Kuda has launched new payment solutions aimed at helping small and medium-sized enterprises (SMEs) streamline their payment processes. The company, through its Kuda Business platform, introduced both virtual and physical point-of-sale (PoS) products to address common challenges faced by businesses, including delayed payment confirmations and fragmented banking services.
In a statement released on Tuesday, Kuda explained that its new payment solutions are designed to enable businesses to accept payments more efficiently. The Virtual PoS allows business owners to process payments using only account numbers, eliminating the need for physical hardware. This solution is particularly beneficial for freelancers and SMEs looking to minimize costs while expanding their operations.
“This innovative solution is appealing to businesses looking to expand their operations while minimizing costs. It allows the creation of multiple free terminal account numbers. These unique account numbers can be assigned to sales staff, who will receive instant payment confirmations through email, text message, or directly on their phones when customers make payments,” the statement read.
The physical PoS devices, on the other hand, are designed to handle card payments and bank transfers with instant settlement. This means businesses can access their funds immediately after transactions, improving cash flow and efficiency.
Nosa Oyegun, Vice President of Product and Innovation at Kuda, emphasized the benefits of these new solutions.
“Our goal with the physical and virtual PoS terminals is to empower Nigerian SMEs with tools that not only simplify payment processes but also enhance their overall business efficiency. The virtual PoS, in particular, represents the future of payment processing, eliminating the need for hardware and reducing costs while ensuring that businesses receive payment alerts instantly,” Oyegun said.
Oyegun also highlighted the importance of the physical PoS for businesses that require face-to-face transactions.
“For businesses that require face-to-face transactions, our hardware POS offers speed and reliability, which are crucial for SMEs,” he noted.