As we seek to transition into a cashless economy, mechanisms to receive money in digital form are always a great direction to take. MTN Uganda has a ‘for Business’ product called a Collections Account that would suit your business or enterprise needs in great ways.
This kind of account is recommended for school fees collections, invoice or bill payments from customers, and group contributions like tithe, savings, and investment funds.
Basically, with an MTN MoMo Collections Account, you are sure to receive payments safely and conveniently. It enables your customers to conveniently send Mobile Money to your business account, from wherever they are.
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How does it work?
- You’ll need to sign up your business for this service by either visiting any of MTN Uganda’s customer service centres or by contacting the customer support team through the various avenues.
- Upon successful sign up, a unique Collection Code which is also the company mobile money account number is activated to allow clients conveniently send funds from anywhere
- Your company can have multiple collection accounts/codes for different purposes
- No commission is earned on this account by the collection account/code company
- You also get access to the online Mobile Money portal to view your transaction statements
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Why you need an MTN MoMo Collections Account
There are a number of advantages to list from having this account in for your business. One is that you will greatly minimize delays by enabling customers and partners to send funds from wherever they are. This is also of convenience to them as they do not have to travel to you to deliver the funds.
Plus, you get to transfer funds to your bank account, pay salaries, utility bills, or suppliers conveniently directly from your collection account. The account also lets you easily track and manage your account transactions online.
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What are the costs involved?
- The mode of payment differs depending on the nature of the payment being made
- Your fund collection account is charged 2% of the total value collected from payees using the MTN Mobile Money
- Charges are incurred by the sender and the fund collection account owner