A bulk payment is a system that allows a company/individual to make debit payments to multiple beneficiaries. For instance, payouts.
Here, the bulk list is the list of beneficiaries that the creditor intends to pay from a single account. The creditor’s bank statement reflects this bulk transfer as a single payment.
Fintech players like Yo! Uganda have more user-friendly solutions for bulk payment processing. They are faster, highly scalable and offer higher security.
Today, we shall try to cover the different benefits of bulk payment solutions for businesses. To begin with, many businesses use bulk payments on a daily, weekly and monthly basis.
Employee Wage payouts
Businesses need to pay their employees on time. For employee satisfaction, this payment must be done timely and without any glitches. You may need to ensure that your employees can withdraw earnings to their bank accounts instantaneously.
Many businesses use Yo! Uganda to make payouts to employees. The partners can request a payout on their daily earnings according to their need. This leads to partner satisfaction and high retention rates.
Contractors payouts
Employees are a regular beneficiary of a company’s payout structure. However, things might get a little tricky when it comes to contractors.
Contractors may require instant payments. Here, businesses like yours cannot afford to be tied down to financial institutions’ working hours. Moreover, you may require to disburse payouts in different payment modes like bank transfer, or mobile money.
Pay vendors
You may also need to pay your vendors and ensure that the marketplace settlements run smoothly. Evidently, as businesses grow, so does the complexity of handling it.
You may need to automate vendor management. Moreover, you may need to split the payments in complex ways.
Refunds
Refunds are a part and parcel of an e-commerce system. You may require to process refunds automatically and efficiently to ensure customer satisfaction.
Of course, this is easier said than done. You may need partial or instant refunds services – a feature that is rather new in the payments space. Moreover, you might want to initiate the refunds from a dashboard where they can track their progress.
Prize money
Businesses and stores running contests need a bulk payment system to disburse the prize money. For instance, an online gaming company can disburse winnings to participants. Here, the payment disbursal needs to be seamless and fast.
A failure of this can result in distrust of users and thus damage to the company’s reputation.
Now that we have covered the various benefits, you as a business owner, may need to think about investing in bulk payment services.
In Uganda and across the world, online payments, credit and debit card payments are becoming popular every other day, while cash and checks are continually decreasing in value. A merchant, or any payment system that allow account holders to accept payments in numerous ways (usually debit or credit cards) can help you add value into your business.
Here are some of the opportunities presented to you as a business owner when you invest in merchant payment systems.
1. Better money management
Online payments provide the ideal avenue to simplify the way your business handles transactions. We all know the inconvenience that comes with counting cash – imagine counting your money and you’re not sure of whether you’ve done the right calculation. Electronic payments therefore help you keep organized and facilitate better cash flow management and forecasting.
2. Increase sales and profits
It’s really this simple, your merchant payment system allows you to accept payments in many different forms. This culminates into more sales, greater market reach and less missed sales.
For old customers to return and attract new ones, offer convenience with your services
Besides, to remain competitive and relevant and maximize sales and profits, you need to accept card or mobile money payments.
3. Customer convenience
By using a merchant account, your customers satisfaction is guaranteed and they will definitely return simply because the system gives them the flexibility to purchase in numerous ways (credit or debit cards, online payments through mobile money). This allows customers to relish their experience with your business since they can shop when and how they want with simplicity.
4. Faster means of payment
As a business owner, this is an ideal opportunity to reap from the benefits presented by merchant payment.
Today, most of the customers prefer to make payments through cards or mobile money. Besides, transactions through cards or mobile money take lesser time. So, when you get a merchant payment account, you can manage all your payments through this account.
5. Receive online payments
Having your business online is very critical today. There are so many people who pay most of their bills, do shopping and manage their account online.
Over the last ten years, software-as-a-service has been automating, digitizing, and optimizing some of the most mundane and painful corporate tasks. With the rise of SaaS and the dominance of technology companies, many have predicted professional services firms’ demise. But that has not played out. Many services firms have thrived as the leading firms have evolved, and the markets have grown.
