Kotak Mahindra Bank today announced the launch of a new banking account which aims to cater to the needs of MSMEs, including small retailers. Called Merchant One Account, as per the bank, it encapsulates a series of offerings and helps equip small businesses with digital solutions.
According to Kotak, Merchant One is an all-in-one account offering impactful solutions to solve transactional worries of merchants across the country. Merchant One Account allows retailers to maintain a khaata of transactions, record customer databases, order stocks digitally, etc. Besides, merchants will not be charged non-maintenance charges if they miss maintaining monthly
average balance in this current account.
Thakur Bhaskar, Senior Executive Vice President & Head - Liability Products and Merchant Acquiring, Kotak Mahindra Bank, said that despite digitisation sweeping across the country, MSME store owners maintain records of each business process manually. He added that Merchant One Account helps retailers bill, create customer database, run campaigns/offers, track payment, inventories, place orders and more - all digitally.
"It is a unique proposition that helps merchants digitilise their daily business processes through smart automation. Merchant One Account helps retailers increase efficiency and add capabilities that are usually found with the organised retail sector," he said.
Merchant One Account is available in two variants – Merchant One Account and Merchant One Premium Account. Through the account retailers can do the following:
1. Collect payments conveniently using POS or mobile through QR, UPI, cards or by sending links to pay
2. With complimentary kotak.biz app, they get cutting edge technology which turns their smartphone into a POS machine
3. Scan goods with Kotak One POS for generating bills digitally
4. Create online store conveniently in few steps and get order alert and list instantly on their POS terminal
5. Avail overdraft facility for business requirements, and more.
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