Mobile Money e-payment Solution
Mobile Money is an electronic payment system that allows your consumers to pay for your goods and services using their mobile phone. MTN MoMo and OPay, two mobile money systems, are now topping the industry.
Mobile money allows users to build e-wallets on their phones to save funds. They can utilize the money in their e-wallet to pay for goods and services once it has been saved.
Users will be able to pay using their phones if you allow your shop or business office to accept mobile money e-payment options.
Accepting mobile money e-payments might be as simple as signing up for a mobile money service with your phone or downloading a smartphone app.
Mobile money providers, on the other hand, may offer specialized devices (such as a point-of-sale terminal) tailored to merchant needs. It’s also feasible that Mobile Money will be linked into point-of-sale systems.
Accepting payments using mobile money is similar to accepting payments with point-of-sale terminals.
You give the shopper the cost of the transaction and your merchant ID or account number after you’ve finished shopping.
The shopper types these data into their mobile money interface, enters their PIN to authorize payment, and the amount of the purchase is electronically transferred to your account in seconds, with confirmation sent to your smartphone.
Contact any of the service providers or their bank partners to receive a mobile money e-payment solution for your shop, store, supermarket, or company office.
MTN MoMo and OPay are two active mobile money providers in Nigeria.
There are additional mobile money solutions that require no action, such as GTBank’s 737 USSD banking, Access Bank’s 901 service, and Stanbic IBTC’s 909 service. Every bank has its own distinct code. All your consumer has to do is submit the right USSD code using the mobile phone associated with their bank account.
All you have to do is provide your customer your account number, and they will use the relevant USSD code to transfer funds to your account and pay for the goods and services.
Though the USSD payment solution is classified as mobile banking, it may also be classified as mobile money because it allows individuals to carry their money on their phones and make payments with them.
PocketMoni from eTranzact, MTN Mobile Money, U-Mo Mobile Money, and QikQik Mobile Money were all mobile money systems that operated in Nigeria at one point or another.
Get a Smartphone
Purchasing a smartphone as a merchant is an excellent idea. This is due to the fact that having a smartphone, such as an Android or iPhone, gives you access to a plethora of apps that will help you run more efficiently.
You can, for example, download your bank’s mobile banking app to your smartphone. This will make it easy for you to verify that the merchant’s payment was received and credited to your account.
Fraudsters are reportedly deceiving retailers by sending bogus SMS payment alerts. They send an SMS alert that looks like it came from your bank, claiming to have sent money to your account.
However, you can confirm that the money was input using your mobile banking app, lowering your chances of falling victim to a fraud.
Smartphones also support threaded messaging (similar to WhatsApp), which allows you to see all of your correspondence with a specific number in one spot.
If you have a smartphone, you can see all of your bank’s legitimate transaction alerts in one spot. This means that if a customer sends payment and you receive an orphan payment notice that is not in the same thread as your regular bank alerts, you should be cautious and seek further confirmation from your bank.
Purchasing a smartphone for your business will also provide you access to a variety of current payment alternatives that will help you cut costs.
Accounting software, payroll software, invoicing software, CRM software, and a slew of other business apps are all available to assist you increase your company’s productivity.
A smartphone is not only necessary for going cashless in business, but it also allows you to use digital marketing to expand your company. You can advertise your company on social media sites such as Facebook, Twitter, and Instagram.
That’s all there is to it. These two e-payment options, along with a smartphone, will go a long way toward ensuring that your firm is e-payment friendly and fully prepared for a cashless Nigeria.
You should also investigate electronic banking alternatives such as Internet banking and mobile banking, which will allow you to manage your banking transactions more conveniently. Have you started accepting electronic payments in your company? So far, how has your experience been?