What is Technology-Enabled Services (TES)?
The definition of TES is amorphous. Emergence Capital wrote in 2011 an article titled What the heck is TES? They defined TES as information service offerings that technology companies develop and operate on behalf of their customers. Index Ventures in 2020 defined TES differently: Companies offering tech-enabled services bundle software and humans to provide “superhumans-as-a-service” as a turnkey solution.
The confusion arises because, on the spectrum between pure services and pure software, there is a lot in the messy middle. At times, some technology companies look a lot more like services companies than they would like the public markets to believe, and sometimes services companies use and sell a lot more technology than many want to believe.
My view is the test of a software product should be how autonomous it is without the value devising from human use. It’s not complicated, but the deeper the tools are in the stack’s back-end, the more they are pure technology. The more the software requires a skilled and trained operator to extract value continuously, the more the opportunity for technology-enabled services.
Examples of successful technology-enabled services:
The inflection point:
We’ve arrived at the inflection point, which seems more gradual than dramatic. As more and more no-code and low-code products become more ubiquitous, more digital natives reach the workplace, and software has actual, functional AI, the necessity for technology enablement will become more acute.
What does it mean for evaluating businesses?
The key to evaluating businesses that have a TES component is understanding where cost for the labor sits and how it is compensated and incentivized. I see four models for TES:
No matter how you cut it, there will be more merging of SaaS and professional services. But there are many open questions on what models will prove dominant. The SaaS or the Service? Who owns the relationship with the payer/customer? Who has the most competition? Which product or service is a commodity? The most likely outcome is that there will be a mix.
The critical pieces for technology-enabled services to get right.
When will the future arrive?
Like most things, it’s both already here and will take longer than we expect. But what’s obvious is that the most profitable, most enduring services will need to be enabled by the best technology.
Developments in digital technology have greatly increased the number of payment options that merchants are able to offer to their customers.
The last two years have seen a particular increase in online purchasing with E-commerce presenting many opportunities as both businesses and consumers sought ways around Covid restrictions on physical contact and movement.
As buyers have become more willing to use their mobile phones and internet sites to make purchases, it is likely that paying digitally will remain a viable option for many who only started using it recently.
For merchants and e-commerce sites, it is important to understand how digital payment options will affect their customers’ buying behavior in order to better equip their business. Payments processing systems can be a costly investment both in acquiring the technology and also in promoting its use among both staff and customers.
Here, we look at three studies that have aimed to shed some light on how payments options affect customer buying decisions.
In a study published by the Journal of Experimental Psychology, it was demonstrated that customers who are not using cash are more likely to spend more. This may be because the ‘pain’ of making the purchase is somewhat removed from the buyer when they are using a cashless option. However, cashless options must also remain transparent in terms of providing reliable records for the purchaser.
As far as online payments are concerned, a 2020 study by the Journal of Asian Finance, Economics and Business found that in deciding what payment method to use, customers making online payments are affected by the following factors: awareness of usefulness has the strongest positive impact on the customers while awareness of risk has the strongest negative impact.
This means that when consumers are aware of the benefit of using a particular payment method, for instance faster service or improved work efficiency, then they are more likely to use it. On the reverse side, when consumers are more aware of the possibility of a payment method failing, for instance through faulty online payments then they are less likely to use a particular method.
The journal of Retailing and Consumer Services released a report in 2019 detailing the findings of a study that was done to investigate buying behaviour amongst low income earners. It was found that although the total spending for low income earners may not vary greatly with cashless options, they are less likely to react adversely to price increases when using cashless options that when they are using cash to pay.
All in all, the available digital payments options clearly have an effect on consumer spending with some options encouraging consumers to spend more due to their convenience and the consumers perception of their reliability and safety.
In order for a business to remain on top of its game, it will have to consider continually increasing the capacity of their staff. One of the ways that a company can do this is through staff training. But, what are the things you must consider before you send your staff off for training?
Why should you train staff instead of hiring already competent workers?
Hiring new staff requires you to go through lengthy bureaucratic processes that may not even guarantee that the person you will get will be a good fit for your organisation.
