How to improve your mobile money commission.

The mobile money business is one of the commonest side hustles today. Just like any other side hustle, you start it to earn good extra income. The plain truth is that some of those mobile money outlets you see on the streets don’t make good commissions. How can you improve your mobile money commission?

If you own one that does not make enough commission, the good news is that you can do some things differently from how you are currently doing them to try and make more. This article is for those who don’t make enough, But it’s a good idea to welcome more. So, if you are making a good commission, you can as well read through and improve that and avoid some mobile money-related issues.

Before we discuss how to improve your mobile money commission, it’s important to look at the rules to follow for successful mobile money. These will help keep the side hustle moving forward. These are very important when it comes to capital safety which is directly related to the commission. You can read about the rules for a successful mobile money side hustle here.

These are ways to improve your mobile money commission.

Reconsider the site.

The site is one of the most important aspects of any mobile money business. A good one should be busy and accessible. Your site can be the reason you earn less. Carry out a study and check the number of people that “approach” you daily. If the number is very small, this could be the cause. Try finding a busier site.

Read also: Rules for successful mobile money business.

Advertise.

This is key to every side hustle mobile money inclusive. Most people think mobile money is exceptional and all they do is paint the tables yellow and red. This isn’t enough. Put up a simple signpost and banners showing all the services you have.

Increase your capital.

If customers are not the problem, then it’s capital. Do a survey and find out how many customers you chase with no float or cash. If the number is big, increase your capital so that you work on more customers hence more commission. Mobile money business requires capital of at least 1.5 million Ugx.

Work for more time.

This is another way to improve your mobile money commission. Working for more time means being available to serve customers and make more commission in that additional time you are working. It’s archivable to work from 7:00 am to 7:00 pm. Some mobile money agents work from 9:00 am to 5:00 pm. These leave out a lot of customers that come around at that time.

Note: it’s not advisable to work at night unless you are sure about your security.

Provide the service for all networks.

I’ve visited many agents who work only on one network say Airtel Or Mtn. This limits you to only customers of that network and you chase away most clients who don’t prefer that network. If you are dealing in only one network, expand your business and provide services for others.

If the money for purchasing the other network’s agent lines is the problem, you can use your smartphone.

You can read more about how to use your smartphone with no agent sim cards to do mobile money of all networks here.

Avoid dead transactions.

By dead transactions, I mean a transaction where you don’t get the commission. Transacting is risking and it’s doing business. If you are to do a transaction and earn no commission, it’s like working for free. Before doing a transaction, think twice and if it’s a dead one, leave it out.

Read also; How to start a mobile money business with your smartphone.

Avoid bad debts.

Just like any other hustle, bad debts blow the mobile money business. You may fail to work on many customers due to less cash or float yet money is tied up in bad debts. This negatively affects your commission. Just follow a simple principle. No lending business money and you’ll be good to go.

Balance your float and cash.

At the beginning of each day, make sure you have good amounts of both cash and float to work on all customers. In some rare cases for example if you operate in a place where they do a lot of withdraws than deposits, bias the cash. Let it be more than float. Remember to do this every evening or morning accordingly.

Minimize expenses.

Finally, improve your mobile money commission by minimizing expenses. Depending on how you do your business, expenses are always subtracted from the commission. This reduces the commission. Doing all it can to reduce your expenses can improve your commission. Don’t do this at the expense of the business as it shall negatively impact it.

Conclusion.

Earning a good commission is the main goal of every mobile money business. If you follow these ways well, they’ll help you achieve it.

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