Kotak Mahindra Bank Limited recently announced the launch of Merchant One Account, a one-stop solution that caters to the banking and other business related needs of MSMEs, including small retailers. The Merchant One Account encapsulates a series of offerings and helps equip small businesses with digital solutions, thus making their day-to-day operations easier, convenient and faster. In addition, the Merchant One Account also helps retailers offer a superior experience to their customers.
Merchant One is an all-in-one account offering impactful solutions to solve transactional worries of merchants across the country. Merchant One Account brings under its umbrella a host of services – it allows retailers to maintain a khaata of transactions, record customer databases, order stocks digitally etc. Besides, merchants will not be charged non-maintenance charges if they miss maintaining monthly average balance in this current account.
Thakur Bhaskar, Senior Executive Vice President & Head – Liability Products and Merchant Acquiring, Kotak Mahindra Bank said, “Despite digitisation sweeping across the country, MSME store owners maintain records of each business process manually. Merchant One Account helps them 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. Merchant One Account helps retailers increase efficiency and add capabilities that are usually found with the organised retail sector.”
Merchant One Account is available in two variants – Merchant One Account and Merchant One Premium Account. The account allows retailers to do the following:
- Collect payments conveniently using POS or mobile through QR, UPI, cards or by sending links to pay.
- With complimentary kotak.biz app, they get cutting edge technology which turns their smartphone into a POS machine
- Scan goods with Kotak One POS for generating bills digitally
- Create customer database while billing
- Send offers to all customers in a few clicks using free SMS facility
- Track receivables with digital ‘khaata book’ and automate payment reminders
- Keep track of inventory digitally
- Place orders digitally
- Get analytics of daily sales trends and customer purchase history in a click
- Create online store conveniently in few steps and get order alert and list instantly on their POS terminal
- Avail overdraft facility for business requirements