On the other hand, when you train staff whose competencies and attitudes you are already familiar with, you have a good idea what specific extra skilling they need in order to perform better at their jobs.
Existing staff also know your business really well and are more likely to be able to translate the competencies they gain into practical solutions to the challenges that your business faces.
In what ways does staff training contribute to the overall results that a company achieves?
When you invest in training your staff, you increase the efficiency with which they work. Better quality products being produced in less time means that there will be a reduction in expenses that you incur in production. An increase in profits will result.
In the services industry, staff that are well trained will provide higher quality service leading to greater customer satisfaction.
How does a manager decide that their staff needs to be trained?
The following are some of the ways that you may decide that your staff needs extra training:
What kinds of staff training should I be focusing on? How do I know what training my staff needs?
How do we find the time to carry out staff training when the core business activities need to keep on going?
Finding time begins with the attitude with which you regard training. Investing time and resources in training will earn your company gains in productivity that will make it worth it. Surveys have shown that team members who train just one hour per week saved 1.8 hours per week.
This means that the company may have to forego certain activities in order to ensure that their staff are getting the necessary training. This may mean taking an afternoon off by closing the business early, or paying for your staff to put in some extra hours at the weekend, perhaps.
How do I know that the staff training is working?
Ensure that you keep good records of the areas that have been covered during the staff training. Improvement in these areas can be monitored through performance reviews carried out by line managers.
Mr Kalule has just started a men’s garments shop on a street next to Madam Nina’s unisex salon. Sales are taking a while to pick up. This is not good as he is anxious to keep up with his loan repayments. Madam Nina is unable to offer advice as her salon is also experiencing low customer traffic. Question is: what do they need to do to bring in more customers?
A good marketing strategy would be for the business owners to do a giveaway campaign.
Giveaways attract a quick response especially when it’s a good deal offer and is for a limited time only.
Take Tangerine, the internet service provider, for example. At Tangerine’s launch they offered customers free MiFis as well as free data bundles ranging from 15 GB to 50 GB. This strategy secured a substantial customer base for the company, giving them a chance to break into the market that was dominated by large telecom companies.
Obtaining feedback from end users
As potential customers touch, feel and savor your products and services, request them to give their impressions. These reviews will give you valuable information on any improvements you can make to the product.
Pay close attention to the features that stand out in the customers’ experience of the product. You will do well to highlight these particular features in your marketing materials.
Gives the product a chance to prove itself
New products and services are regarded with uncertainty by a large proportion of the market. Other consumers may not be convinced of their need for the product or that yours is the best among a wide variety of available options. In order to win them over, you may need to let them have a taste of your product or service, at no cost to them.
This model has been used widely for online products and subscriptions, a market that is overflowing with variety of products. Take the Apple Music service for instance. They offer a three month free trial, after which they charge $5.00 per month. The assumption being made is that after a customer has experienced the service, they will be willing to continue with it. This would not be achieved if they had never experienced it, not being convinced that they actually need it.
The need to give a product a chance is even more pronounced if there has been a difficulty with a previously launched product. (Recall the Samsung Galaxy Note 7’s 2016 introduction to the market where faulty batteries caused several of them to explode). Such unpleasant incidents can happen to any brand.
Giveaways help your brand to gain back the faith of the market and give your product a chance to build up a customer base. Before people will spend their money on a product that hasn’t got a track record of quality, they may have to be convinced of its worth by testing it at no cost to themselves.
Other potential customers will also make buying decisions based on the reviews given by the early users. It is easier for them to believe another customer that has experienced the product for themselves.
This was the idea behind Cosmopolitan magazine’s sharing of a video of 5 women trying out and reviewing Rihanna’s Wildest Savage X Fenty Lingerie.
Word of Mouth
People feel good when they are the first in their circles to share about a new experience they have had. Having been the first to discover an exciting new product or service raises their social status. It makes them more likely to talk about things that make them look good to others.
