Local fintech startup and AlphaCode gold member walletdoc has launched a product that might make it easier for businesses to garner payments from debtors.

The product is called walletdoc business and to explain it as simply as possible it allows a business to send an invoice that allows the customer to pay said invoice immediately with a credit or debit card.

“Businesses simply send their bills to walletdoc which on-sends the bills to their clients in real-time with embedded debit and credit card payment functionality. In this way, the invoice is turned into a virtual card machine, offering card as a payment option to clients. Clients will still be able to pay the bill via EFT if preferred,” explained walletdoc in a press release sent to htxt.africa.

The solution doesn’t require integration with existing systems, works with any accounting software and customers don’t need to install any additional software. A customer will simply receive the invoice along with payment functionality embedded into the mail.

“By allowing consumers to pay accounts online and instantly by credit and debit cards, our merchants have noticed a dramatic increase in the speed and volume of payments which has improved their cash flow,” says walletdoc joint chief executive officer, Leonard Shenker.

The joint CEO goes on to say that walletdoc has the added benefit of circumventing invoice fraud where a cybercriminal replaces a business’ payment information with their own.

The service is free to use but merchants will be charged a transaction fee of 2.7 percent (excluding VAT) on every transaction.

If walletdoc business sounds like something your business could use you can sign up for the service over on the official website.