Peach Payments, a digital payments provider, has launched real-time clearance (RTC) payouts for all merchants on its platform in SA. This solution enables businesses to top up their float and disburse payments in just minutes, significantly reducing the time and effort required for payment processing and settlements, says Rahul Jain, CEO and co-founder of Peach Payments
The South African payments landscape is rapidly evolving, with businesses and consumers increasingly demanding faster and more efficient payment solutions. The Peach Payments RTC payouts solution aims to meet this demand, providing merchants with an automated way to disburse funds. In recent years, the company has made significant strides in expanding its payment solutions, including partnerships with Stitch, Nedbank and Float, explains Jain.
As previously reported by ITWeb, Peach Payments partnered with Stitch in October 2022 to enable online merchants in SA to accept instant EFT payments. This partnership aimed to provide a faster, more convenient and secure payment method for consumers. Additionally, the company secured $30 million in funding in October 2023 to accelerate growth, develop new products and expand into additional African countries.
The RTC payouts solution offers several key features, including automated reconciliation, CSV uploads, float top-ups and batch payments. Merchants can access these features through the Peach Payments dashboard or via an API for more customised integration. According to the company, the solution can help reduce costs and improve efficiency for merchants.
“This is a key enabler for Peach Payments as we look to scale our offering locally and further afield,” Jain comments.
"We wanted to bring the payout functionality into our Peach Payments dashboard, which meant our own software team developed the real-time clearance payout function we now offer," he adds. "Our approach is to listen to our customers, hear what they need and then help them to achieve it. Innovation is always driven by what we understand our customers want and need today and in the future, rather than innovation for the sake of novelty."
The payments processing market in SA is highly competitive, with companies like Ozow and PayFast offering similar solutions. However, Peach Payments says it differentiates itself through its payment orchestration capabilities and customer support. According to Jain: "We differentiate ourselves by giving our merchants an edge with payment orchestration, so they can focus on running their businesses rather than worrying about how they receive or make payments."
Cadana Pay, a global payroll provider, has seen significant benefits from using Peach Payments' RTC payouts solution. According to Fred Gyekye Ofosu, product operations manager at Cadana Pay: "Switching to Peach Payments RTC payouts has resulted in a 50% reduction in costs. The pricing model is transparent and we no longer incur hidden fees or deal with costly intermediaries."
Jain says Peach Payments' growth strategy is founded on three pillars: organically growing its existing market share, launching new products and services, and using mergers and acquisitions to facilitate growth. The company's recent acquisition of PayDunya expanded its footprint into the UEMOA and CEMAC regions, unlocking new opportunities for merchants.
Peach Payments plans to integrate RTC payouts with other payment methods, notes Jain. This will allow for features like refunds for EFT payments. It will also facilitate partnerships for expanding into new markets and reaching different customer segments, such as through e-wallet and voucher payouts.
Share