The vertical expansion stems from the fact that a huge segment still prefers to pay cash on delivery.
Egyptian fintech Accept Payments just expanded its service to cash on delivery. "We aim to facilitate payments for businesses and to maximise their profits," Accept's CCEO Shady El Tohfa tells Startup Scene."We try to offer different products that can help them grow and improve the economic state generally. Additionally, to raise awareness of our newest products by granting market insights and data backing up the importance of payment upon delivery as a service in Egypt."
Accept found that despite the growth of online transactions, a huge amount of people still preferred to pay cash on delivery. "Based on research that had been done recently, more than 70% of Egyptian consumers prefer to pay cash on delivery. Thus, our target is to simplify the process of payments through cash on delivery to help businesses grow by reaching more customers through convenience," El Tohfa explains.
The drawback for this model (without an intermediary) is that the merchant needs to sign multiple contracts and make multiple integrations with different systems to get his money. He has to not only collect his revenue from two different entities, but also to pay to both, the payment service provider and the courier. Adding to the efforts of integration and the fact of contacting the support of two different companies when there’s a problem in the order. Thus, at the end of each month, the merchant will have to put a lot of effort to upload reports and to track the flow of his money.
With Accept Payment Gateway, embracing multiple payment methods, merchants can now have cash on delivery with a single integration. There’s no need to upload orders manually to courier, once the customer chooses that he wants to pay cash on delivery, he just enters his shipping info and Accept will handle the rest of the process. This would make merchants track their order properly and easily in one single reporting dashboard.
Established in early 2018, Accept offers merchants payment solutions enabling them to accept various payment methods in order to help them grow their businesses and has been operating in Jordan since May 2018.
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