There are limited options on the market for micro, small and medium-sized enterprises (MSMEs) in Barbados to accept inexpensive, non-cash payments. However, one very good option to consider is mMoney. Its mobile applications can be downloaded for free from all major app stores and do not require a bank account in order to send or receive payments.  

The mMoney Wallet is the consumer application whereas mMoney Merchant was designed for business use. This means that almost anyone with a mobile device can download the mMoney Wallet, cash in and access that money from anywhere. It is secured with biometric login options and automatically keeps a transaction record. Wallet holders can also buy phone credit and pay bills from directly in the app.

When it comes to businesses, however, mMoney Merchants have added functionality to facilitate faster transactions, increased profitability, efficiency and security. By going cashless and paperless, businesses can not only lower their transaction fees but prevent fraud, avoid chargeback and increase the ease of accepting payments.

Sign up is fast and free, with no commitments or long-term contracts. Transactions can also immediately be processed once the mMoney Account is set up and the entire process takes 2-3 minutes.

Merchants also have the option of upgrading to Level 2 for free. This allows them to process larger sums and transaction volumes. In order to upgrade to Level 2, you will need to upload requested business documents for verification. The Level 2 approval process takes 48 hours or less, but you can process transactions in the interim.

mMoney also offers an e-Commerce plug-in which makes accepting online payments in local currency possible. In fact paying with mMoney via a website is a simple 3 step process. Simply click the pay with mMoney Button, select your prefered payment method and then either scan the QR code or pay via the web wallet. And that’s it! The payment goes directly into the Merchant’s mMoney Account. 

Together, the mMoney Wallet, mMoney Merchant and mMoney Online Payments constitute a mobile money ecosystem that can facilitate digital payments at no to low costs for its users.

mMoney is always free for the customer and free for the Merchant to download. Merchant Account Setup and Support are also free. In fact, Merchants only pay a per transaction fee of $0.20, which can be further reduced to $0.05  if the Merchant agrees to also be a Teller for the network, where it allows customers to cash in or cash out of mMoney through them.

For more information on mMoney, including its value proposition take the FREE course mMoney for MSMEs: 


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