Payment Gateway in South Africa That You Can Connect Seamlessly with SubscriptionFlow
Just like any other region of the world, the subscription business economy is also growing rapidly in the African region. Though this growth is comparatively less than in many other economically developed countries and states of the world, there is still hope and a margin to earn profits for businesses. Now that the subscription economy is at its peak, businesses need robust payment gateways to maintain the flow of revenue in the subscription economy.
Paystack is one of the best payment gateways to receive online recurring payments in Africa. The good news is that SubscriptionFlow offers integration of the subscription management system with Paystack.
You can stop worrying about payment processing because now everything can be managed and processed automatically from Paystack—payment gateway integration with SubscriptionFlow in Africa.
Also Read: Top Payment Gateways For Recurring Payments In Europe In 2021-2022
Globalization & Online Payment Processing
Today, we are living in a globalized world where not only people but their needs are also interlinked. The eCommerce supply demand chains are interwoven in a way that it is no more an easy task to untangle them to understand.
Africa is the second largest continent of the world and cannot be neglected by the subscription business community when the scope of the growth of the subscription economy is already broadening. The northern part of Africa is probably far behind the developed nations of the world, but looking at the bright side, it can be turned into the hub of outsourcing services and products.
However, when services are to be outsourced, there is needed payment gateway integration with SaaS platforms so that payments and transactions can be processed feasibly. And Paystack is all set to enter the era of African innovation and success. And SubscriptionFlow is also geared up to lead the race in the subscription business economy in Africa by offering integration of its subscription management system with Paystack.
Digital Payments Vs Cash As King in Africa
It is undeniable that cash is still the king in the African continent, so what are the scope and the future of e-payments or digital payments out there?
The factor that can surely encourage retailers and subscription businesses to enter the African market and opt for digital payment methods is that countries like Egypt, Ghana, Kenya, Nigeria, and South Africa have speedily come towards the trend of digital payments. They are still actively working to deliver their people and investors a sophisticated and robust online payment processing system.
And as per Mckinsey’s report, countries like Sinegal, Uganda, and Ghana will show more than 20% growth in the digital arena.
So, the opportunities are there and customers are waiting for you to outreach, all you need is to prepare and a payment gateway is a must for this preparation.
The Future of E-Payments in Africa
Technological development, resources in Africa, and the role of this region in the supply chains of the world that bring nations together are the factors that show that the future of e-payments and subscription businesses is bright out there.
Some of the biggest factors that happen to be the biggest push for Africa towards digital payments are the following:
1. Multiple Payment Methods
Customer whether lives in Africa or America needs special treatment. And to satisfy such a customer base, it has become a necessity to offer multiple payment methods to customers. And it is not that consumers only demand varying payment methods, they are actively leveraging these multiple payment methods. So, the time has come, and people are using payment methods other than cards and cash. Even they demand modern methods to pay because they are easier and fast.
2. Payment Gateways for SMEs
According to Mckinsey, there are 95% SMEs in South Africa having only 10-20 employees. These SMEs can be an easy target for subscription businesses that integrate subscription management platforms with payment gateways. Now, just imagine that there are so many small and medium-sized businesses in South Africa, what would be the situation in the remaining parts of the African continent?
Again, opportunities are there that you can leverage, but to enter the African market, a robust payment gateway is always needed.
Also Read: The Revenue-Driven Benefits of Using Multiple Payment Gateways for Recurring Payment Processing
There are many constraints to enter the subscription business market of Africa. It is a perception that Africa is lagging in tech development in comparison to many developing and developed countries and regions of the world. However, the ground is set. People love OTT platforms and eCommerce websites in Africa and widely use their subscriptions. So, the concept of subscriptions and recurring payments is clear to the customer.
Subscription businesses will not need to educate the customer base but rather establish a robust tech stack to make an entry into the African subscription business market and establish a revenue stream. If you want to plan to hunt a new customer base in Africa, then first, schedule a demo for SubscriptionFlow because we offer the ultimate solution to your payment processing-related worries.
