Small township businesses in South Africa have seen a surge in card payments. It is a financial revolution that is hard to ignore with companies like Yoco and iKhokha leading the charge by providing merchants easy-to-use, affordable card machines. But Yoco vs iKhokha: which one is the best for your business? In this article, we are going to take a closer look at the key features, costs, and customer experiences of both Yoco vs. iKhokha? Let us help you make a more informed decision.
What Are Yoco and iKhokha?
Yoco and iKhokha are two innovative South African fintech companies that provide payment solutions to businesses. Their portable, user-friendly card machines have become increasingly popular among entrepreneurs in townships looking for affordable, reliable options for accepting card payments.
Yoco: A Quick Overview
Founded in 2015, Yoco offers an integrated point-of-sale system and card payment solution. It’s uniquely designed to meet the needs of small and medium-sized enterprises (SMEs), particularly in informal sectors. The device is lightweight, portable and allows for both debit and credit card transactions. Let’s dive into the specifics:
Features and Benefits
Yoco offers two card machines: The Yoco Go for entry-level use and the Yoco Pro for more established businesses. Both machines have tap, swipe, chip and PIN capabilities. The device offers a Point Of Sale (POS) system that integrates seamlessly with your smartphone via Bluetooth and provides business analytics tools.
Costs
There is a once-off cost for the card machine, which doesn’t bind you to any monthly contracts. Transaction fees are on a sliding scale depending on the monthly sales. The more you sell, the less you pay in transaction fees.
Customer Service
Yoco has a solid reputation for stellar customer service. Business owners appreciate the ease of use and fast set-up process, and there is a useful knowledge base on the Yoco website for any troubleshooting requirements.
iKhokha: A Closer Look
On the other side, we have iKhokha which has been in the game since 2013. Similar to Yoco, iKhokha offers mobile card machines that sync with your smartphone. Here are the specifics:
Features and Benefits
iKhokha offers the Shaker Solo, a standalone card machine, and the Mover Pro, which pairs with your smartphone. Both devices accept credit and debit card payments. iKhokha also offers value-added services like the ability to sell mobile airtime and earn extra income.
Costs
Similar to Yoco, iKhokha machines come with a once-off cost and there are no monthly contracts. Transaction fees are consistent and don’t fluctuate with sales, making it more predictable for budgeting.
Customer Service
With a predominantly positive online presence, iKhokha is praised for its efficient customer support, easy set-up process, and quick approval times.
The Final Verdict: Yoco vs. iKhokha
Both Yoco and iKhokha offer innovative solutions for township businesses looking for affordable, reliable card machines. Yoco’s edge lies in its POS system and value for consistent high-volume transactions. On the other hand, iKhokha shines with consistent transaction fees and value-added services.
Read more: How to Own a Lucrative Car Wash Business.
Conclusion
Choosing the best card machine for your business comes down to your specific needs and circumstances: Yoco vs. iKhokha. Both Yoco and iKhokha have unique strengths, so it’s crucial to evaluate which features benefit your business model the most. Do you need an integrated POS system, or would value-added income from selling airtime benefit you more? Remember, the machine you choose should assist in growing your business and bring you closer to your financial freedom goals.
FAQs
Does Yoco or iKhokha offer contactless payments?
Yes, both Yoco and iKhokha machines support contactless payments.
Yoco vs. iKhokha: Can I pay for the machine in installments?
Currently, both companies require a once-off payment for the machine.
Yoco vs. iKhokha: Can I use the machine outside of South Africa?
At present, Yoco and iKhokha services are available for use within South Africa only.