppliers should avoid. 

Another aspect to keep in mind is the potential disappointment of staff should solar suppliers not offer training opportunities. Human error with payroll disbursement plays a prominent role in hurdles that could have been avoided in the administration of your business.  

These days, getting paid on time every time is quickly becoming more of a luxury than most businesses would like to admit. But, when tiptoeing the line between gentle reminder and urgent notice, what is a payment request, and how can it change how your cash flows? 

Emerging as a champion for real-time payments, payment requests are quickly becoming an invaluable channel for organisations, merchants, banks, and financial institutions.  

Although requests for payment aren’t a new concept, with recent innovations, adaptations, and applications, there’s a lot to be said and gained. But there’s even more at risk for businesses that fail to keep up with the evolving world of payment requests.  

So, stick around to learn everything you need to know about payment requests without having to engage in a never-ending Google search cycle. 

Read next: How to set up online payments for small businesses  

Seeing the world through the eyes of payment requests 

It’s important to know that within the payments ecosystem, requests for payment have been around for some time. Not untouched by the digital revolution, our modern economy and business landscape are teeming with unique payment methods, means to make requests and ways to get paid. 

These cutting-edge solutions and strategies aren’t hidden out of sight, either.  

Shopping malls, events, and markets in South Africa are no strangers to pop-up retailers, with many moving from one to the next throughout the year. At the top of their packing lists aren’t cumbersome, expensive POS systems.  

Instead, these entrepreneurs champion their mobile devices. By sending a request to pay, they can make sales on the spot from their phones by sending customers a simple, instant SMS. 

Or, consider a far more personable experience, paying a skilled labourer (electrician, plumber, painter, etc.) for their services. Based simply on the scope of work within these fields, these services can be expensive, often requiring immediate payment. 

Very rarely will clients have large sums of cash at hand or the time to complete an electronic fund transfer (EFT). Don’t forget EFTs can take several days to reflect, and human error is easy in these situations. Instead, a payment request link shared via WhatsApp ensures on-the-spot payment. 

Why stop there? Picture a business of any size that relies on a seamless debit order collections system to keep its cash flow consistent. Without beating around the bush, thanks to the cost-of-living crisis, businesses are not unfamiliar with unpaid or returned debit orders. 

A gentle payment request email, with the outstanding amount already loaded for convenience, proves beyond reproach. Better yet, this all happens in real-time, as the payment remittance is instant, fast-tracking service resumption. 

Proving the expansive scope of payment requests in the world of start-ups, they have become commonplace. Whether trialing an MVP (minimum viable product) or pre-orders for a new product, the aim remains to keep operational costs as low as possible.  

Until they have a decent market fit, payment requests allow them to complete transactions instantly while offering their customers an array of ways to do so. There are countless similar stories out there, cementing the usage of payment links to streamline, innovate, and evolve business transactions. 

What are the benefits of payment links? 

As great as all of that sounds, what are the benefits that make embracing payment links worth it? Needless to say, there are many, but let’s highlight a few that showcase exactly what all the hype is about: 

Get paid faster  

Payment links require fewer steps to pay and take customers straight to the gateway, where they can choose their preferred payment method, ensuring you get paid faster. By offering various payment options, payment request links remove the need for lengthy checkouts or traditional invoicing. 

Seamless process 

The payment process is quick and easy. Once the merchant sends the payment request, the customer can click on the link and make a payment. It is easy to follow and efficient for both parties, creating a sense of convenience that can foster customer and brand loyalty. 

Safe and secure  

Payment links ensure a secure and intuitive payment process that is easy for all users. They allow customers to make simple, instant payments. Each unique payment link enables a quick, real-time transaction, promoting convenience. 

Offer more payment methods 

You can offer customers multiple payment options and easily receive payment by SMS, Whatsapp, Email, or QR. This furthers customer satisfaction and expands your payment-receiving potential in a win-win situation. 

Pay on the go 

If you have a mobile business and need immediate payment, you can log in on your mobile phone and send a payment request. Payment links are a powerful tool that can improve cash flow by making it easier than ever for customers to pay with a simple click or a scan. 

