Kuda, through its Kuda Business platform, has launched virtual and physical point-of-sale (PoS) products tailored for freelancers and small to medium-sized enterprises (SMEs) to streamline payment processing.
In a statement issued on Tuesday, the company explained that these solutions are designed to help businesses accept payments more efficiently while addressing challenges such as delayed payment confirmations and fragmented banking services.
The Virtual PoS allows business owners to process payments without physical hardware, using just account numbers. This enables cost-effective scaling, as multiple terminal account numbers can be created and assigned to sales staff, with instant payment confirmations received via email, text message, or on mobile devices.
The physical PoS devices, on the other hand, handle card payments and bank transfers with the added benefit of immediate settlement, ensuring businesses gain instant access to their funds post-transaction.
Nosa Oyegun, Kuda’s Vice President of Product and Innovation, emphasized the company’s goal of empowering Nigerian SMEs by simplifying payment processes and improving business efficiency.
The virtual PoS is seen as a forward-looking solution, eliminating the need for hardware while ensuring instant payment alerts, whereas the physical PoS devices offer speed and reliability for in-person transactions.
The introduction of these payment solutions underscores Kuda Business’ commitment to addressing the specific pain points of Nigerian SMEs and supporting their growth.
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