Tende Pay’s Digital Petty Cash Management Platform targets corporates and SMEs.

source: Business today

Businesses can now improve petty cash management by embracing digital payment solutions, which can help them improve operational efficiency and protect against potential misuse and theft. This comes after Tende Pay, a payment platform tailored for business operations, announced that it is deploying its platform to empower enterprises of all sizes, from small businesses to large corporations, to efficiently oversee and maintain the balance of their petty cash on a regular basis.

“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,” said Tende Pay SME commercial lead Wangui Njoroge.

Petty cash management can be an important aspect of any business, especially for those who need to make small and frequent payments that are too small to justify writing a cheque. Petty cash management has long been a difficult task for businesses of all sizes because the traditional, manual methods of handling petty cash are not only time-consuming, but also prone to errors and mismanagement.

Tende Pay enables decision-makers to remotely govern their business by offering a 360-degree picture of their business activities, as well as control petty cash payments by providing several permission 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 Sh100,000, from a centralized place,” she added.

She adds: “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.”

Tende Pay allows one-time payments, recurring payments, and subscription services to be made using M-Pesa, a bank, and paybills. The service also allows for bulk payments for temporary personnel or airtime.

“The platform also generates expenditure reports to help businesses to better plan their finances,” says Ms Njoroge.