Pioneers in Smartsafe solutions in South Africa.
Paysolutions was incorporated in 1999 after an opportunity was identified to improve the management of cash in the retail sector, more specifically in the fuel retail.
Banks and fuel Retailers at the time was using manual counting processes and drop safes to deal with the day to day management of cash. Cash cycles and cash settlements were a delayed process which could see delays of up to a week before cash was eventually settled by banks. These delays together with the discrepancies experienced, as well as the exorbitant cash management fees charged by the banks at the time, necessitated a more cost effective and efficient solution.
CAMEOS “Cash Management through Electronic Operating Systems was born as a subsidiary to Paysolutions specifically addressing the above.
Cameos becomes the first to launch a same day settlement solution using smart safes “ Autosafes” in South Africa with safes that can count and validate deposits and communicate deposit information to a financial backend system. This allows for cash deposits to be settled before the funds has been counted by the banks.
During this period Cameos captures huge market share with banks still relying on old methods to settle customers. Fuel retailers including Engen commits to Paysolutions / Cameos and rolls out smart safe solutions countrywide.
Companies such as Deposita and Deposit manager enters the market with similar product offerings with their own locally manufactured product.
At this stage Paysolutions imports Safes from America to be used with Cameos as the financial management system to manage cash deposits.
2005 – 2010
With the explosion of these systems in the South African market, the banks become extremely uncomfortable due to huge cash volumes being processed outside the banks. The pressure from the banks on Cameos and Deposita forces both companies to merge with bigger partners to protect them against the attacks from banks.
Cameos sells to Mvelapanda and gets placed in the Coin cash in transit stable and becomes Coin Cameos.
Paysolutions retains a shareholding in Coin Cameos. Deposita sells to G4 Cash in transit and both companies carries on capturing market share.
Nedbank, Absa, Standard Bank, and FNB finally enters the market to provide a competitive product with either locally manufactured safes or imports from mainly Europe.
Paysolutions sells shares in Coin Cameos in 2006 and remains involved in the development of the backend system as a consultant to the group.
Paysolutions contracts with GPT “Global Payment Solutions“ to build a cash management solution for Standard bank, with Deposit manager the supplier of the locally manufactured safes.
Paysolutions engages with Burroughs in America to build a financial management solution to manage Armor safes in America the same way as managed in South Africa, with the unique requirements for the American market.
At the end of 2010 more than 4000 retail stores run on auto safes managed by both Coin Cameos and G4.
Paysolutions embarks on building their own local financial backend and launches the first locally produced safe built by Paysolutions to cater for the South African market, called Cash Manager.
Bidvest buys out Coin and Coin Cameos gets bundled with Coin Cash in Transit and sold off to Fidelity. Coin Cameos gets renamed to Fidelity Cash Master.
Deposit manager sells out to Cash Connect and becomes the official competition for G4 Deposita and Fidelity Cash Master.
Paysolutions contracts with Fidelity to carry all cash in Cash manager safes sold into the market, and partners with Page Cash Automation to manufacture Cash manager safes in South Africa.
Paysolutions breaks away from Page Cash Automation and enters the Market directly with their own branded product called CashPro. This product together with the newly released Cash2cache backend gets offered to various Channel partners to take to market.
Cashpro becomes the product of choice for Shop2shop, Flash, Mnotho cash solutions, Transcash, Cash Automation, Izicash and various other independent cash in transit companies in search of product and solutions to service their customers. Shop2shop acquires 50% of Paysolutions.
2020 – 2022
Paysolutions manages in excess of R1.8 Billion a month in cash through their safe network in the South African market and is one of the only exclusive safe manufacturers with a product not owned or controlled by any cash in transit companies, but serviced by all.
Paysolutions launches Category 3 and Category 4 safes to be added to the current range of plate safes supplied in the market.
Paysolutions launches the first Coin safes, as well as through the wall solutions. Paysolutions launches the first bag seal solution to service the banks with an alternative bag solution to replace the canvas bag recycling models.
Paysolutions /Cashpro becomes the product of choice by all the known independent and registered cash in transit carriers in South Africa and also gets approved by Cashnet and GPT as a product to be distributed into the banks
Paysolutions launches a national support structure to manage all day to day support requirements on the product nationwide, with over 1000 sites under management to date.