By Gitahi Ngunyi
@gitahi_ngunyi
As a businessperson, you know that unless you have a secure, convenient and flexible cash collection system, then you will spend the best time of your day in the business collecting the cash, securing it by depositing it in your bank or in your bank withdrawing cash to fund your supplies.
Unfortunately, this routine means that you allocate very little time to aspects of the business that can drive growth such as looking for new orders, answering customer concerns and queries or securing cheaper sources of supplies. This means that your business will not grow as fast as you would want.
Luckily, Kingdom Bank has the antidote for this challenge that affects most micro, small and medium sized business.
The bank’s m-collection solution frees the entrepreneurs’ time from the routine of collecting cash and issuing ‘change,’ because customers use their mobile phones to pay for goods and services direct to the entrepreneur’s bank account.
The bank which is a subsidiary of Cooperative Bank has curved a niche as the MSME Bank by innovating solutions that offer convenience, flexibility and affordability to small businesses in all sectors and levels of growth.
The m-collection solution does more than just freeing the entrepreneur’s time. It is also convenient for the entrepreneur as the cash paid by the customers is deposited to his or her account where they can access it immediately by a touch of a button. The convenience comes at zero cost for entrepreneurs as it has no charges thus making it affordable for entrepreneurs at every level of business.
Besides, the solution allows customers to make payments for goods and services through multiple methods. For micro-enterprises such as land lords, mama mboga’s, kinyozi, salons and mali mali shops, customer payments can be made through the bank’s short code or till numbers while small to medium sized businesses such as hospitals, schools, and churches can receive payments from customers through pay bill numbers.
The icing in the cake is that the collections do not just in the bank waiting the entrepreneurs to make their withdrawals transactions. Frequent use of the collection solution contributes to the entrepreneurs transaction history which will enable them to access mobile loans from the bank through *344#.
If you are business owner and would like to benefit from the solution, you just need to walk in to any Kingdom Bank’s branch or call the bank’s customer care number 0709881300 to register.