Nigeria - Startup under 3 years old

Describe your project or startup in a few words

Paystride is a centralized checkout system for high-foot traffic businesses to seamlessly handle payments at scale, eliminating checkout hassles, accounting inadequacies and gathering real-time shopping data to make better informed business decisions.

01.01 Describe your startup in more detail

High foot traffic businesses in Nigeria today rely on inefficient and slow checkout processes, wasting time, lacking data insights, and complicating accurate accounting. Paystride streamlines these operations by centralizing transfer payments, POS transactions, and on-shelf scan-to-pay checkouts, providing a fast, data-driven, and easily accountable solution.

01.02 What is the main problem you are trying to solve?

Inefficiency in Checkout Processes: Traditional checkout methods are slow and cumbersome, leading to long wait times for customers and reduced throughput for businesses.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

1. Businesses can process payments and monitor (bank transfer, POS, and online checkout) all in one dashboard 2. Shoppers can seamlessly checkout in seconds instead of waiting long standing in queues. 3. Businesses are able to properly manage accounting and payment notifications seamlessly 4. Shoppers can easily order from a store's inventory from home and get it delivered. 5. Businesses have access to real time shopping data from buyers preferences inorder to make better data-driven business decisions.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

Businesses with high foot traffic like malls, supermarkets, hyperstores etc find it difficult scaling payments collection, and due to large number of shoppers, there are regular long queues at checkout. Paystride empowers them to solve these problems and more.

01.05 When was your company established?

2023-10-13

01.06 Are you already selling your product/service?

No

01.07 How many other owners are there within your startup?

2

01.08 Among the other owners, how many are female?

0

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

Background: frontend and backend engineer. Key skills: react , Vue, laravel. Experience and expertise: 6+ years as a software engineer

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://paystride.co

01.11 Which industry best describes your project?

g) Financial services

02.01.01 My startup contributes to the No poverty goal

4

02.01.02 No poverty - Justification for my startup

paystride helps businesses increase efficiency which helps high foot traffic businesses thrive this results to New Employment Opportunities: As businesses grow due to increased efficiency and profitability, they create new job opportunities. This can help reduce unemployment and provide stable income sources for more people, contributing directly to poverty alleviation. Sustaining Existing Jobs: By enhancing business resilience and sustainability, Paystride helps protect existing jobs from being lost due to business closures or financial instability. This stability is crucial in regions where job loss can have a severe impact on poverty levels.

02.02.01 My startup contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification for my startup

Job Creation and Income Stability: As Paystride helps businesses grow and become more efficient, it creates job opportunities and stabilizes incomes. With more stable employment and income sources, households can afford better nutrition and invest in sustainable agricultural practices.

02.03.01 My startup contributes to the Good health and well-being goal

7 - Strongly Agree

02.03.02 Good health and well-being - Justification for my startup

Shopping is a vital human experience, here in Nigeria, our shopping experience can be really improved from what we have dominantly today, we have to wait in queues to checkout at malls, fuel stations, supermarkets, etc just to get access to what we want. Solving this challenge I believe increases good health and well being to a great extent.

02.04.01 My startup contributes to the Quality education goal

2

02.04.02 Quality education - Justification for my startup

02.05.01 My startup contributes to the Gender equality goal

1 - Strongly Disagree

02.05.02 Gender equality - Justification for my startup

02.06.01 My startup contributes to the Clean water and sanitation goal

2

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

2

02.07.02 Affordable and clean energy - Justification for my startup

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

Paystride contributes immensely to decent work and economic growth in the following ways. Enhanced Productivity: Paystride streamlines checkout processes by centralizing transfer payments, POS transactions, and on-shelf scan-to-pay checkouts. This reduces customer wait times and operational bottlenecks, allowing businesses to serve more customers efficiently and improve overall productivity. Better Resource Management: By automating and integrating various payment methods, businesses can reduce reliance on excessive manpower for managing transactions, leading to more effective allocation and utilization of human resources. Informed Business Strategies: Paystride provides businesses with valuable insights into sales and customer behavior. This data enables businesses to make informed decisions, optimize inventory, and tailor their services to better meet customer needs. Market Analysis: With access to comprehensive sales data, high-foot traffic busineses can analyze market trends, i

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

Technological Advancement: By integrating transfer payments, POS systems, and on-shelf scan-to-pay options into a single platform, Paystride leverages cutting-edge technology to streamline the checkout process. This innovation reduces transaction times and enhances the overall efficiency of business operations. Data-Driven Decision Making: Paystride’s system provides businesses with valuable data analytics and insights. This information can be used to track sales trends, understand customer behavior, and make informed decisions. Such data-driven strategies foster innovation by enabling businesses to adapt quickly to market demands and optimize their operations. Enhanced Customer Experience: The platform’s ability to speed up checkout processes and offer multiple payment options improves the customer experience. This innovation not only attracts more customers but also fosters loyalty, driving growth and competitiveness in the retail industry.

