The rise of simplified payments has completely changed the lending industry in South Africa according to Vaughn Hechter, Head of Customer Services at Delter and NuPay at Altron FinTech. In his 32 years in the industry, he’s seen major changes in the way businesses loan money to customers. Once a largely unregulated industry full of unregistered lenders, today’s environment offers payment solutions that can now automate compliance, credit bureau enquiries and payment calculations. As a result, business owners are freed up to focus on what they do best, grow their business.
Hechter remembers in the 1990s, when the reigning interest rate was 30%, microlenders were governing themselves and credit records were kept in an Excel spreadsheet. Lenders would keep a card and pin, and they’d literally take money out of the ATM in the middle of the night.
“Lenders would stand at an ATM with a pack of 500, 600 cards with bodyguards protecting them. I would market finance products and solutions to these lenders at 2am in the morning,” recalls Hechter.
Three decades later, Hechter’s days (and nights) are very different. “Today with digital payments, everything is automated. We guide you through compliance, and we make sure we train you and your staff. We can even assist with automating your FSCA compliance.”
The power of education
Altron FinTech prides itself on educating customers on how to manage and grow their businesses. Altron FinTech’s customer service team meets customers every eight or nine weeks, training business owners on how to analyse business performance and practical challenges such as the correct selection of pay dates or bank accounts. “We guide them through the entire credit lifecycle and train them on optimising collections and maximising returns.”
Taking the administrative burden away means that customers can focus on gaining new customers and expanding their businesses. Instead of trying to calculate complex interest rates for each of their customers, the system does it for them. Better compliance is good for both business owners and the customers they serve. “South Africa is ahead of the rest of the world in terms of processing,” Hechter notes.
Ultimately, Hechter would like to see end consumers have a better understanding of how the system works, and how to make it work for them. “We really want to educate. That’s a key driver for us. How we build and develop people is through financial education. It’s a small role we can play in improving the economy of the country and driving financial inclusion.”
Payments have moved on a long way from the self-governing years that Hechter encountered back in the 90s. “We can give you a platform to boost yourself, educate yourself, and absolutely everything is at your fingertips, on your smartphone,” concludes Hechter.
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About Vaughn Hechter Head: Customer Services
With over 25 years of experience in the credit and financial transacting industry, Vaughn has built a career defined by dedication, innovation, and a passion for driving meaningful change. His journey is rooted in a strong educational foundation, having earned a Master’s degree from the DaVinci Institute and completed the Senior Management Development Programme at the prestigious University of Stellenbosch Business School – Executive Development.
As a seasoned leader at Altron FinTech, Vaughn’s commitment goes beyond traditional metrics of success. He is deeply passionate about delivering exceptional customer service which is evident in his relationships with customers and his team, fostering diversity, and building partnerships that create win-win outcomes. His focus on innovation is evident in his ability to rethink systems and processes, driving efficiency and operational excellence across the board for Altron FinTech for nearly three decades.
Vaughn’s leadership is powered by a vision of creating impactful solutions that not only keep the business growing but redefine the customer experience from SMME’s to enterprise customers. He’s known for his ability to see the bigger picture, while also staying close to the details that drive success. With a career centred around empowering teams and optimising performance, Vaughn continues to be a driving force behind Altron FinTech’s forward momentum.
Altron FinTech
For businesses looking to simplify complex payment environments, Altron FinTech is the reliable fintech partner that provides payment and collection solutions, transaction switching, card personalisation, and credit management solutions.
Proudly South African, our personalised customer service ensures that your business is always on, compliant, and resilient and that payments are simple, safe, and reliable.
Because you matter, we simplify fintech complexities and help your business grow into tomorrow.
How Simplified Payments Can Help Businesses Grow
