Top 8 rules for successful mobile money business.

Success is what everyone who starts a side hustle, a mobile money business inclusive is looking for. Sometimes, a successful mobile money business is unachievable. I have successfully operated a mobile money business for 4+ years with very good returns and no issues of losing float, fraud, and more. In my journey, I have 8 rules that I followed to avoid any issues in the business like those mentioned above. If you follow these rules carefully, you’ll be assured of capital safety and good returns too. Below are the rules for successful mobile money business.

These are the rules for a successful mobile money business

Take daily records.

This is the first rule to run a successful mobile money business. Just like any other side hustle, records are very important in mobile money. Taking records of your transaction is important for future reference and troubleshooting where a loss possibly came from. If you wish to calculate your commission, this can also be helpful.

Balance the books.

Balancing the books is a very important check on capital. It involves calculating your closing capital which is the opening capital of the next day unless otherwise. At the end of the day, your closing capital (cash +float + other expenses) should equal the opening capital. If this isn’t the case, then you made a loss in some transactions. Balancing the books daily tells you of losses early enough. You can look through your transaction records to tell where the loss came from.

If you don’t balance books, you’ll not easily know when you make a loss. You may probably realize when it’s too late.

Read also; How to improve your mobile money commission.

Customers should always initiate the transaction first.

Initiation, in this case, is not limited to withdraws but also deposits. Let the client initiate a deposit by giving you the money. For cases where the agent initiates a withdraw, confirm that they’ve accepted the transaction by checking your account balance. You’ll often make transactions and clients match away without giving you money especially deposits or tell you they don’t have the money. This is the reality.

Only transact for devices in your vicinity.

I advise you to transact for devices that you have or the client has. This is because of the following.

• To avoid direct money transfer.

Direct transfer involves depositing money using the agent sim cards to another non-agent sim card that is not in the same geographical location as the agent. It’s better to first deposit it on a non-agent sim card in the same geographical location as the agent and then use that to send the money to earn a commission.

• To easily solve deposit mistakes.

A deposit mistake is one where you deposit more than what the Client wants or has requested. This is common and easy to do as an additional zero changes the whole sum greatly. If you have the phone with you, it’s easy to solve. If the phone isn’t close, then it’s complex. You have to call and request a refund or ask the mother company to do a reversal.

Don’t accept calls on the agent sim cards.

Con men are common nowadays. If you make calls with your agent sim card and they get to know it, they’ll try all tricks on you. Additionally, someone can come to withdraw money and if they know the agent number, they’ll pretend to be putting their pin after your transaction initiation and end up sending you a message similar to that sent by the mother company. If you don’t monitor your account balance and you’re in a rush, you can lose money. Keep your agent number a secret and don’t make calls with it.

Guard the capital.

For this case, capital is the cash and float that you use in the transactions. Keeping capital involves physically protecting it from physical thieves and doing the transactions right to avoid losing it.

Double-check the transaction.

this si another rule to run a successful mobile money business. Thanks to most companies for registering all Client SIM cards. Nowadays they automatically tell you the names of the person you are dealing with in the transaction. Nevertheless, agents still check one name, not both.  Names can be similar. Always double-check the number, names, and amount to avoid any losses

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

Keep your pin a secret.

The pin is that five or four digit number you input to accept a transaction. The act of inputting the right pin is communication to the mother company that the right person is doing the transaction. So, to avoid miscommunication, keep your pin a secret. This can save you any losses from unauthorized transactions. In case you become suspicious, you can change your pin.

conclusion

If you follow these rules for a successful mobile money hustle, you’ll never have issues operating your mobile money, and you’ll see success come your way.

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