The end goal is to create word of mouth around your product. Take the example of a new free service you are offering at your salon. One lady uses this high value service and is impressed by it. She is then in the admirable position of letting her friends and family know that not only has she accessed a high value product, but that they can also access it for free for a limited time period.
Giving away good value products will communicate to your customers that you value their business and that you are confident about the quality of your product. Use this marketing idea to widen and solidify your customer base.
You finally have the funds that you need to expand your business. You’ve been looking into the idea of providing complimentary services to your core product. Let’s say you own a spa treatments business. You realised that you have enough space to compliment it with a car wash service. You have looked through your finances and know that you can afford to make the necessary expansions. What is the first thing that you should do?
Nobody should launch out into a new product or service without a detailed study about the relevant market. It would be like walking into an examination you’ve not prepared for. Imagine the results of such a situation.
Do you know how big the car wash market is? Do you know what share of the market you can confidently aspire to take up?
Carrying out market research will give you the best chance of taking advantage of available opportunities. Here are some aspects of the market that you should look out for.
Who are the significant players in the industry?
The major players in an industry will have the greatest influence in the market. Decisions they make will affect your business. Do you know who they are? Are you able to study their activities and progress over time? Their strategies may give you clues into their success.
Look at their marketing strategy and customer targets. See if you can identify their strengths and also their weaknesses. What gaps have they left that you could fill?
The other participants that you should pay close attention to would be your direct competitors. Which companies are targeting the same customer demographic you are targeting? They may be businesses that are located near your own. They may also be businesses that do not provide your service but an alternative.
For example, if you run a restaurant, your competitors are not only the other restaurants in the neighbourhood but a rolex stand would take some would-be clientele from you as well. Your research should tell you what threats they would pose and what opportunities you could take advantage of.
How would I describe the consumer I’m serving?
Identify the kind of people that will use your new product or service. Undertake an in-depth study of the needs which would motivate your customers to make a purchase.
Customers will not have the same characteristics and needs. Therefore, categorise them into different market segments so that you are able to tweak services to fit their needs.
Take the example of a skin care clinic business. One customer may have the sort of profession that requires them to pay you regular visits (for example an air hostess or artist/performer) while another may only need some work done every 6 months or so. Segment these into regular, irregular and even semi-regular customers. Other segments may be according to gender, age group or even residence.
Customer segmentation helps to identify the most profitable group of customers and to create targeted strategies for each group, using information on the customer profiles.
With your new service, target both the current customer as well as new clientele. Adjustments for already existing customers will be more bearable and less costly for the business since you already have a lot of information on them. The cost of acquiring new customers is greater.
What are the external forces at play?
As a business person, you have by now understood that your business is affected by events and conditions that exist in the industry in which you operate. You are affected by the economic and political environment. Studying these situations will help you to direct your businesses’ expansion plans realistically but confidently.
Find out what circumstances would stop you from entering into your chosen business. What threats await you? Are there taxes you will have to pay or costly licenses you have to obtain? Educate yourself on all these and work out whether your idea is still viable.
Not everything is bad news though. Your study of the existing conditions may also open your eyes to technological advancements that could make your work easier or even cheaper. Look out for new trends that will offer opportunities that you may not have thought about.
This sort of information is readily available places in newspaper articles, magazines, journals and reports published in the relevant industry. You may even engage the services of a researcher if you are constrained time-wise.
Business decisions must only be made after information has been sought, studied and interpreted well. From then on, your business experience and gut feeling can also come into play, to ensure that the decisions you make are profitable for your company.
The aim of all your customer engagements is to ensure that the customer will make another purchase from your company.
‘Delighting’ your customer has been hailed as the way to get customer loyalty. This requires that you understand your customer and their needs very well, an exercise that may be more costly and take longer to achieve.
However, at the very least, every customer must get satisfaction from your service.
When someone walks into your shop, what are the first sights and sounds that they experience? Who attends to them? How long does it take before they are attended to? How are they served? How do they feel as they walk out?
To deliver a satisfactory experience, look out for the following three aspects in your offering to customers.
Customers will look for the product or service that gives the best value for their money. If you are not able to compete favourably on price, ensure that you are excelling at other value attributes.
