Business owners can receive payments from a customer through LIPA NA MPESA Buy Goods Till and send it directly using Send Money to someone else’s number. Also, the funds collected via the Buy Goods Till can be used to make other transactions from their till. Business owners can also withdraw the collected funds from an M-Pesa agent. Besides, the business owner also has the option to directly pay for utility bills using M-Pesa Paybill.
A recent upgrade for M-Pesa has opened the way to change how businesses transact. With the new M-Pesa business app, merchants can transact easily through their phones directly to their M-Pesa wallet and bank accounts. The business app incorporates multiple additional functions.
The M-Pesa for Business Interface enables the business owners to:
- Receive payments from other Businesses and Customers
- Make payments
- Pay another business from the till – Pay a bill or Buy Goods
- Make payments to customers
- Withdraw funds
- To the owner nominated number
- To Bank
- At M-PESA Agent
- Sell Airtime to customers using collected funds and earn a commission
It gets even better! Money in the business till can be used to buy goods from another business directly from your till to theirs. Business owners can now pay their suppliers, customers, and pay salaries directly from their till to their till number or directly to their M-Pesa. Owners can sell Airtime to customers using collected funds and earn a commission.
“At Safaricom, we are taking a focus on the needs of small and medium businesses, to provide them with suitable technologies to help them grow. The M-Pesa for Business Smartphone App is such a solution. It empowers more than 170,000 businesses across the country to send money and make payments and provides them with simple and detailed reports from the convenience of their mobile phone.” Safaricom CEO, Peter Ndegwa.
This M-Pesa upgrade will help business owners transact at ease while will also save a lot of time. Reconciliation and consolidation of statements will be easy to generate since all the transactions will be readily available through the roll-up feature. Business owners with multiple outlets that can easily monitor cash flow at the convenience of their cell phones. Before these advancements, all these additional functions were not available from the till.
These features are available through a short code *234# >> select option 2. Therefore, users do not necessarily have to own a smartphone to unlock enhanced features. Visit their website for more information.