Behind the scenes of a Netcash payment request 

So, what actually happens behind the scenes of a successful transaction via payment request? We’re glad you asked.  

At its core, a payment request is a service that facilitates online payment via our eCommerce payment gateway. A URL (or payment request link) is sent to your customer via email, WhatsApp, QR code, or SMS.  

This payment request message will contain a link that allows the customer to pay you via our payment gateway. Directed via this gateway, your customers can select from the following:  

• Ozow Instant EFT 

• Card Payments 

• Scan to Pay (QR Payment) 

• Bank EFT 

• Capitec Pay 

• Scode Retail Payment 

• VISA Checkout (Click to Pay) 

• PayFlex 

• 1Voucher 

Your customers complete the transaction by making their preferred choice, and payment is made within seconds. Our mobile app allows users to send and receive payments on the go without coding skills, keeping businesses that need immediate payments up and running. 

You can quickly and easily create Payment Request links and send one to a customer immediately upon completing a job or receipt of goods. These can also be used for invoicing or debit orders that have been returned unpaid.  

Sending a friendly and quick reminder message while providing your clients with alternative payment methods increases the likelihood of success. Using a mobile-friendly app is also simple; integration of payment request solutions into your existing billing, accounting, or CRM software streamlines your workflow.  

Additionally, our payment request solution enables seamless reconciliation into a single statement for easy record-keeping. Although straightforward, payment requests still handle sensitive information, emphasising the need for a secure payment gateway. 

A sneak peek at payment requesting 

Not quite sold? Here’s a look at how efficiently a payment request makes a transaction. 

From your dashboard, you will now be on the ‘create request’ page and will need to insert the below details: 

• Your reference: This would be for your internal identifying purposes 

• Amount: The amount you are requesting your client to pay 

• Description: This will be on the link of the SMS or email you send your client, so perhaps your company name or description of what they want to purchase 

• Generate QR code: If your client is present, you could generate a QR for your client to pay immediately. 

• Send SMS/email/WhatsApp: You can send a message with the payment link 

Embracing payment requests | Wrapped up

When all is said and done, businesses of any scale benefit from the effective, efficient, and innovative use of payment requests. The result calls for convenience, variety, accuracy, and future-forward thinking, these middlemen are changing the way money moves. 

Keeping up is hard enough these days, which is why it’s better to stay ahead. Alongside this guide, integrate Netcash into your business, where payment requests are the tip of the iceberg.   

We are a payment solutions provider delivering debit orders, salary, and creditor payments, Pay Now, eCommerce, and risk report services to South African businesses and organisations.  

Schools and educational institutions in South Africa are thrown into the deep end daily, and the depth below the surface seems to be getting deeper. But what does it take to tip-toe the line between sinking and swimming in a rapidly changing landscape?  

These very challenges partly drive a shift towards a more modernised educational administration and management system. On the other hand, emerging trends and new opportunities are shaping a revolution that ensures that the industry not only survives but thrives.   

Technological innovations are changing the way schools operate. Streamlined processes, enhanced communication, and empowered administrators can now position themselves and focus on what really matters – student success.   

It’s time to explore the hottest trends and payment services that are shaping the school administration transformation. 

Technology to the rescue: Solving school administration hurdles 

With increased challenges and potential hurdles, the education industry is set up for a unique future shaped by cutting-edge technology. In a testimony to the tenacity of those leading the industry, there are countless invaluable solutions to the mounting problems within the field. 

Automated fee collection and administration 

As the foundation of any progressive and well-equipped school, fee collection and administration locally isn’t without its problems. In contrast, using debit orders to collect school or tertiary fees or even extra curricular expenses monthly makes the whole process simpler and lighter on admin. It’s a great way to make sure your facility gets paid on time without creating more workload for your finance or admin staff. Using a debit order management system, such as Billdozer, that is integrated into a third party payments processor (like Netcash) will also help schools to automate and manage their debit orders – which is especially crucial for larger institutions. 