Take the scenario of parents looking for shoes at the beginning of a school term. Have you got the most durable shoes on the market? Are you able to offer a delivery service for those who cannot make it to your outlet from their offices? Would you offer a money-back guarantee for shoes that don’t fit and are returned the next day?
Delivery service as an added benefit can increase your value offer
The customer needs to be convinced that they are getting great value for the price that they are paying. Look for creative ways to add value to your service in order to have your customer make a repeat purchase.
The customer has the ability to boycott, or even worse, defame your business. This comes at great cost to you.
Avoid nasty encounters with customers, by all means possible. If they decide to launch a negative campaign on your business, it might take a long time and effort to recover from such an episode.
Things will definitely go wrong at times. Quickly acknowledge the lapse in service and find measures to appease an upset customer. Offers like a discount on a product or service may help to keep the peace.
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On the positive side, build relationships with customers by taking the extra step of getting involved in their personal events. Send a message on their birthday if you have information of their birth dates. Send an E-card during holidays.
Make all procedures easy and accessible for clients. Pay attention to what clients want and not what you want for them.
Take the example of online engagements. Many companies are opting to use their online platforms to engage with their customers. If this is the case, design your website and social media platforms so that the least tech-savvy person would be able to find their way around it.
Preempt customer questions by providing a Q&A section where every question that your sales reps encounter in their interactions with clients, is answered. This way, any customer who may have the same question in the future would find it.
Remember also to make the process of acquiring customer feedback as easy as possible. You never know what valuable information you will pick up when you listen.
How easy is it for your customer to give you feedback?
Even with all your efforts, customer loyalty cannot be guaranteed. However, if you satisfy the needs of your clients, keep things simple and constantly listen and engage with them, you will be on the right track to ensuring that repeat business.
As a business owner, you may have found that managing your accounting system can be tricky at times, especially if you have no formal training in financial management.
Do you get slightly intimidated when your accountant starts throwing around words like breakeven point, return on investment, or even balance sheet?
Fortunately (or unfortunately), you are not alone in this. Many small and start-up businesses fall prey to poor accounting systems, ignorance of financial policy and other external factors. They eventually close down or suffer the consequences of a poorly managed financial system.
Fortunately, good accounting structures do not need to be complicated, especially at the start up stage. Maintaining them can also be simple and affordable. Putting them in place, however, may be the difference between frustration and business success.
Consider the following pointers to increase your company’s chances of survival and growth.
Hiring right
Employing a full time professional accountant may prove to be expensive especially at the beginning. And yet, their professional expertise is what you need in order to lay down professional standards. One way around this is to hire them part time and instead employ an accounts assistant. The professional accountant can work with the assistant, advising them and looking over their shoulders to ensure that high standards are maintained.
Your accountant may know of someone with the required skills or should be able to carry out interviews when you have identified a potential candidate within your own networks. Students in university accounting programmes or retired accountants can be an option too.
Another way to save money while working with appropriate resources is to take advantage of free accounting software. The choice of software should be done on the advice of your accountant because you may need to transfer the information you capture to more advanced software in the future.
Starting right
Introduce systems and procedures of accounts in your business as early as possible.
After you have been in business a few months, you may notice that your business documents (Receipts, invoices, payment vouchers) are starting to pile up. Finding files containing important financial information or confirming dates of business transactions can become a problem.
Businesses should take the opportunity to create and begin with the right systems. They have the time to explore several structures before settling down on the right one, without causing significant loss to the enterprise, unlike bigger and older establishments.
Educate yourself before you engage a professional. This will ensure that you will understand recommendations given to you by your accountant, and perhaps suggest variations as well. Free information and resources available online will give you a simple start and teach you the basics of financial management.
Growing right
As your business grows, allow yourself the flexibility that the expansion requires. Avoid the temptation to insist on ‘what has been working’.
More staff will be hired, systems may have to be upgraded and new technology purchased. Provide for these changes through budgeting and planning strategically for future periods.
