In a strategic move to alleviate financial burdens for businesses, SasaPay, the online payment platform, has introduced a revolutionary solution, refunding fees incurred during transactions.
This transformative model not only eliminates cash collection fees for merchants but also introduces an enticing cash-back incentive for small and medium businesses (SMEs).
Daniel Njoroge, Deputy CEO of SasaPay, emphasized the game-changing nature of this approach, stating, "Currently, the norm is that businesses are charged to transact via mobile money. With the SasaPay cash-back model, they will be 'paid to get paid' instead."
Illustrating the practical impact, Njoroge explained, "For instance, a business collecting Sh10 million through traditional tills per month incurs transaction fees totaling Sh50,000."
Under the SasaPay model, not only are these fees eradicated, but businesses also have the opportunity to generate earnings from their collections.
Moreover, they gain access to working capital from SasaPay partners, providing a catalyst for further growth.
The model champions interoperability, enabling merchants to make and receive payments seamlessly across various channels, including SasaPay, bank accounts, M-Pesa, Airtel Money, and more.
This streamlined approach aims to enhance the overall efficiency of transactions for businesses.
Sasapay users and consumers will enjoy fee-free payments within the SasaPay ecosystem.
Additionally, those making payments through other channels will find themselves automatically enrolled in SasaPay, receiving a refund of the initially charged fee as a 'welcome token' to the platform.
This innovative initiative holds significant promise for the vast number of SMEs in Kenya.
SasaPay's forward-thinking cash-back model offers a promising solution to these financial challenges, potentially reshaping the landscape for businesses and contributing to their sustained growth.