Kotak Mahindra Bank launches Merchant One Account for MSMEs to track payments, create customer database

New Delhi, Nov 10 (KNN) On Wednesday, Kotak Mahindra Bank launched the Merchant One Account for MSMEs to cater the banking and other business related needs of MSMEs, including small retailers.

“Merchant One Account helps MSME store owners to bill, create customer database, run campaigns/offers, track payment, inventories, place orders and more, all digitally. It is a unique proposition that helps merchants digitise their daily business processes through smart automation,” said Thakur Bhaskar, senior executive vice president and head - liability products and merchant acquiring.

Bhaskar pointed out that the account will help retailers increase efficiency and add capabilities that are usually found with the organised retail sector.

The account will not only help equip small businesses with digital solutions to make the day-to-day operations of the merchants easier, convenient and faster but will also not charge any non-maintenance fine if they miss maintaining monthly average balance in this current account. It will also allow retailers to maintain a khaata of transactions, record customer databases, order stocks digitally etc.

The Merchant One Account will be available in two variants—Merchant One Account and Merchant One Premium Account. The account permits retailers to collect payments conveniently using POS or mobile through QR, UPI, cards or by sending links to pay.

The retailers can scan goods with Kotak One POS for generating bills digitally and create customer database while billing. They can send offers to all customers in a few clicks using free SMS facility with the account and can track receivables with digital ‘khaata book’ and automate payment reminders.

This current account will not only helps to keep track of inventory digitally but also help the retailer to place orders digitally. The retailer can create online store conveniently in few steps and get order alert and list instantly on their POS terminal.  (KNN Bureau)