How do I set up a merchant account for my business (Runyakitara)
Josephine Oh, Annette! I am so glad to see you well! Myriam told me the last time you visited her you were having some concerning pregnancy symptoms! I was really worried!
Annette Yes, I am here to pick up some food. But then I am going back to bed as my doctor suggested. Myriam, it looks like business continues to go well; you are so busy!
Myriam Oh Annette, you know the shop is getting even more business with the new shopping center up the road. Josephine, did you all find what you need? It’s been hard for me to keep things on my shelf, but I have figured something out with my suppliers that have helped me keep the shop better stocked.
Annette What is that Myriam, are you just paying them more money?
Myriam Ha-ha, no no Annette, I have signed up so I can both accept mobile money for payments from customers like you and also, I have started paying my suppliers through mobile money as well, so I pre-order everything I need and it arrives on time.
Josephine You mean I don’t have to take out this dirty cash to pay you, and can simply use my mobile phone? That is great.
Wisdom You see, mother, it is exactly what I told you!
Josephine Oh, you are so smart, Wisdom, now I know you can help me when I can’t find my dear sisters.
Wisdom I am always happy to help you and now you can pay my school fees using your phone too! I am late for school, good bye!
Annette Ooph, Josephine, your son is smart and kind, I hope my baby is like him. Was it hard to sign up for, Myriam?
Myriam No, I talked to the mobile money agent next door and he came to my shop to take down the necessary information, like my business registration, location address, and my ID. Then he came back the next week with my merchant till number, see its right here. It’s shorter than a phone number and easy to remember.
Josephine I see the merchant pay option on my mobile money menu, I’m going to type in your till code now and pay for my items without using cash.
Annette Wait wait wait, Josephine, what does it cost Myriam?
Myriam It's free to you but I pay a fee of 1% of the transaction.
Annette That is great, I will also pay using mobile money
Myriam Thank you, my friends. Annette, please get back to your rest. Next time tell me if you need me to bring you something from the shop and use your mobile money account to pay! It's easy
Narrator Question for discussion: Why should a business owner have a separate mobile money account from their personal account?