Stitch launches WigWag, a social commerce payments platform for SMEs

Stitch has launched a payments product known as WigWag which can permit South African retailers to simply accept payments from native and worldwide playing cards by way of a distinctive hyperlink despatched by e-mail/SMS.

South African fintech startup Stitch has launched WigWag, a social commerce fee platform which might allow small companies to simply accept digital payments by way of a distinctive fee hyperlink.

“With WigWag, small and growing businesses can begin accepting local and international card payments in minutes, without the need for a website or developer resources. They simply need to send a unique payment link to customers in any chat or email,” the corporate mentioned in a assertion.

While Stitch affords scalable customized fee options to massive enterprises, WigWag might be centered extra on small companies. After registering for the providers, retailers will generate a hyperlink for a buyer with the quantity to be paid and the expiry time of the hyperlink. The hyperlink can then be despatched by way of e-mail, SMS, WhatsApp or social media chat the place the shopper will click on on it to make a fee.

“We created WigWag specifically with these small business clients in mind. Now anyone can have access to reliable payments, powered by the Stitch API, and offer their customers a truly seamless experience,” mentioned Danielle Laity, WigWag product supervisor at Stitch.

Responding to a query from TechCabal on the fees related to the product, Laity said that WigWag will cost 2.95% of the quantity that retailers receives a commission. For clients paying you with a non-South African card, WigWag will cost 3.4% of the acquisition quantity to supposedly cowl the international alternate. Additionally, every payout will garner an R2 cost, all charges excluding VAT.

According to knowledge by Deloitte, 51% of surveyed SMEs indicated they’d encountered sturdy curiosity from clients in making payments with a card, exhibiting the potential of a resolution like WigWag in facilitating such payments. SMEs make up 29% of all companies in South Africa.

Stitch emerged from stealth in February 2021 and expanded into Nigeria in October 2021. The agency raised $21 million in Series A funding in February 2022 to develop its payments API product.