5 ways Yoco Payments help new businesses

Getting paid should be the simplest part of business. This article shows how Yoco Payments can help new small businesses get their money.
A customer shopping at Patagonia in Cape Town using Yoco.

It is so critical for a business to have a proper point of sale platform and card payments. Unfortunately, to date, only more established businesses can get access to proper quality tools due to the exhaustive costs.

Lungisa Matshoba, Yoco Chief Technology Officer

More often than not when an entrepreneur gets started, they can’t afford to spend time or money on tools to help their businesses. Card payments and point of sale systems are seen as something a business will get when they’re bigger or when they “really need it”. At Yoco we believe that card payments and point of sale systems are actually something new businesses need to have from day one in order to grow and prove themselves.

We aim to give all entrepreneurs their best shot from the word go with our affordable card payments and free point of sale. Apart from being affordable, and easily accessible for all businesses, here’s how Yoco payments and Point of Sale helps new businesses who want to succeed:

1. The Yoco Point of Sale helps you learn about your business

If you don’t learn as much as humanly possible during the early days of your business, you may not make it. However, when you’re starting up a business there is so much to do, that collecting, compiling and learning from your sales data tends to take a back seat. The Yoco Point of Sale and Business Portal can change that. Here’s how:

With Yoco there’s no counting receipts, fighting with Excel or searching for lost papers. Every sale, be it card or cash is automatically recorded in the system. From there you can pull any data you need to make important decisions.

Businesses using Yoco have access to the following information at any time, from anywhere:

  • Best and worst performing products, categories and brands
  • Percent of returning customers vs. new customers
  • Top sales times, days and weeks of the month
  • Gross profit earned on individual products and categories
  • Staff performance

2. Quickly adapt, customise and control your set up

It’s critical that as you learn more about your business, you can make changes and adapt quickly. We’ve made sure that the Yoco Point of Sale is fully customisable and easy to use. You don’t need to wait for a service provider to help you set up or make changes.

Easily add new products you want to test, remove underperforming products and create shortcuts to improve your experience. In addition, every change you make will immediately sync and reflect across every one of your smart devices and staff’s devices. You can control your business from anywhere.

3. Make your business look legit

One of the most significant hurdles for a new business to overcome is the ‘trust barrier’. If people don’t know you, they probably won’t trust you. If they don’t trust you, they won’t give you their money.

When people don’t have any previous experience with a business they will look for cues to judge whether or not the business is legitimate. How is the person dressed? What does the website or store look like? Do they accept card payments or are they only cash? Can they give me a receipt?

Being able to show you take cards and have a point of sale goes a long way towards showing potential customers that you are a legitimate business that is investing in itself.

4. Be ready to impress potential investors, partners or media

No business can survive in isolation. At some point, you may need to form a partnership with a different brand, apply for a loan or try to get your business featured. Whatever it is, you can be guaranteed people will have questions or need “proof” of how your business is performing. With Yoco, this won’t be a problem. Any information needed can quickly and easily be provided from your Point of Sale and Business Portal.

Prove to investors you have a positive gross margin or show off to media that your new invention has taken off in a big way and sold a thousand units. Having this information on hand and easily accessible from day one is a huge game changer for any entrepreneur.

5. Know that as you grow, Yoco grows with you

If you’ve paid attention to your business and learnt as much as you could, adapted as you went, looked after your customers and impressed the right people – chances are your business will grow quickly. We understand that the needs of a small or new business differ from those of a large business. This is why we’ve integrated with some of the best point of sale systems in the market, including Vend and iKentoo (TabletPOS).

Find out more about how integrated payments and point of sale works in this article. If you’re ready to get set up on Yoco head over to our website to sign up.

If you need more information read Five reasons your business needs card payments.

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