TymeBank, South Africa’s fastest growing digital bank, is bolstering its business banking offering for Mzansi’s small business owners with a series of new initiatives.
TymeBank’s business customers stand to benefit from the launch of a new solution, TymePOS, a mobile point-of-sale app that turns an NFC enabled cellphone into a tap-and-go payment device. As a softpos solution, TymePOS offers the best pricing in the market for merchants of this size. It also has market-leading next-day settlements for merchants (industry standard is seven days).
The app is available for download on the Google Play Store, and it will take a TymeBank Business Banking customer just two minutes to on-board via the app. Customers will then receive a merchant ID to start processing card payments within 24 hours.
When Sicelo, a young South African entrepreneur, built a small business in 2021, he knew that the right bank was key to ensuring his business would succeed in a challenging financial environment. As an initial attractive factor, the TymeBank Everyday Business Account had no monthly charge, which was a significant advantage for his start-up. And having started a very innovative business himself, he looked for a bank that also reflected innovation – which is why he became a TymeBank customer and took part in the pilot phase of the TymePOS solution.
TymePOS allowed him to do use his cellphone as a point-of-sale, a huge convenience, and also offered a market-leading settlement period. “The one most important issue for me (outside of low bank charges) is that ‘cash is king’, with TymePOS you go to the market today and your money is reconciled and cleared the next day, which is key for my business’s cash flow management.” As this small business owner grows his business, he is looking forward to more services from TymeBank to upscale his business and contribute to the country’s broader economy.
TymeTrybe, a world-class financial community platform that equips business owners with a comprehensive range of business tools, accredited courses and other educational services as well as access to networking opportunities, will be a key feature of TymeBank’s expanded Business Banking offering. The TymeTrybe platform was designed by Tribe Fintech, a global fintech company and Tyme partner that has secured partnerships with several high-profile organisations, including global tech giant Meta, Wits Business School, BrownSense and SMEasy as contributors to the platform.
Also in the pipeline is an innovative web-based e-commerce app that makes it easy for small merchants to sell their wares on Facebook and Instagram. A delivery service will be included as part of the offering, aptly named ‘SellOnSocial’.
“The small business sector in this country is vital to economic development and job creation and deserves all the help it can get, particularly given the immense hardship of the last few years. We believe our revitalised business banking offering is what small business owners want, need and deserve,” said Coen Jonker, CEO of TymeBank.