Integrating an online payment gateway into the fee collection process is another quick, convenient, and efficient solution.  Beyond its benefits, various payment gateways, preferred by thriving institutions, facilitate features like mobile wallet integration. This allows for convenient, on-the-go payments for things like school field trips.  

Within the administration offices, using debit orders and payment gateways frees up valuable time and resources, especially when setting up recurring or subscription payments. A double win that saves both schools and payers time and effort. 

Enhanced communication 

Let’s not beat around the bush. The days of ineffective communication are long gone, and within the school ecosystem, it’s crucial to adopt forward-thinking communication strategies.   

One avenue quickly becoming more popular is the application of an online payment system where school administration, parents, and students can communicate.   

Aside from this basic functionality, these systems allow easy fee, payment, and notification tracking. The landscape of these solutions is varied, with companies catering to every educational institute and their unique needs.   

From creche management with CrecheCloud to large-scale administration and operation with D6, online systems improve communication and enhance transparency. 

Frictionless donations and fundraising 

Creating a safe environment within schools is becoming more and more about physical and virtual safety. Educational institutes are, by necessity, forced to rely more and more on donations and fundraising efforts, and online systems offer the ideal remedy.  

Having the advantage of offering a secure online donations portal, which can be integrated with payment gateways, past students, parents, and supporters can donate with peace of mind. Often underestimated, these donations can improve scholarship and business funding, research initiatives, and infrastructure upgrades. 

Integrated payroll solutions 

Providing convenience, regardless of where, is a massive step in the right direction. This couldn’t be more true when it comes to keeping teaching staff, administration staff, and management personnel happy.  

In an economically volatile climate, most South Africans live from paycheck to paycheck. This has necessitated developing and adopting innovative payroll solutions, ensuring salary payments are made on time.  

Cashless environment 

Speaking of physical safety, it’s wise to keep in mind that South African schools and tertiary campuses are not immune to the petty crimes faced by the country daily. Students face a risk where, in most cases, it’s your money or your life.  

This has created a push to integrate cashless environments into schools and educational institutes, which has been met with exceptional tech.   

Digital wallets offer the ideal resolution to reduce cash on campus, allowing students to pay at tuckshops, clothes banks, and more with their phones. QR code and scan-to-pay technology make on-campus payments quick and safe. 

 Unlock seamless school administration | Wrapped up 

The South African education industry, both public and private, has reached a pivotal crossroads, and practical solutions have never been needed more.  

As fragmented as governmental policies and fixes are, it rests on the shoulders of school staff and administration to lead the way forward. Embracing the modern age and the revolutionary technologies that come with it promises a wealth of solutions and delivers them in spades.   

At the core of the industry lies the interests of students. Adopt streamlined tech and partner with Netcash to ensure students have improved education quality, where teachers have enough time to elevate the learning experience. 

Issues facing South African school administration 

Taking the current state of South Africa’s education industry into account, some clear and present issues are faced across all educational institutes. 

Increased demand and pressure 

As society becomes more accustomed to having instant access to information, the pressure to elevate education systems is at an all-time high. As a result, educational institutes face mounting calls for improved admission and administration systems.  

The lack thereof is easily seen as each school year starts with widespread waitlists and late registrations months into the year. Beyond additional frustrations, due to countless hours of paperwork for parents within school administration offices, processing these documents manually eats away at valuable resources better used elsewhere. 

Funding and resource constraints 

Another massive elephant in a seemingly crowded room is funding and resource constraints. Unfortunately, this is also a two-pronged issue, with budgetary limitations on one end and communities unable to contribute to fundraisers or donations on the other.  

Other factors that play into this include budgeting that doesn’t account for theft or budgets that are simply not needs-driven. Also, the majority of schools reliant on additional funding from the Department of Basic Education often don’t receive it.  

This funding is aimed at compensation for a lack of school fees and maintenance and upkeep. Without correct budgeting and effective fundraising systems, schools are unable to invest in technology, qualified teaching staff, and facility management. 

