How to become a Co-op Bank Merchant

Co-op Bank: Boost your revenue by accepting payments through Co-op Bank terminals. This will encourage customer engagement and maximize sales.

April 4, 2021

in Wealth

Reading Time: 3 mins read

This service enables payment of goods and services at merchant outlets with modes other than cash, for example, cards and Mobile Wallet (M-Wallet). It targets businesses, whether or not they bank with Co-operative Bank.How to become a Co-op Bank Merchant

FEATURES

Pin-based authorisation reduces fraud
Portable POS gadget for improved customer service
Easy payment solution
Increased sales due to large card base
Increased sales due to impulse buying and customer frequency
Enhancement of merchant profile/image by embracing new technology and services
Cash management solution, which minimizes the levels of cash held at the store thus reducing risk, CIT & cash insurance costs
Reduced retail sales leakage
Purchase with cashback available (cardholders can pay for goods & services and get cash at the till)
Balance enquiry service available

REQUIREMENTS

Limited Liability companies
1. Certified copy of Certificate of Incorporation
2. Certified copies of Memorandum & Articles of Association
3. Certified copies of PIN or VAT (where applicable)
4. Audited accounts for the last one year or latest 3 months’ certified bank statements by the issuing bank, if not banking with Co-op Bank
5. Certified copies of the Directors’ National IDs/Passports
6. 2 copies of a Merchant Agreement and 1 copy of Merchant Application, executed under the company seal and documents signed by at least two of the company’s Directors or 1 Director and the Company Secretary
Sole proprietorships or Partnership
- Certified copy of Certificate of Registration
- Certified copies of PIN or VAT (where applicable)
- Certified copy of the business owner(s)’ National IDs/Passports
- Certified bank statement by the issuing bank for the last three months, if not banking with Co-op Bank
- 2 copies of a Merchant Agreement and 1 copy of Merchant Application, all signed and stamped by at least one of the entity’s owners and witnessed and stamped by an Advocate of the High Court of Kenya

WANT MORE INFORMATION?

Talk to our Contact Centre 24 hours a day, 7 days a week on 020 277 6000, 0703 027000 or 0736 690101 or SMS 16111
Email: customerservice@co-opbank.co.ke
WhatsApp 0736 690101

REQUIREMENTS TO BECOME AN MVISA MERCHANT

Sole proprietorships or Partnership

Certified copy of Certificate of Registration
Certified copies of PIN or VAT (where applicable)
Certified copy of the business owner(s)’ National IDs/Passports
Certified bank statement by the issuing bank for the last three months, if not banking with Co-op Bank
Business permit for the current year.
Signed up mVisa application form.

Limited Liability companies

Certified copy of Certificate of Incorporation
Certified copies of Memorandum & Articles of Association
Certified copies of PIN or VAT (where applicable)
Audited accounts for the last one year or latest 3 months’ certified bank statements by the issuing bank, if not banking with Co-op Bank
Certified copies of the Directors’ National IDs/Passports
Business permit for the current year.
Signed up mVisa application form.

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Tags: Co-op Bank Merchant