Old Mutual Partners With Revio To Enable Online Payments For SMEs
Old Mutual Partners With Revio To Enable Online Payments For SMEs. Old Mutual is committed to supporting small and medium enterprises (SMEs). When launching SMEgo, Old Mutual needed a way to easily enable online payment acceptance capabilities for SMEs to ensure they get paid on time. These needed to be made available seamlessly to SMEs on the platform, while ensuring the highest level of security and compliance.
Through partnering with Revio, Old Mutual SMEgo can enable its SMEs to offer once-off and recurring card and instant EFT payments to customers, increasing market access. This capability helps Old Mutual SMEgo to achieve its vision of being a ‘digital one-stop solution’ for scaling businesses in South Africa.
Old Mutual is South Africa’s first and largest mutual life assurance society, founded in 1845. The company now offers financial solutions to individuals, small and medium-sized businesses, and corporates, with more than 30,000 employees in 13 African countries and China.Old Mutual offers a range of life assurance-based solutions and short term insurance, wealth management, loans and debt consolidation, and savings and transactional accounts. The Group’s strategy is to become its customers’ most trusted partner, and to help them thrive through achieving their financial goals.
Building on this commitment, Old Mutual launched SMEgo in August 2022. Old Mutual SMEgo is a digital, one-stop solution that helps SMEs run and grow their business on the go. The solution aims to address the key challenges faced by businesses, such as accessing the right funding easily, reducing the time spent on operational activities, and getting paid on time. Current features include the ability to create, customize, and send unlimited professional invoices for free, apply for flexible business funding (eg. asset finance, business loans, working capital finance, and purchase order finance) from trusted lenders through a single application. Through one application, businesses can access up to R20 million in funding from multiple lenders, streamlining the process and accelerating access to funding.
The SMEgo solution complements Old Mutual Limited’s existing business offerings, including its insurance and employee benefits products. Old Mutual needed a way to enable payment acceptance capabilities for SMEs on the SMEgo platform to help them get paid on time. These needed to be made available seamlessly, while ensuring the highest level of security and compliance.With Revio’s Payments API, Old Mutual SMEgo can offer SMEs card and other payment methods with only one integration point. The PCI-compliant hosted payment pages, seamless check-out experiences, and smart transaction routing enable SMEs to easily collect once-off and recurring payments. “We are passionate about helping SMEs unleash their business’ potential to become more profitable,” said Nishan Pillay, SME Solution Owner for Old Mutual Corporate. “This requires empowering them with the right digital tools that are easy to use, that can save them time and help them scale their business.”
Growing a business is hard, but getting paid shouldn’t be. Through partnering with Revio, Old Mutual can enable SMEs to easily accept online payments and follow-up with customers on unpaid invoices, without significant integration and operational management. “Revio has enabled us to offer online payment acceptance capabilities faster than we would have been able to build ourselves,” said Pillay. “The team’s expertise in payments and collections gave us confidence that the systems were secure, compliant, and fit for scale.” The partnership enables Revio and Old Mutual to better serve SME businesses, through offering a single, digital solution that makes it easier to run and grow their business on the go.