 Streamlining fee collection 

Straggling behind constrained funding and resources, but just as deadly to the education industry, are late and outstanding fees. While fee collection is an obviously critical element to success, it seems to be more of a hindrance than help. 

Schools are ill-equipped to facilitate a new age of payments, especially recurring payments, and the strain it puts on the entire schooling ecosystem cannot be understated. Without innovative processes that utilise advancing tech, fee collection and management is daunting. 

Mark Zuckerberg once said that “the biggest risk is not taking any risk.” As a business owner, you probably know this all too well. Daily, you face the daunting challenge of building your company to new heights. And while you play a pivotal role in creating jobs and driving the economy, you might find navigating the business landscape tricky.   

Let’s be honest: businesses face different risks, and yours is not exempt. That’s where proper risk management comes in.  

From high crime rates to infrastructure blackouts, South African businesses face many threats. Using risk reports as part of your overall risk management plan can help you identify and respond to such challenges.  

So, are you ready to empower yourself as a business owner to defend your entity and help it thrive? It’s time to find out how risk reports can help your company traverse rocky terrain. 

What are risk reports? 

Risk reports are documents that identify and describe the risks faced by a business. Netcash offers the following risk reports: bank account verification, mini company report, business linked to the consumer, CIPC business, and consumer credit check. These reports also help your company make informed decisions when dealing with customers and creditors.  

These possible threats can affect your business in many ways, be it through your operations, finances, and overall long-term stability. That said, you wouldn’t be faulted for thinking that risk reports are compiled for large organisations only. The thing is, even small and medium enterprises (SMEs) can benefit from using them.  

With increasing economic pressure, global health crises, and cybersecurity threats, to name a few, all businesses are confronted with threats to their long-term viability. 

Risks faced by South African businesses 

Running a business is tough. And as exciting and promising as the South African business landscape is, you’re probably aware of the following risks faced by entrepreneurs such as yourself.  

Here are some common risks your enterprise may face. 

Employee fraud 

Ask any business owner, and they’ll tell you that finding competent workers with integrity is quite the feat. Not only do you want people who know what they’re doing, you want them to behave well when no one’s watching. Sadly, a survey by The Global Economic Crime and Fraud found that employees were responsible for 41% of economic crimes in South Africa.  

Thankfully, you needn’t worry. Netcash’s risk reports can help you avoid internal fraud. These will help you check the credit status of potential employees whose key role will be to manage money. Prime examples include financial managers and credit control staff.  

Below are a few examples of employee fraud: 

• Falsified timesheets: In companies where tracking billable hours is essential, some workers may falsify their hours worked by inputting earlier times than they’ve arrived and later ones when they leave the office. 

• Ghost employees: This usually occurs when a member of the payroll function creates a fake employee and inputs their own banking details to receive payment. 

Why your business needs to compile risk reports 

In a business environment characterised by volatility, uncertainty, complexity, and ambiguity (VUCA), risk reports can help your organisation safeguard its interests. On top of helping you navigate the business environment, risk assessment reports can help your business thrive.  

Business reports to help avoid hazards and risks 

Here are the types of reports Netcash offers that can help you navigate today’s business landscape. You can rely on the accuracy of the information contained therein. Netcash pulls these reports from various reputable sources like the CIPC and multiple credit bureaus, including Transunion, Experian, XDS, and Compuscan. 

Bank account verification 

With Netcash, you can verify the bank account of the person or business you’re transacting with. This gives you peace of mind that you’re transacting with whom you intend to. 

Running Netcash’s Account Verification Service (AVS) will return the following information to you: 

• Branch code 

• Account number 

• ID number or company registration number 

• Whether or not the account exists 

• If the account was opened more than 3 months ago 

• And more 

Bank account verification helps you reduce your risk of fraud and paying money into the wrong account. 

Business linked to consumer 

This report gives you the lowdown on potential relationships a consumer might have with a business. If you’d like to do your due diligence and identify if a consumer is linked to a particular entity, Netcash can assist you.  

Your business can benefit from discovering if a prospective customer has any pre-existing relationships that pose a risk to you.

