If you run an offline retail business, then you have most probably thought of expanding the range of your services. However, you must be wondering how can you do it because it will need a lot of efforts and will consume a lot of time as well. Nevertheless, if you want to earn more, there are still some easy ways that you can implement which can be profitable and can be an easy addition to your business.
Money transfer services franchise can be a great add on as it is a booming business.
You must be aware of how daily lots of people in search of better opportunities move to urban areas. Be it a taxi driver or a daily wage labourer, they are working hard to make money to give a better life for his family. So, by becoming a money transfer distributor, you can help these people transfer money to their family.
What is a remittance service?
So, to understand the service, let me first explain what it means. Domestic Money transfer business or money remittance is transferring money from one party to the other. This service allows your customer to transfer money without any difficulty irrespective of whether one has a bank account or not, they can send money to their loved ones with ease. One needs a working phone number for it, and he can transfer up to #25,000 a month using that number. The first step is to deposit the cash to the money transfer distributor. The money, received by the money transfer agency (retailer), is transfer processed using National Electronic Fund Transfer (NEFT) or Immediate Payment service (IMPS) technology to the receiver in their bank account.
Three key benefits of this addition to your local offline business:
1. Help people send money to their loved ones: Get immense work satisfaction by doing work which helps your customer and helps the country achieve its goal of Digital India.
2. Attract more customers: Secondly, domestic money transfer business can help you increase the footfall of your store, which will be beneficial for your core business. People coming to transfer money can also be interested in your core service, which will increase your business.
3. Become a money transfer distributor: You can contact various money transfer agencies and take the money transfer distributorship and become an agent to these agencies. You can earn the agent fee by being a mediator.
4. Additional Income: The main advantage of starting a money transfer agency is getting a commission on each transaction you make. If you already have a store, this can be a great way of expanding.
In a competitive world where everyone is looking for an extra edge to do better the money transfer system is the best and easiest way for retailers to earn more and provide a wholesome experience to their customers as well. It will not only result in extra income but will also make you your customers as a perfect choice for every need.
So why stay behind in this race when you can be at the top. Boost your business today by adding money transfer business.