Home / Industry / Banking /  Kotak Mahindra Bank launches Merchant One Account for MSMEs

Kotak Mahindra Bank, countries leading financial services conglomerates, Wednesday announced the launch of Merchant One Account, a one-stop solution to cater the banking and other business related needs of MSMEs, including small retailers.

Merchant One is an all-in-one current account offering impactful solutions to solve transactional worries of merchants across the country, the Kotak Mahindra Bank said in a release.

Thakur Bhaskar, senior executive vice president and head - liability products and merchant acquiring said, “Merchant One Account helps MSME store owners to bill, create customer database, run campaigns/offers, track payment, inventories, place orders and more - all digitally. It is a unique proposition that helps merchants digitise their daily business processes through smart automation."

The account helps retailers increase efficiency and add capabilities that are usually found with the organised retail sector, Bhaskar added.

The account not only helps equip small businesses with digital solutions to make the day-to-day operations of the merchants easier, convenient and faster but also do not charges any non-maintenance fine if they miss maintaining monthly average balance in this current account.

The account not only allows retailers to maintain a khaata of transactions, record customer databases, order stocks digitally etc but also overdraft facility for business requirements.

Merchant One Account is available in two variants—Merchant One Account and Merchant One Premium Account.

The account allows retailers to collect payments conveniently using POS or mobile through QR, UPI, cards or by sending links to pay.

With complimentary kotak.biz app, the retailers get cutting edge technology which turns their smartphone into a POS machine.

The retailers can scan goods with Kotak One POS for generating bills digitally and create customer database while billing.

The retailers can send offers to all customers in a few clicks using free SMS facility with the account and can track receivables with digital ‘khaata book’ and automate payment reminders.

This current account not only helps to keep track of inventory digitally but also helps the retailer to place orders digitally. The retailer can create online store conveniently in few steps and get order alert and list instantly on their POS terminal.

The retailers also get analytics of daily sales trends and customer purchase history in a click.

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