Consider taking your accountants through workshops, and other training events to prepare them for bigger responsibilities ahead and to encourage them to keep updated on industry trends.
Increased profits should not lure you into a spending spree. Keep your expenditure within the planned budget.
Budget for all business expenditure
Your accounting system provides the information that you need to know the health of your business. It guides your decision making on future projects and operations. Simple structures that support this system should be thought through and put in place as early as possible.
As a business owner, you may have found that managing your accounting system can be tricky at times, especially if you have no formal training in financial management.
Do you get slightly intimidated when your accountant starts throwing around words like breakeven point, return on investment, or even balance sheet?
Fortunately (or unfortunately), you are not alone in this. Many small and start-up businesses fall prey to poor accounting systems, ignorance of financial policy and other external factors. They eventually close down or suffer the consequences of a poorly managed financial system.
Fortunately, good accounting structures do not need to be complicated, especially at the start up stage. Maintaining them can also be simple and affordable. Putting them in place, however, may be the difference between frustration and business success.
Consider the following pointers to increase your company’s chances of survival and growth.
Hiring right
Employing a full time professional accountant may prove to be expensive especially at the beginning. And yet, their professional expertise is what you need in order to lay down professional standards. One way around this is to hire them part time and instead employ an accounts assistant. The professional accountant can work with the assistant, advising them and looking over their shoulders to ensure that high standards are maintained.
Your accountant may know of someone with the required skills or should be able to carry out interviews when you have identified a potential candidate within your own networks. Students in university accounting programmes or retired accountants can be an option too.
Another way to save money while working with appropriate resources is to take advantage of free accounting software. The choice of software should be done on the advice of your accountant because you may need to transfer the information you capture to more advanced software in the future.
Starting right
Introduce systems and procedures of accounts in your business as early as possible.
After you have been in business a few months, you may notice that your business documents (Receipts, invoices, payment vouchers) are starting to pile up. Finding files containing important financial information or confirming dates of business transactions can become a problem.
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Businesses should take the opportunity to create and begin with the right systems. They have the time to explore several structures before settling down on the right one, without causing significant loss to the enterprise, unlike bigger and older establishments.
Educate yourself before you engage a professional. This will ensure that you will understand recommendations given to you by your accountant, and perhaps suggest variations as well. Free information and resources available online will give you a simple start and teach you the basics of financial management.
Growing right
As your business grows, allow yourself the flexibility that the expansion requires. Avoid the temptation to insist on ‘what has been working’.
More staff will be hired, systems may have to be upgraded and new technology purchased. Provide for these changes through budgeting and planning strategically for future periods.
Consider taking your accountants through workshops, and other training events to prepare them for bigger responsibilities ahead and to encourage them to keep updated on industry trends.
Increased profits should not lure you into a spending spree. Keep your expenditure within the planned budget.
Budget for all business expenditure
Your accounting system provides the information that you need to know the health of your business. It guides your decision making on future projects and operations. Simple structures that support this system should be thought through and put in place as early as possible.
The “Bank-Format” statement is different from the standard detailed statement in the following ways:
1. Bulk Payments and associated charges are represented as a single Debit off your account;
2. Stand-alone transactions and associated charges are represented as single entries (combining transaction amount and charges into a single credit or debit)
This dramatically reduces the number of pages of the statement, should your processes require a printed copy of the statement.
Download Bank Format Statements
Are you in the food service industry? Is your till ready for the Valentines day crowds?
When a diner walks into your cafe or restaurant on any given day, they only have an idea about what they are likely to spend on their meal. Unless they are a regular customer and always order the same meal, they do not know the exact amount of cash to carry around.
Now picture your restaurant on Valentines day. As well as the uncertainty on how much cash will be sufficient, there is the added pressure of not knowing what their date is going to order. It is a special meal, the music and ambience is set up to achieve a celebratory feel. The drinks will be flowing, it’s your opportunity to offer special treats and desserts. Let the payment experience follow the same seamless pattern.
Yo! believes in finding smart but simple solutions to everyday business tasks. We do this by using some of the best brains in the Ugandan tech world to build software that makes your business systems faster and more efficient.
