Kotak Mahindra Bank introduces Merchant One Account for MSMEs; details here

Kotak Mahindra Bank has announced the launch of Merchant One Account as a one-stop solution to cater to the banking and other business-related requirements of MSMEs, including small retailers. According to the bank, Merchant One is an all-in-one current account providing impactful solutions to solve the transactional worries of merchants in the country. As per Thakur Bhaskar, Senior Executive Vice President and Head of Liability Products and Merchant Acquiring, Kotak Mahindra Bank, Merchant One Account helps MSME store owners to digitally create customer databases, bill, run campaigns/offers, inventories, place orders, track payment, and more. He added that it is a unique proposition that enables merchants to digitise their daily business processes via smart automation. Merchants are not going to be levied non-maintenance charges if they don’t maintain the monthly average balance in the account. The account is available in two variants, Merchant One Account and Merchant One Premium Account. According to Bhaskar, the account helps retailers in increasing efficiency and add capabilities that are usually found in the organised retail sector. The account will allow retailers to collect payments conveniently through point-of-sale (POS) or mobile via UPI, QR, cards or sending payment links. Retailers will be able to send offers to all customers in a few clicks via the free SMS facility with the account. They can track receivables by using a digital “khaata book” as well as automate their payment reminders. With the kotak.biz app, retailers receive cutting-edge technology which turns their smartphones into a POS machine. They are able to scan goods with Kotak One POS to generate bills digitally and create customer databases while billing. Recently, lenders have been catering more and more to MSMEs for digitisation of operations as the sector has largely been sidelined with regard to the adoption of digital solutions. Last month, HDFC Bank announced its SmartHub Vyapar Merchant app, a payments and banking solution that allows merchants to accept interoperable payments across payment modes such as cards, UPI, and QR code. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.