Consumer credit check 

With Netcash’s consumer credit check report you’ll get all the information you need about your customer’s credit history.   

You’ll have the following information at your fingertips: 

• Payment history 

• Outstanding debts or defaults 

• The type of credit accounts opened 

• Account terms and conditions 

Armed with this knowledge helps you assess your potential customers’s ability to repay loans and reduce your risk of bad debts. 

Note: Remember to get consent before you run a credit check against a potential customer. This is because consumer credit information is confidential and needs to be protected. Furthermore, the National Credit Act (NCA) prescribes that you obtain consent.

CIPC business check 

Need to verify the owner of a business? Netcash’s CIPC business report can give you information about a company, including:  

• Its company name and registration number 

• Business activities of the company 

• Company financial statements 

• Registered office address of the company 

• The directors and shareholders of the company 

While South Africa has a relatively stable political environment, businesses are exposed to risks such as crime and corruption, as mentioned earlier. Thankfully, a CIPC business can come in handy. It can help your business assess the credibility of potential partners, suppliers, and customers, allowing you to transact with legitimate businesses that are governed well.

Mini company report 

Similar to the CIPC business report, a mini company report provides you with information about a company. But it gives you different information. A mini company report gives you a quick breakdown of the business activities of a company. It also contains information on the financial performance of an entity.  

This kind of information can also help you do your due diligence on a prospective supplier. 

Components of a risk assessment report 

Knowing the importance and benefits of risk reporting is great. But what do they look like, and what do they entail? Fear not. Below, you’ll find a simple outline of what to expect in a risk assessment report.  

Tip: When preparing your assessment, it’s important to consider who your audience is. If you’re preparing it for decision-making, ensure you include all information necessary for management to make informed decisions on behalf of your company. 

1. An executive summary: This is a brief overview of the report’s key findings. It’ll also highlight major risks faced by your business and the actions you can take to mitigate these risks. 
2. The methodology used: Here, the write-up focuses on the processes and methods your business will follow when performing risk assessments. This could entail how you plan to collect data, analyse risks, and the criteria used for evaluating said dangers. 
3. Your business’s risk profile: This part of the risk report helps quantify threats using numerical values to make understanding their ramifications much easier. Risk profiles can be based on the probability of risks taking place and how serious they are. 
4. The risks faced by your business: This section identifies and describes risks that can impact your organisation.  
5. Analysis of risks: Analysing risks entails assessing their likelihood of occurring and their potential impacts.  
6. An evaluation of risks: Once your organisation’s risks have been identified and analysed, they’re then ranked in order of significance. This doesn’t necessarily mean some risks are unimportant, whilst others are. But it does mean they’re ranked based on several factors. These include how severe they are, how often they occur, whether they prevent you from reaching organisational goals, and so on. 
7. Recommended strategies: Now, you focus on how to minimise or eliminate these issues.  
8. Plan of action: This section focuses on how you’ll implement the recommended strategies. You’re looking at what specific tasks to carry out, who is responsible for certain tasks, when to complete them, and the resources you’ll require. 
9. Monitoring and reporting: Here, the risk report focuses on monitoring your risk mitigation efforts and the progress thereof. You can also include key performance indicators (KPIs) that’ll help you with tracking. 
10. Communication of risk: This part of the report focuses on how you’ll communicate risk-related information to relevant stakeholders within and outside your company. 

Note: Risk reports may look different from one organisation to the next. You can use the outline above while adapting it to your business’s needs. 

Final thoughts on risk reporting for businesses 

It’s clear now, more than ever, that businesses face risks that can threaten their survival and growth. Whether you’re concerned about a particular economic risk or want to get ahead of regulatory changes, a risk report is essential in your threat management toolkit.  

After reading this, you’ll know how these documents can give valuable risk insights. Be it in the identification, assessment, or management of threats, these reports will guide you in making better decisions for your business. 

By Charles Pittaway, MD of Netcash

Now that the dust has settled after the pandemic, one of its most enduring legacies is the wider usage of mobile and contactless payments around the world. Global research from Accenture shows that more than half (56%) of consumers surveyed are using digital wallets. Although card and cash usage remains high across the globe, mobile payments are becoming the preferred option for many consumers.