The award winning Yo! Payments solution is one such product.
You can provide ease and comfort for your guests by taking the opportunity to set up Yo! Payments. You are offering them the option of paying you using funds on their mobile money account.
There are several restaurants and other food service providers that are already taking advantage of this.
Yo! makes payment convenient
Amagara Cafe Bistro runs two restaurants in Kampala, at Colville Street and Nakawa Business Park. Another branch will soon open, at Course View Towers.
Benald, a waiter at the Nakawa restaurant speaks enthusiastically about the increased level of service the Yo! Payments solution has afforded them.
“Someone doesn’t have to worry about not having enough cash to pay for their food or drinks.”
Emma Mugabi, the manager at the branch reiterates this and emphasizes the advantage of having several payment options.
“Sometimes one’s card may fail for one reason or another. It’s good to be able to offer an alternative payment method,” he says.
The Nakawa business park restaurant serves the hundreds of businesses that operate in the park and surrounding areas.
More Payment Options
Enable your restaurant to receive more revenue per client when you introduce the flexibility of payments through some more channels.
Special occasions when you expect more guests at your restaurant are a great opportunity to start your account with Yo! Uganda.
It’s simple and straightforward. Get in touch with us at Yo! Uganda.
Are there other payment options that you think we should know about?
You’ve developed a wonderful product. It’s designed to give your valued customers comfort, convenience, security or flexibility. You’ve marketed it successfully and chosen a great location to sell it. The customer walks in. Your staff receive them warmly and professionally. The layout and ambience of your outlet is just right. The client picks up your products and moves to the checkout counter.
The end point of your customers’ experience, the point at which you make that sale should continue to present the same feeling of convenience and flexibility.
After all, nothing should hinder you from reaping the rewards of all your hard work.
Three reasons why a mobile payment solution will increase your sales revenue
When a customer has had a fast and delightful experience at your checkout counter, they are likely to remember this and return. Even better, they will return with their friends and family.
Walk in clients may not have enough cash to pay for goods and services. Win the sale, regardless, with the information that you will accept mobile money payments.
In the same way, say goodbye to the frustrating efforts to find change.
According to Bank of Uganda Annual Report 2016-2017 there are 22.8 million mobile money subscribers in Uganda. The year ending June 2017 saw over 52 Trillion shillings in mobile money transactions. Businesses, especially in retail need to make it as easy as possible for customers to carry out transactions using mobile money.
A mobile payments solution does just that. This is especially crucial if your business targets a young market because younger people are more inclined to opt for faster and more convenient payment methods.
Thankfully, companies like Yo! Uganda LTD provide a simple, easy to use mobile payment system for you and your clients to take advantage of.
Ensure that your business continues to provide flexibility to your valued customers and never miss a sale.
Doing business in Uganda will sometimes require you to pay workers in cash. A common reason for this, is a situation where the worker does not have a bank account. Contract workers like casual labourers also tend to prefer being paid immediately after they finish a job. Companies buying produce particularly from non-commercial farmers will also encounter the need to make several cash payouts.
Casual workers prefer to be paid immediately after they supply services.
Even when paying workers in cash, laws regarding benefits and compensation should be adhered to. The business will still need to keep good records of all payments made and time worked. In addition, and crucially, payroll taxes must continue to be deducted and sent in to the tax authority whenever payments are made.
Yo! Uganda’s bulk payments product eases the process for businesses of all sizes doing their payroll. Some of the unique features of the system are as follows:
Keep good records of payroll transactions
Yo! Payments supports businesses that want to pay workers via direct mobile money deposits. You can pay all your workers in seconds, and still have all your detailed records kept. This solution also works well for salaried employees.
How to Set Up Your Cashless Payroll With Yo! in 2023.
You may follow our simple instructions in order to set up your payroll. However, our Yo! Uganda sales and support team is ready and happy to set this up with you.
Yo! Payments has transformed the way your customers pay you. It is now time to transform the way you pay your workers.
Click here to learn more.
