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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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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