Thanks to the global Covid-19 pandemic, being able to accept cashless payments has become more important than ever for businesses in Kenya.
From small neighborhood shops to matatus and large stores, hard cash is no longer the preferred mode of payment.
The Ministry of Health has pushed for the adoption of cashless payments as part of measures meant to curb the spread of the virus.
For many business owners, however, the thought of setting up cashless payments seems strenuous and complicated.
Take the owner of a small restaurant for example; he needs to consider accepting mobile money payments, online card payments, bank transfers and more.
Imagine if there was one solution that could somehow make it possible to easily set up all these payments and manage them under one roof. Luckily, there is.
E-Commerce solutions from the Co-operative Bank mean that it has never been easier to accept cashless payments for your micro, small or medium size enterprise.
Payments are credited directly to your Co-operative Bank account and you receive payment confirmations immediately via text or the internet banking platform.
How to Register
Business owners can register with Co-op Bank to set up online card payments, Lipa na M-Pesa Till Number, PDQ/POS machines for card payments, M-Pesa Paybill and MCo-op Cash.
Sign up on the bank’s business solutions portal here to begin.
Online Card Payments
Integrating an online card payments solution is one way to boost sales for your business.
It will enable you to receive card payments from customers from different banks, anywhere in the world.
Accepting different card types including international VISA credit and debit cards and prepaid cards is a key advantage offered by the solution.
It also provides real-time reporting, service reliability and 24/7operations support.
Lipa na M-Pesa Till Number
Co-op Bank can also help business owners to set up a Lipa na M-Pesa Till number.
It is one of the preferred cashless payments options for many, as a large number of Kenyans use mobile money on a regular basis.
Importantly, the payments will be deposited directly to your Co-op Bank account.
Business owners are able to access the funds at any time through Co-op’s mobile banking platform, ATMs, Co-op Kwa Jirani agents, Internet banking or its branches.
PDQ/POS
Co-operative Bank also helps business owners set up Point of Sales (POS) machines allowing them to accept card payments.
These machines enable businesses to receive card payments from customers of different banks.
Register on the Co-op Bank business solutions portal to engage a Relationship Manager on setting up PDQ/POS for your business.
You will be guided on application requirements depending on the type of business; such as Limited Liability Companies, Sole Proprietorships and Partnerships.
M-Pesa Paybill 400200
Using the M-Pesa Paybill 400200, business owners can have payments deposited directly in their Co-operative Bank accounts.
The payments reflect in one’s account immediately, and you can also check for confirmation on the mobile banking and internet banking platforms.
You can also get text message notifications by subscribing to MCo-op Cash SMS notifications.
MCo-op Cash
MCo-op Cash is a great option for cashless payments for business owners, particularly those with Co-op bank accounts.
Customers with Co-op Bank accounts are able to make payments directly to your account using MCo-op Cash.
One can either dial *667# or download the MCo-op Cash App to access the service.