Payment solutions provider iKhokha is giving small businesses a boost with iK Vend. The in-app prepaid vending feature enables iKhokha merchants to sell prepaid products to their customers using their Mover Pro or Shaker Duo card machine.
These prepaid products include airtime, data, electricity, gas and water. Customers can also settle municipal bills, DStv accounts and even pay policies and traffic fines. They’ll also earn commission on every qualifying sale.
Essentially, through iK Vend, iKhokha gives their merchants instant access to an additional product offering, revenue stream and commission earning opportunity via the iKhokha app.
But more than offering their merchants an easy way to increase their basket size and monthly turnover, iKhokha is also giving them a new way to trade.
It’s called iKash, iKhokha’s digital currency that merchants earn every time they sell a qualifying prepaid product with iK Vend.
“The real benefit of iKash rebates is that it can be used as currency within the iKhokha app to purchase value-added services such as airtime, data and prepaid utilities using iK Vend,” says iKhokha Chief Product Officer, Ramsay Daly.
As Daly states, iKhokha merchants can use their iKash balance to pay for prepaid products on iK Vend. This means that when serving cash customers prepaid products, an iKhokha merchant can complete the transaction using the iKash they’ve earned from previous iK Vend sales while still accepting the customer’s cash.
By using this system, iKhokha gives their merchants a way to earn free cash in hand or “money for mahala”. And seeing as each unit of iKash carries a rand value of 1:1, iKhokha merchants can look forward to real rewards for their iK Vend sales.
A key component in this new way of trading is the iK Wallet, a digital wallet that lives on the iKhokha app. It’s where all iKash accrued through iK Vend sales is stored. This balance doesn’t expire. The iK Wallet simply holds each merchant’s growing iKash balance until they are ready to use it to serve a cash customer.
Merchants can also Top Up their iK Wallets to accept more cash payments. They can do this at an ATM, via EFT or by using an iKhokha card machine.
“The iK Wallet gives iKhokha merchants a place to store the rebates they receive. It also presents an exciting opportunity to leverage additional products as we build an ecosystem of value-added services and drive future innovations,” says Daly.
With many small businesses struggling in the current economic climate, iKhokha sees the iKash and iK Wallet innovations as a way for small businesses to begin the road to recovery.
While it is not an overnight solution, with frequent usage and the right management, the iK Vend feature can become a profitable turnkey solution for small business owners who currently have their backs against the wall.