New Co-op Bank tool to help reconcile your business income efficiently

One of the hardest challenges facing SMEs is record keeping and more so reconciliation with the banks credits and debits. Majority of the SMEs in Kenya today don’t have the basic accounting knowledge to balance and reconcile their books by themselves. This is the reason Co-op Bank introduced MCollection for you.

Receiving money into your Co-op Bank Business account via Pay bill number 400222 is FREE of charge. MCollection solution makes it easier for you to reconcile payments made to your Co-op Bank account via M-Pesa.

The payments are received instantly and directly into your Co-op Bank account. This solution is suitable for any type of business that receives bulk payments from customers via M-Pesa. This includes schools, payments from tenants e.t.c.

FEATURES & BENEFITS

• There is no charge to register for the service and no commission is charged when you receive money.
• It will be easier to reconcile your accounts as your customers can include their name or customer number e.g. student number, house number, member number, etc.
• You will receive an email/ SMS notification for each payment.
• The payments reflect in your account instantly.

TO APPLY FOR THE SERVICE Your customers will go to Lipa Na Mpesa, PayBill option:

• Enter PayBill Number 400222.
• Enter Account No: your MCollection Business Code followed by ‘#’ e.g. 123456#
• Note: Your customer may include their name or customer number e.g. 123456#Hse24 or 123456#Annie
• Enter the amount.
• Enter M-Pesa PIN and confirm the transaction.
• Both you and you customer will receive a confirmation SMS.

TO APPLY FOR THE SERVICE

• Fill in an MCollection registration form at any Co-op Bank branch.
• The process will be completed at the branch and you will be given your business code on the same day.
• There are no further registration requirements since the Bank already has your documents.
• You can start receiving M-Pesa payments on the same day.

Co-op Bank has two PayBills (400222 and 400200). What’s the difference?

To receive payments through PayBill 400222, you must register for MCollection and your account will be assigned a unique business code.

Additionally, PayBill 400222 allows your customers to include their name or number e.g. student number, house number, member number, etc. This makes it easier to reconcile your accounts. With Co-op Bank’s Pay bill 400222 reconciling of payments done via M-Pesa into your Co-op Bank account is easy!

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The statements include the customer name, student number or house number and their phone number making payment reconciliation easy.