When operating an Mpesa agency you will operate with two accounts Working Account and Float Account in your agent till.Float Account-Enables for handling client transactions i.e. deposits and withdrawals. All transaction related to your client will reflect here in its balance. Working Account – allows you to perform agent side transitions e.g. float management and mpesa commissions are paid into this account.
They are distinct accounts and will reflect different balances when you run a balance inquiry via your agent till. You can also move money between the two accounts as you wish. This distinction was a well thought out feature by Safaricom.
How to use the Working and Float accounts to manage your till.
When operating an Mpesa agency you will experience at some point either of these two scenarios. You will run out cash i.e you will have excess float(money in your till account) or you will have no float(Check our Hakuna Float article) where you have excess money but no float for customer deposits. Either way , it isn’t a good thing because you will turn clients away which in turn leads to lose of commissions and that’s where float management comes in .
Getting Cash For Your Mpesa Agency Till.
When you have run out of cash i.e you cannot allow for more customer withdrawals. You will move money from your float account to the working account. To do this, go to your safaricom SIM Menu>Choose Mpesa>Choose Store Mgt (Store Management)>Choose Move Money>Choose From Float>Enter Amount then enter Agent ID and PIN then send. Your working account balance will increase by the amount you moved from your float account. After doing this you will visit a Super Agent i.e. most banks in Kenya are super agents-they handle agent to agent transactions e.g. in this case float management. Some selected agents also perform this function. Once you visit a super agency you will follow the same process above under Mpesa>Store Mgt>Choose Withdraw>Enter the Super Agent’s Number>Amount to Withdraw and finalize the transaction.
Getting Float For Your Mpesa Agency Till.
When you don’t have float for customer deposits, use the same procedure above .All you need to do is carry the equivalent cash to the super agent and request to buy float from them. Easy as that….The super agent will receive a confirmation message as well as you, you will fill a form and that’s it. The good thing it costs only Ksh100 no matter the amount withdrawn or deposited.
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