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Difference Between M-Pesa Till Number and Paybill
- M-Pesa offers Till Number and Paybill Number for receiving payments, catering to different business needs.
- Till Number is for retail businesses while Paybill is for service-based businesses.
- Till Number is used for everyday transactions while Paybill is ideal for bill payments and subscriptions.
- Till Number payment path is through Buy Goods and Services, Paybill path requires entering a business number and account number.
- Till Number is simpler and quicker for customers compared to Paybill.
- Till Number offers real-time settlement or immediate access to funds, whereas Paybill funds are usually deposited in designated accounts.
- Paybill provides more detailed reports for reconciliation compared to Till Number.
- Setting up a Till Number is usually free, while Paybill setup may involve application fees and vetting.
- Transaction fees vary for both options and depend on transaction volume.
- Paybill offers a more formal and professional image, suitable for institutions and larger businesses.
- Choosing between Till Number and Paybill depends on the business model, customer interaction, and cash flow needs.
- Till Number is preferred for retail businesses needing quick access to funds, while Paybill suits structured payments and remote collections.
- Both options have their strengths, and businesses may benefit from using both depending on the situation.
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