How can digital payments benefit entrepreneurs?
The recent years have led to a drastic shift in how we live. The smallest activities like buying groceries to consulting doctors have all gone online. As a result of the same, most businesses have also shifted their focus from the regular brick and mortar model to the hybrid click and brick model. Having an online presence has become essential for every business, irrespective of the industry it operates in. The recent COVID-19 pandemic, leading to the concept of social distancing, ultimately boosting the use of digital payments in the daily lives of individuals. While customers have various attractive offers to avail on the various forms of digital payments, there is a looming question that often goes unanswered: How do digital payments help me as a small business owner?
Today, we attempt to answer this question by listing the top benefits that a business derives by offering digital payment methods to its customers. They are:
- Cash flow management: By undertaking all your business transactions online, you can keep track of your cash flows in real-time and manage your finances accordingly. By using Payment Gateways, you can view all your transactions and manage your account from a single spot: the Dashboard. You need not go through long bank statements to find a transaction, our intricate software allows you to search for the transaction and get all relevant results within seconds. This will not only make your cash flow management faster but also easier because you will have access to all your information at your fingertips.
- Avoid Errors: Digital Payment gateways are designed in a very simplistic manner to avoid confusion and errors, the software also checks for any possible errors in the transactions, before they are approved, eliminating the chance of human error which is otherwise very high in transactions that are undertaken manually.
- Automation: By enabling your business with digital payment systems, you can not only track your receipts but also automate your regular billing obligations. The bills you choose will be automatically honoured based on the frequency you choose. This helps you save time and focus on what’s more important.
- More Control: You can assign various degrees of control to the employees in the organisation to ensure that everyone has the permissions just enough to carry out their work. Not only will this reduce the chances of fraud, but will also enable you to check on the tasks performed by each employee to evaluate their performance.
- Customer satisfaction: As mentioned earlier, most customers who shop online, now prefer to make payments online. Given the current lockdown situation, most people in our country are facing a cash crunch and find it easier to pay online rather than sparing cash for orders. Offering a wide range of online payment methods can help you attract more customers.
- Enabling last-mile banking: It is no shocker that most of the rural parts of our country lack access to basic banking services. By adopting digital payment technologies like Micro ATM, Aadhar enabled Payment System (AePS) you can not only help bridge the gap but also earn commissions on the transactions that are done from your establishment, giving you an additional source of income.
In a nutshell, the digital payments space is a lot more than what it looks like from hindsight, it can be especially beneficial to small business owners, giving them a chance to earn additional income without having to make additional investments. We at PayInc are here with the best in class digital payments solutions to help your business achieve new heights. Get in touch with us to know more!