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

By employing both genders at nearly same representation, and not discriminating in any form we make sure that there is equality it is deepened into our company's core value. Moreso, Paystride supports women-owned businesses by providing them with the tools they need to succeed.

02.11.01 My startup contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification for my startup

Enhanced Efficiency and Reduced Wait Times: By streamlining checkout processes, Paystride reduces wait times and improves the customer experience, making high-traffic businesses more efficient and enjoyable to visit. Data-Driven Decision Making: The data insights provided by Paystride enable businesses to optimize their operations, reduce waste, and better meet the needs of their customers, contributing to more sustainable business practices. Improved Financial Management Simplified and accurate accounting helps businesses to better manage their finances, ensuring their long-term viability and stability, which is crucial for the sustainability of communities.

02.12.01 My startup contributes to the Responsible consumption and production goal

7 - Strongly Agree

02.12.02 Responsible consumption and production - Justification for my startup

Paystride contributes to responsible consumption and production in several ways: Reduction in Paper Use: By centralizing digital payments and electronic receipts, Paystride reduces the need for paper-based transactions and receipts, contributing to lower paper waste. Efficient Resource Management: With streamlined checkout processes and real-time data insights, businesses can better manage inventory, reducing overstocking and minimizing waste from unsold goods. Energy Savings: Efficient checkout systems reduce the time customers and employees spend in stores, potentially lowering energy consumption related to lighting, heating, or cooling in retail environments. Data-Driven Decisions: Access to comprehensive data allows businesses to make more informed decisions about product ordering and stock levels, aligning supply more closely with actual demand and reducing excess production. Encouraging Sustainable Practices: By providing insights into customer preferences.

02.13.01 My startup contributes to the Climate action goal

4

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

2

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

2

02.15.02 Life on land - Justification for my startup

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

7 - Strongly Agree

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

Paystride contributes to the United Nations Sustainable Development Goal 16: Peace, Justice, and Strong Institutions in several ways: Promoting Transparency and Accountability: By centralizing and digitizing payments, Paystride creates a transparent record of all transactions. This reduces the potential for fraud and corruption, ensuring that businesses operate with integrity and accountability. Strengthening Economic Institutions: Efficient and reliable payment systems are crucial for the stability and growth of economic institutions. Paystride supports this by providing businesses with the tools they need to manage their financial transactions effectively, thereby contributing to a more robust economic infrastructure. Facilitating Legal and Ethical Business Practices: By simplifying accounting and ensuring accurate transaction records, Paystride helps businesses comply with financial regulations and legal requirements.

02.17.01 My startup contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification for my startup

Paystride contributes to "Partnerships for the Goals" (SDG 17) in several meaningful ways: Collaboration with Local Businesses: By partnering with high foot traffic businesses, Paystride helps improve their operational efficiency and data management. This collaboration fosters stronger business networks and enhances local economic development. Integration with Financial Institutions: Paystride's solution integrates various payment methods, including POS systems and bank transfers, promoting collaboration between financial institutions and businesses. This integration supports a more inclusive and efficient financial ecosystem. Data Sharing and Analytics: Paystride provides businesses with valuable data insights, enabling better decision-making and strategic planning. By sharing anonymized data trends and analytics, businesses can collectively improve their strategies and drive industry-wide improvements.

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

5

06.02 The product/service represents an entirely new type of product/service.

1 - Strongly Disagree

06.03 The product/service could be described as a new technology.

4

06.04 The product/service is an improvement on an existing product or service.

7 - Strongly Agree

06.05 The product/service could be described as an extension of a range of products or services.

7 - Strongly Agree

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

5

06.07 The product/service is a new version of an old product/service.

2

06.08 Justification for my startup

Paystride as an innovative solution and stands with Unified Payment Processing: Paystride integrates various payment methods, including transfer payments, POS transactions, and on-shelf scan-to-pay options, into a single platform. This centralization simplifies transactions, reduces operational complexity, and provides a seamless checkout experience for customers.

06.09 Competitive Analysis

Paystride's main potential competitors in the Nigerian market and globally include established payment processing platforms and POS system providers. These competitors may include companies like Paystack, Interswitch, Jumpnpass, Pooler, and traditional POS providers. Here's how Paystride stands out from these competitors: Competitors: Many competitors offer fragmented payment solutions, requiring businesses to manage multiple systems for different payment methods. Paystride: Provides a unified platform that integrates transfer payments, POS transactions, and on-shelf scan-to-pay options. This centralization simplifies operations and enhances the user experience.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?