G-Money has been in Ghana’s fintech news for the past couple of months since its launch in January of this year, 2020. To some observers, the G-Money mobile money platform has a tough time ahead — having to compete with MTN’s MoMo platform — the industry leader, in order to control a significant share of the mobile payments platform sector.
Many others, however, believe that although MTN’s MoMo service enjoys a significant headstart, this new mobile wallet service from GCB Bank is poised to own a large market share by carving a niche for itself with its unique features and the convenience it affords users — in this case, entrepreneurs and their businesses.
This article will focus on presenting entrepreneurs with G-Money’s benefits available for their businesses.
Why G-Money is excellent for your business
For anyone running a business, dealing with physical cash can be a nightmare. From the possibility of embezzlement to the risk of getting robbed of your money bag — on the way to the bank after the day’s transactions.
For these reasons and more, electronic payment platforms are convenient for entrepreneurs who want to operate their businesses with cash-in-hand transactions being minimized as much as possible.
Here are some reasons why, as a business owner, you would find this platform to be the most convenient mobile money wallet service for you.
1. A convenient Group feature
If you run your business on a subscription basis, for example, the group feature comes in handy as you can utilize it to receive as well as keep track of payments. This is very convenient as you wouldn’t now have to sift through lots of transaction messages before you can verify if someone has honored their payment obligations.
Also, employee welfare groups, etc., can take advantage of this feature to receive member dues or contributions towards projects planned for execution.
2. Secure funds
On the security (user end) front, you wouldn’t have to worry about embezzlement or diversion of funds as there are records of all transactions (statement) to be accessed whenever they are needed. This also guarantees the safety of both you and your staff as it would mean there’s nothing to attract a potential robber as they would be leaving with nothing in the event of an (attempted) attack.
3. Tracking prices
Inflated prices and (or) undervaluation of products is an issue that many businesses face when things are left in the hands of unscrupulous employees. What happens is that such employees strike deals with the suppliers of certain services, so they pay less for a product in order to share the unaccounted for price difference between each other.
Now, being able to track what amount each product was sold for as well as the total bill relating to a transaction, would deter staff from getting involved in such schemes; as they know how easy it would be to detect the fraud they’re perpetuating on the business. The G-Money mobile money platform gives you the guarantee that incoming and outgoing funds would be placed on record — corresponding with the value of transactions made.
4. Lower rates mean savings for your business
The ultimate aim of any business is to generate more revenue compared to the overhead costs. Simply, to make profit and cut out unnecessary expenses. Lower transaction costs mean that with G-Money, you’re making savings per transaction — compared to the other mobile money payment platforms.
Over time, these savings add up to boost the returns on your business. Who wouldn’t want such a secure and cost-effective mobile money platform for performing their business transactions?
5. Transfer funds to a bank account
Transferring funds from your mobile wallet to your business bank account is easier and more convenient now. By linking your G-Money wallet to the business’ bank account, your daily sales and profits can safely be transferred to the safety of the bank with just a few touches on your mobile phone. Convenient, isn’t it?
For every entrepreneur — regardless of the size of your business — the G-Money mobile money wallet service offers you more than just a platform for sending and receiving money. Being a service attached to a bank, many features are optimized to benefit business owners — to make transactions a convenience.