Of course I know you are thinking: who still uses cash in this era?
You will be surprised at the amount of cash in circulation. Check out this article from the Business Daily: Cash outside banking system hits Sh231bn and another disputing the use of mobile money in Mombasa, Kenya.
Often times businesses struggle to deal with their cash sales as to how the funds will get to the bank. This is especially where security systems are not elaborate.
As such banks and cash management vendors have come up with smart solutions that not only secure the business’ sales but also give value on a real time (or near real-time) basis. These solutions come in different shapes and sizes- literally- and have evoked as many variations of application as are the businesses targeted by banks.
It is worth noting that the key benefits of the solution(s) as well put by our CIT partner SGA Security include
- Real time credits into customers’ nominated bank accounts
- Guaranteed security for all cash deposits as all funds are covered by insurance
- Reduced cost of cash in transit runs
- Reduced cost of over the counter cash deposits
- Reduced risk associated with cash handling at customer premises
- Double saving as the CDM also acts as the customer’s vault
- Dual control access of the CDM averting possible losses
- Use of stacked notes (bag) technology which increases the capacity of the CDM, reduces note jams and downtimes.
- Ability to integrate access control and intruder alarm system to the CDM
- Control room services that monitor CDM operations, content levels, online status, opening and closure of the machine’s vault among others
- Record- keeping: Available printed receipts, end of day reports and web-portal journals to enable easy reconciliation
- Tailor – made to meet customer needs during integration. This may be to merchant’s POS system, MPESA Float Purchase module for MPESA agents and Bank Account Validation for multiple account holders.
- End to end Solution: SGA cash management services including CDM supply, integration and management, Vaulting, cash processing to CBK standards and regional cash conveyance (CIT).
- Cost Effectiveness: The CDM solution has increases efficiency in the branch, reduces costs associated with teller services
- Customer Experience: The CDM solution provides a simple, easy to use, multi-lingual self-service model of operation for clients who only wish to deposit their bulk collections at any time.
My take, get your machine as soon as possible and rid yourself of the headache and risks associated with ‘socks’ banking.
Having deployed over at over 85 business locations, we can help you on your installation.
Our cash management partners
How often have you been asked if you accept mobile money payments after going over the hurdle of convincing a buyer to take your product of service?
I often get bewildered when a seller tells me to send cash to his/ her personal number and worse still, being asked to add their withdrawal fee. Even more devastating is to be told to withdraw to a nearby mobile money agent or ATM. The last option is usually a deal breaker unless pushed to the wall.
It’s time businesses thought through and properly so, the need to accept payments through several channels. And for a long time my mantra was always: as long as you can accept cashless transactions, you are guaranteed more sales, which in reality all depends on the market.
A pal recently went through a saddening experience where he purchased gas at a station in late in the night and paid in cash. Seeing the buyer was desperate and not keen, the fuel attendant did not serve the full value of the litres paid for in cash and my pal ended up getting stuck in a few kilometres later. The sad bit is that the buyer had no way of validating his payment and litres ordered for as he had paid in cash- making a nuisance of his transaction.
You see, had there been a cashless transaction, it would be easier to trace the payment, the attendant who served him and reconcile the litres dispensed.
Bringing me to the parting shot: it’s time businesses accepted cashless payments and even better automated their payments in no fewer than these methods:
- Apply for mobile money merchant solutions e.g. MPESA, Android pay, Apple pay, VOOMA, Equitel, WeChat, Master Pass
- Apply for card processing solutions, at least accepting the major card brands in your area- most big banks can help.
- Adopt automation of your cash transactions, linking your cash tills to your points of sale software and intelligent cash deposit acceptors (smart safes).
To avoid the trouble of making a private website to sell their wares, businesses are now moving to marketplaces. And how cool the idea is! It’s the one front that buyers run to when they want many items under one roof. Different items from diverse sellers gives buyers an opportunity to compare and contrast offers, and pay online.
Some of the major benefits of joining a marketplace are:
- Minimal cost of setting up a business website with different products and services
- Connectivity to payment gateways that include major card schemes and mobile money
- Access to wider (online) market
Herein lies an opportunity to join our marketplace which offers the chance to sell your business products and services. So if you are one who does trainings, carpentry, artwork etc, biller.co.ke is your go-to-website.
We make it better by offering several means of payment, including USSD and WhatsApp platforms all connected to your mobile money line or your bank account.
Even better, is that settlement is determined by the seller as a DIY feature any time after your sale is complete.
To join, click the download link for the subscription form and better still, check out the marketplace: shop.biller.co.ke
If you think about it, we all need solutions that make our work easy and with excellent results.
Tuza Solutions offers to customize solutions that reduce your costs in terms of cash spent in investing multiple softwares, amount of hours taken to perform tasks and the management of resources. It is always a joy to listen to you and come up with mind-blowing award winning solutions that meet and exceed your expectations.
Ready solutions that we have include (and are certainly not limited to):
- transport booking and payment solutions
- tracking of deliveries and person(s)
- crowdfunding/ fundraising platforms
- rent payment and collection platforms
- event booking and ticketing platforms
- collections platforms for schools, churches, organizations, individuals
- e-commerce marketplace
- integration to mobile money and card payment gateways
- company ERP platform for procurement, administration, finance, HR etc.
Since we thrive in offering solutions, whatever you think of, and in whichever industry, we will make IT happen.
Whether crafted from an idea or taking over existing platforms, we will be glad to support you.
Engage us for any of your IT solution.