Kopo Kopo, a merchant payments company that launched in Kenya in 2012. It says it creates a ‘world-class’ platform for small and medium businesses to use various mobile payments forms. With the growth of technology in the 21st century, most people are shifting to online and cashless forms of payments.
Worldwide, 80% of payments are made with cash and 94% of businesses record these payments on paper alone. But that’s beginning to change. With businesses increasingly shifting to digital platforms, financial institutions, mobile operators and other service providers are beginning to ask:
How can I leverage this shift to my advantage?
Building on the experience and lessons learned from building an M-Pesa based merchant payment system, in the Kenyan market; Kopo Kopo offers technical and business expertise to entities who wish to build and/or catalyze merchant payments in their financial ecosystem.
Kopo Kopo the market-tested solution enables small and medium enterprises to accept electronic payments, engage with customers, vendors and employees in new ways and access innovative services to grow their businesses.
Buy goods and services is mostly for the retail purchase of goods and services. Both parties immediately confirm these proximity payments via text message. No relationship between the buyer and the organization or account number is required.
The merchant has a web platform where one can access and view transactions. Apart from the web platform, you can use a Kopokopo App. With the app on can carry out all transactions that can be carried out on the Web platform.
The platform is free to sign up and use. But you need some documents such as License, National ID, Email and Letter of registration in case you have a company. Customers are able to make payments at no cost. Kopokopo is very secure for businesses since no reversals are carried out without your approval/payment confirmation.
There are no hidden charges, therefore, they do charge businesses 0.5% fixed transaction fee but for customers it’s free.
You don’t need to be good at IT. The web platform is simple to access. Using the online dashboard one can download statements, view payments & settle the funds to their bank account.
The third way one can make payments to Kopokopo is through MasterPass QR. To use Masterpass you simply need to display a Masterpass QR code at the point of sale to accept electronic payments from your customers via Masterpass QR.
Since most people don’t understand what is Masterpass QR we will need to explain about it below:-
Which are the benefits of Masterpass QR?
- Convenient cash-like experience
- No hardware infrastructure costs
- Reduced cost electronic payments
- Lower exposure to risk
- Faster access to funds
- No need to deposit cash takings
How does Masterpass QR work for your customers?
- A customer launches their smartphone application that has been enabled for Masterpass QR
- Scans the merchant QR code displayed at merchant point-of-sale
- Enters the transaction amount to initiate payment
- Confirms the transaction with a PIN
- Receives instant confirmation of successful funds transfer
- Collects goods when the merchant receives payment notification
Definitely, Kopokopo it’s Business Operating System (OS) software is the culmination of five years of acquiring & managing the largest independent merchant network in the mobile money industry.
Kopokopo also offers Unsecured loans in Kenya. Kopokopo its form of loan is known as Grow. It’s easy to apply, quick to be disbursed and it’s effortless to pay back since they deduct from your daily sales.
Grow is an unsecured cash advance of up to Kshs 5M to grow your business. Grow does not require you to have a personal guarantee, and you get the funds disbursed to you within 24 hours of approval. To know how much one can borrow is based on your transaction history.
Applying for a Grow cash advance is easy as 1,2,3…
1. Easy Application
Access any of our Kopo Kopo channels to see if you qualify for a Grow cash advance:
- Log in to your Kopo Kopo web platform
- Dial *681*2#
- Launch the Kopo Kopo Android app
Applying for a cash advance takes less than a minute to do from any of our Kopo Kopo channels and approval is completed within 24 hours.
2. Quick Disbursement
Once your Grow cash advance is approved, the funds are disbursed immediately to your Kopo Kopo account and you can also cash out immediately.
3. Effortless Payback
Kopo Kopo automatically takes a percentage of your daily till sales. You can also decide to repay instantly or increase your percentage of sales to repay faster, at no extra cost. The Grow cash advance carries no late fees or penalties. Also, unlike interest rates that are tied to repayment periods and can fluctuate, Grow merchants are charged a Fixed Flat Fee that remains unchanged until the amount is repaid in full. This fee is determined by the volume of till payments that business accepts.