Equity bank has today announced that it is rolling out one till number that will allow merchants to receive digital payments efficiently. Through this till number, merchants will be able to receive payments form different channels or mobile wallets from the single till number.
The single till number will make it possible for merchants to receive payments from customers using Mpesa, Airtel Money, PesaLink, Equitel and Equity Mobile. The merchants will not be forced to subscribe to the multiple Paybill/Till numbers to accept the payments.
This is a much better option to be honest as eliminating the need of using different till numbers will work well in consolidating payments.
Merchants will then be able to collect the payments through their Equity bank accounts. The current setup with multiple till numbers means that merchants receive payments through the different wallets and then transfer the money to their bank accounts. Equity wants to eliminate this hustle with one till number.
There is no limit on the amount that customers can receive so they do not have to keep transferring money from their digital wallets every so often. “The centralised collection account will in turn improve their credit score thus enabling merchants to access higher credit facilities from the bank to enable them to expand their businesses,” Equity bank added in a statement.
To aid with smooth payment processing, the service will have a QR code for customers who wish to scan and pay from their payment channels including Equity Mobile App, M-VISA, Masterpass QR and UnionPay.
For businesses dealing with different customers who may have been forced to make payments digitally as a result of COVID-19, one till number is a great option. Businesses will be able to track payments easily.
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