There are many benefits to accepting cashless payments for your business, especially in this day and age. Businesses are more efficient with their workflow and customers are happier when they do not have to carry around large sums of cash. If you are thinking about adding another payment method to your roster of options, or if you just want to see what it is all about, here’s everything you need to know about accepting cashless payments for your business in Uganda. You do not have to wait so much for someone to come with your cash from wherever they are coming from, gone are those days.
Here is how:
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By using payment Platforms
Before you get started with accepting online payments, it’s important to determine how you want customers to pay. Luckily, there are plenty of platforms out there that will help you accept payments on your website. To maximize convenience for both your customer and yourself, consider payment platforms that also support mobile devices.
Some payment platforms even have apps that allow customers to send money from their phones without entering sensitive information like credit card numbers or account numbers. Such a platform you could explore is flutter wave.
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Using MTN Momo Pay or Airtel Pay
Mobile money transfer allows you to send money via text message. This is great for businesses that don’t want to physically accept cash payments because they can more easily monitor transactions.
MoMo Pay is a service offered by MTN. You can put cash in your MTN Mobile Money account. In case you want to send or pay someone, you send it to them. Take note that they also have to be using MTN and have a Mobile Money account such that the specified amount of money you choose to send to them is transferred from your account to theirs.
The same is true for Airtel Money. The same rules apply, you have to be having an Airtel Money account and so does the person you are sending to.
You can send money from Airtel to MTN and from MTN to Airtel. Though you will incur higher costs for those transactions compared to sending on the same networks.
If you’re looking for fast cash collection with little hassle, Momo Pay and Airtel Money might be your best bet.
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Fintech Apps
There are multiple financial technology (fintech) applications that can facilitate more efficient payments for small business owners like you. For example, services like Chipper, Eversend, and ChapChap enable you to receive funds from buyers through their platforms without ever touching cash. Just sign up for an account with them, and then use their service on your website or Facebook page so that clients can pay through their portal. Once a client pays you via the above platforms, your account is credited within the shortest time possible.
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Conclusion: A cashless society is quickly approaching, with an increasing number of businesses around Africa accepting mobile payments. If you’re looking for an easy way to expand your business’s reach and boost profits, In fact, by using mobile money transfers you can improve your payment collection rate by almost 2x, which will not only get you paid faster but also help boost your profits.