Adoption has soared in South Africa, too, with consumers and businesses across the board looking for more streamlined, convenient and secure ways to transact. This has been spurred on by trends such as the rapid growth in card-not-present transactions, online shopping and omnichannel options like buy online, pick up instore.

With customers embracing a digital lifestyle, they increasingly expect companies of all sizes to offer them a choice of easy payment options. Mobile wallets are becoming popular with a customer who wants transactions to be quick and hassle-free. Mobile payments makes life more convenient because the customer doesn’t need to carry cash around or capture card details across multiple sites and apps.

To keep up with consumer expectations, companies of all sizes need to be able to support their preferred payment options. While mobile payment options such as scan-to-pay solutions are on the rise, some people still prefer to pay with cards or cash. Others may want to pay using instant or bank EFT, and some want to pay at a convenient venue like their local retailer.

Meeting the expectation of anywhere, anyhow and anytime payments used to be complex and expensive. In the past, the mobile payments landscape was highly fragmented. Businesses couldn’t easily support the numerous QR code and contactless payment options in the market, creating friction for merchants and consumers alike.

But the payments sector has since taken great strides towards standardisation and ensuring wallet interoperability. It has also become a lot simpler to accept QR code payments, without the need for special payment terminals, complicated integrations with accounting and point of sale systems, or steep monthly fees and transaction costs.

That has cleared the way for even the smallest businesses to accept mobile payments. The benefits are significant. The technology can speed up the checkout process and reduce the need to handle cash, which can save time and reduce errors. Customers can simply scan to pay for goods and services, making the process faster and more efficient.

Transacting via QR code is also more secure than using physical cards. Consumers are still effectively paying by card, even if they don’t need to present the plastic. As such, they benefit from the protections the card companies and banks offer consumers and merchants. Removing the physical card from the transaction reduces the consumer’s exposure to risks such as card skimming.

Mobile payments also help businesses to increase sales. A seamless checkout experience encourages customers to complete their transactions. Additionally, mobile payments can help businesses reach new customers who prefer to pay with their mobile devices. By accepting mobile payments, businesses can tap into a growing market of tech-savvy customers who value convenience and efficiency.

We’re just at the start of the digital and mobile payments revolution. Merchants that can support the customer’s expectation for a seamless and convenient payment experience across every channel will thrive into the future. Businesses will thus increasingly look for solutions that make seamless payments and acceptance a reality.

Payments are a key part of the customer journey and can help companies to attract and retain customers. Today’s fintech solutions enable merchants to simplify the movement of money in their business, from presenting bills and processing the payroll, through to accepting payments across nearly any channel or instrument—giving them an edge at a time digital payments are a way of life.

Mobile payments have come a long way and will continue to evolve towards anywhere, anyhow, and anytime convenience. Businesses of all sizes need to support their customers’ preferred payment options, including mobile wallets, to keep up with customer expectations. By doing so, they can increase sales, attract and retain customers, and simplify the movement of money in their business.

Established in 2003, Netcash is a payment solutions provider delivering debit order, salary and creditor payment services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

www.netcash.co.za

Liana Clarke: Liana.Clarke@Netcash.co.za

By Charles Pittaway, MD of Netcash

To remain profitable, a business needs to keep attracting new customers and retain existing ones. Retaining customers once you win them is essential to build customer lifetime value and long-term profitability. That’s because attracting and onboarding a new customer usually involves costs such as sales, marketing, advertising, and administration.

But once they’re on board, costs of cross-selling and upselling to customers are lower than winning new prospects over. One celebrated study found that increasing customer retention rates by 5% increases profits by 25% to 95%. There are many elements that go into customer retention, but one that many small and medium businesses overlook is the billing and payments experience.

