Home Business Business owners to transition to digital petty cash management 

Business owners to transition to digital petty cash management 

Small to large business corporations will now be able to manage and make decisions of their working capital from the comfort of their space Tende Pay, which is a payment tailored platform for enterprises.

Tende Pay has deployed its platform to help businesses to efficiently oversee and maintain the balance of their petty cash on regular basis.

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“Businesses including SMEs remain the backbone of our economy. Now more than ever, it has become more important for SMEs to assess how to best digitize their businesses which is why we have designed the Tende Pay platform to assist organizations to manage their working capital and improve productivity by digitizing these payments and have visibility over them,” according to Tende Pay SME commercial lead Wangui Njoroge.

According to Wangui, petty cash management is important especially for those who need to make small and frequent payment that are too small to warrant writing a cheque stating that traditional, manual methods of handling petty cash are time-consuming ,prone to errors and mismanagement.

Tende Pay will cushion business owners from 5 pc losses in annual sales that emanate from embezzlement of funds by enabling decision makers to remotely control their business by giving them a 360-degree view of their business operations.

It will also allow business owners or managers to control petty cash payments by providing multiple approval levels.

“With Tende Pay, the finance director of a company with several branches across the country, for instance, is able to control how petty cash is dispensed. Tende Pay has empowered them to approve in real-time the expenditure of cash petty exceeding a certain amount, say Ksh 100, 000, from a centralized place If you run a small business as your side hustle in Mombasa and you are working in Nairobi, for instance, you can still be able to manage payments for supplies and the running of day-to-day business through Tende Pay,” she added.

Tende Pay facilitates one-off payments, recurring payments, and subscription services through M-Pesa, bank, and Paybills and will allow bulk payments for casual employees or airtime.

Sally Namuye
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