Collecting payments: Cash vs Mobile Money
June 3, 2020
What methods of collecting payments are available for small business owners during this pandemic?
In Ghana, Cash and Mobile Money are the two main ways payments are collected by many small businesses today.
Collecting cash is very easily done most of the time as you can feel a physical sense of exchange of goods or services provided. However, it leads to the exposure of touching surfaces that may have been touched by multiple people. You also have to worry about storage, which might involve a trip to the bank.
Mobile money (popularly known as Momo) on the other hand is very safe as it involves no physical contact whatsoever and the other great advantage is that it is also an efficient way to store value. This is because you can transfer to other Momo accounts and even to your bank account.
Using Momo to collect payments helps you to actively reduce the spread of the COVID19 virus.
Do you use your Momo account to collect payments?