How can you earn profit with a Cash Management System business?
There are various people who are opting for online shopping in their lives. As per Statista, e-commerce accounted for an increase of 19.6% retail sales worldwide in 2021.
The COVID-19 pandemic has modified the aspect of retail e-commerce in India. Due to the shut down of many physical stores, it has changed the consumer behavior for online shopping. As a consequence, many online businesses have earned extra $107 billion in 2020.
The digital payment system is adopted by the e-commerce sector. Still, there are numerous people who go for cash payment. The delivery boy collects the cash after delivery and searches for the cash collection center. It is also because there are limited cash depositing machines and the banks are not available 24/7 & 365 days.
In India, the opening of a cash collection center has become a profitable business. It has enabled the people to earn high commission with minimum investment.
Let’s read what is cash management.
What is cash management?
Cash management is defined as a process to collect, manage and use cash flows. It helps to keep up an appropriate level of liquidity. This management includes the financial instruments like
- Deposit certificate
- Money market funds
- Treasury bills, etc.
It also helps to maximize the profit with the ideal usage of cash. This process creates supplies for future emergencies.
Cash management is different for Indian citizens and businesses of every size.
What are the types of cash management?
There are four types of cash management systems. They are-
- Free cash flow from the firm
- Cash flow from activities which are in operation
- The net change in cash
- Free cash flow from equity
What are the benefits of a CMS?
- Reduce risk
- Collect fund from original source
- Fast and easy transfer of money
- The best management of fund
- Improve customers liquidity position
- Timely execute request
- Make payment at proper time
- Monitor exposure
- Requires one account at multiple place
- Charges commission or minimum fee
What are the challenges with the cash management system?
There are many individuals who face various problems due to poor cash management. The reason for the failure of cash management system can be-
- Poor knowledge of cash flow cycle
- Insufficient cash management skills and much more
For instance, the delivery boy collects the cash from the customer. They will search for the cash collection center, as they will have insufficient cash management skills. In such situations, a cash collection center helps in an efficient way.
You can set up a CMS center and earn a profitable commission every month.
What are the success aspects of CMS business?
There are some important factors that provide solutions to maximize the cost-efficiency and value of CMS. These factors are-
- Powerful capability to visualize data
The CMS is capable to visualize data and enhance all over cash transparency.
- Automatic end to end cash management
The CMS automatically reduces the time-consuming manual work for cash management.
You can initiate the CMS business with GST SUVIDHA KENDRA.
What is GST SUVIDHA KENDRA?
A GST SUVIDHA KENDRA is a GSTN approved and authorized center. These centers provide GST and other facilities to SMEs, shopkeepers, etc. Moreover, these kendra’s help people to initiate business by buying a GST franchise.
As a center, you can provide the following other services alongwith CMS to Indian citizens. You can earn high commission with the below services-
- Bill Payment Service
- Aadhaar Pay
- Aadhaar Enabled Payment Service
- Mobile Recharge Service
- Flight, Bus, Train Booking Service
- DTH, Cable TV, D2H, recharge Service
- Insurance Payment Service
- Loan Payment Service
- Money Transfer, etc.
How can you initiate a CMS business with GSK?
You will require the following things to initiate a CMS business with GSK:
- Indian citizenship
- A commercial area or space
- Internet connection
- Basic knowledge of computers and Microsoft programs.
How does the CMS business benefit you?
You can easily provide CMS to people and even businesses. It will provide you the following benefits-
- Earn high commission with your effort.
- Business name and logo
- More flexibility to run business, etc.
What are the tips to handle customers in the CMS business?
Your customers are the most essential assets in your business. Therefore, you need to be sure that you are handling them accurately. You can attract new customers but you need to make good relationships with them for business growth.
You can follow the below tips to handle the customers in CMS business:
- Make an apology
Don’t get engaged in a blame game. Instead apologize and handle the situation. This will help you to build connections and trust with customers.
- Carefully listen to them
You should carefully listen to your customer’s doubts or problems. So that you can solve them as quickly as possible.
- Stay calm
You should stay calm so that you can handle the customer calmly. Moreover, having patience will help you to control solutions and solve problems.
- Recommend solutions
If a customer is in a problem then you can recommend appropriate solutions to them. You can give advice related to the latest free service, coupons, etc.
- Recognize and expect their needs
Most customers are emotional. Therefore, you should communicate with them regularly. This will help you to know their expected needs.
- Know your obstructions
If you know that you can’t fulfill the expectations of your customer then don’t say “YES”. It’s better if you find an alternative solution for them.
- Be approachable
You should not only provide customer service face-to-face or over telephone. Instead you should be available online to promptly respond to your customers’ requests.
- Get feedback everyday
You should take regular feedback for your skills as well as for business growth.
Where can you initiate CMS business in India?
You can initiate CMS business in rural as well as urban areas.
In rural areas there are more illiterate people, so they require a CMS center to manage their cash. You can initiate a CMS business in rural areas. It will help you to earn a high commission every month.
The urban people don’t have time to invest. Therefore, you can initiate CMS business over there and earn high profit. In urban areas you will need to put effort into attracting customers.
Cash management system business is a highly profitable business in India. You can easily initiate CMS business with minimum investment. In return this business will provide high commissions every month.
There are many credible CMS service providers in India. You can initiate this business by associating with them.
Moreover, as will provide CMS service to customer, you should keep some points in mind like-
- Stay calm
- Be kind
- Ask recommendations for your service
- Follow ups
- Listen to them carefully, etc.
These tips will help you to grow your business as well as skills.
Jinny Sarah Jacob, is a Senior Content Writer with extensive work experience at GST SUVIDHA KENDRA. She is a writer by day and reader by night. At present, she writes technical and informational content for GSK websites and cis business. In her free time, she plays with her pets and does creative things.