This is a part of the customer relationship that should be smooth and effortless, but frustrations often creep in. Here are a few ways a better billing and payments experience can help you to increase customer satisfaction and retention:

1. Personalised invoices that customers can pay instantly

Paying monthly accounts is a pain point for most consumers. They get a range of invoices by email or text or on web portals. They usually need to log into online banking or a separate payments gateway to pay each bill. But with a modern payment solution, your customers will be able to pay directly from a secure link sent by SMS or email. This saves them time and effort, and it makes it less likely they’ll forget to pay. It also facilitates a smoother customer relationship.

2. Fewer failed payments

Research from LexisNexis found that 60% of organisations reported losing customers as a result of failed payments, and that failed payments cost the global economy an estimated $118.5 billion in fees, labour and lost business. A robust, modern payments gateway will help to minimise failed payments, reducing the risk that the customer will give up in annoyance and shop somewhere else.

3. Supporting the customers payment medium of choice

The selection of payments options is dauting for an SMB. They include cash, EFT, debit orders, payments at retailers, debit, and credit card payments, QR codes, digital wallets, and instant EFT. But many customers have a strong preference about which payment instrument they use. Some feel strongly enough about it that they might go elsewhere if they can’t, for example, pay by card or instant EFT.

Or, they can pay with another instrument if their first choice fails. It used to be complex to support all these options. However, today’s fintech payments solutions support anytime, anyhow payments from multiple channels and instruments in a single platform. They also integrate with leading software vendors to enable you to automate payments, acceptance, and reconciliations from end to end.

4. No effort subscriptions and debit orders

One of the most mundane reasons for customers allowing their relationship with a company to lapse is that they simply forget to make a monthly payment. Enabling them to sign a debit order mandate or a card subscription is a powerful way to retain customers. They won’t need to remember to make a manual payment and you’ll receive the money on time each month.

5. Analytics and data to get customer insight

Once you’ve invested in a payments solution that integrates smoothly with your accounting solution and ecommerce platform, you’ll have access to rich data about your customer journey. You’ll be able to analyse transactional data to understand customer likes, preferences, and behaviour. These insights can help you improve your customer experience to build loyalty and satisfaction.

Established in 2003, Netcash is a payment solutions provider delivering debit order, salary and creditor payment services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

www.netcash.co.za

Netcash communications contact

Liana Clarke: Liana.Clarke@Netcash.co.za

Leading payment solutions provider, Netcash, and all-in-one fitness studio management platform, Octiv Fitness, have announced the integration of Octiv’s software with Netcash Debit Orders and Pay Now solutions.

This partnership enables independent fitness clubs, studios and trainers that use Octiv to automate their businesses to streamline the collection of recurring monthly membership payments and once-off payments.

Octiv enables fitness companies to professionalise their operations with a specialised customer relationship management (CRM) solution. Their members can use the Octiv app to monitor and track their training, book classes and more. Members are also able to pay their monthly memberships, buy training top-ups, and purchase full packages through the app by using Netcash Pay Now and Debit Orders.

Studio owners and trainers use Octiv to automate and personalise engagement with members and sales leads, manage classes and session bookings, and simplify invoicing and accounts. With full Netcash integration, they can automate billing and simplify month-end processes. The integrated solution helps them balance the books and catch up on missed payments.

A partnership between Discovery Vitality and Octiv enables studios to link to the Vitality network to secure more customers by offering them Vitality points.

Mark Fawzy, founder of Octiv Fitness (formerly BoxChamp), says: “Studio owners want to focus on what they do best – building communities and helping people stay fit and healthy. By integrating Netcash and Octiv platforms, we can now help them improve cash flow by making it far easier for customers to pay while saving them much of the time traditionally spent chasing overdue payments.

“The Netcash Pay Now feature makes it easier to accept ad hoc bookings from non-members. What’s more, studio owners can also manage their inventory and allocate retail products to upcoming Netcash Debit Orders or request payments via Pay Now for non-members while offering a wide range of payment options when doing so. This is another way we help studios get the admin out of the way so their customers can enjoy the best fitness experience.”

About Netcash

Established in 2003, Netcash is a payment solutions provider delivering debit orders, salary and creditor payments, Pay Now, eCommerce, and risk report services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

www.netcash.co.za