Payments Processing the world over has seen a lot of changes necessitated by technological advancement and the increase in Volumes of transactions. Technology has made it easy for people to process, receive, monitor, and even change their payments without leaving their comfort zones.
Things have indeed changed, especially from the Kenyan perspective. Not long ago, employees in Kenya had to wait for their salaries either through Kenya Postal Corporation or had to wait for days for the cash to reflect on their bank accounts or bank cheques to “mature”.
Even with the advancement in technology, millions still have to wait for two to four days for their salaries to reflect after being processed by their employers. For the lucky ones who have the same bank as their employers, they get to have their salaries on the same day.
The delays and pain, and anxiety that people go through while waiting for their payments to reflect was the reason behind the Salo Chap Chap product by Stima Sacco. Salo means Salary while Chap Chap means Instant. Salo Chap Chap, therefore, is simply Instant Salary.
Salo Chap Chap is an efficient, transparent, and seamless Payments processing solution that aims at improving the Payments processing experience for Paymasters and in the process ensures members are delighted in time and empowered for life.
This is achieved with high-level visibility of transactions to both the Paymaster and Stima Sacco. This solution is used for processing Salaries, Allowances, and Pension Payments. Once the salary is processed, it takes as short as five minutes for members to access the cash.
Why Salo Chap Chap for Members?
Receive Payments in a Timely and efficient manner.
Quick resolution of Complaints hence improved Customer experience
Increased Non funded income which will translate to dividends and interest rebates at the end of the year
What does the Paymaster get? (One making the payments)
Visibility of transactions
Savings in transaction costs since a single payment is made
Easy tracking of transactions
Quick resolution of staff complaints when they arise.
Difference between Salo Chap Chap and other payment processes