The digital India imitative, along with a sharp drop in the cost of mobile devices and internet plans has made digital payments a very attractive option. Today, you will find everyone from roadside dhabas to supermarkets using services like Paytm, Google Pay and BHIM. There’s no doubt that digital payments are a far better method.
As a small business, it is likely you might have already adopted digital payments. Or maybe you haven’t. If you belong to the latter, where are here to convince you it is time to switch. Even before COVID-19, it was a highly popular option. Now, the pandemic has made it clear that it is a safe option to stay away from cash-based transactions.
Thanks to innovations like the Unified Payments Interface (UPI), digital payments have a value of over ₹3 lakh crore as of September 2020. That’s no small number. More and more people and businesses are going digital over cash and cheque. Not only because it is safer, but easier as well.
Adopting Digital Payments
Going digital doesn’t have to be an expensive process. If you own a customer-facing business, you can simply opt for a QR code from Paytm, GooglePay, PhonePe or any of the other services in the market. You don’t have to spend a lot! It’s an economical way to go digital.
If you are a B2B company, then a QR code might not always be the best solution. Since your transactions tend to be of higher value, you’ll have to look at other methods. One way is to use bank transfers, but they tend to be slow. Alternatively, you could look at FinTech startups like Paysharp, PayMate or gateways like RazorPay.
Adopting such digital payments as a business not only reduces the speed of the billing cycle, but also cuts down on costs. You can also quickly and easily view your transaction history, and track every Rupee spent and earned. That way, you know exactly what the financial health of your business is, every single day.
Advantages of Digital Payments
Graphic: why digital payments: speed, security, user-friendly, safe, efficient
Going digital comes with all the following benefits for businesses:
- Insights: Since every transaction you make is recorded instantly, you can get valuable insights into your finances. See spending trends over the year, analyse where most of your cash goes and how you can save more. Here’s some great advice on maintaining an effective cash flow for your business.
- Speed: Digital payments are instant, that means you can send and receive money within seconds. Paying someone instantly is a good way to build relationships and trust. It ensures that you always have the money you are owed now, rather than later. It’s an easy way to build your cashflow.
- Safe: Digital payments are heavily regulated and controlled. That means there’s a lower chance of payment fraud. It also means your money is safe, so you don’t have to worry about it getting lost. In case anything does happen, you can quickly and easily get support.
- Private: Due to their security features, digital payments are private. Only you can see the status of your finances and track your cashflow. It also means only you (or someone you trust) can authorize payments. That way, your money is yours.
- Available 24×7: There’s always a possibility your nearby ATM will be out of cash, or getting a cheque cleared is delayed due to the crowd at the bank. That’s not the case with digital payments. There are available all the time, anytime and anywhere.
- Available Anywhere: Due to their nature, you can send and receive money from anywhere in the world with digital payments. Even if you are on holiday in another country, your business can go on just as easily. It’s a great way to ensure that your company isn’t affected by your absence.
- Grow Faster: Because digital payments are easy to use and scale, your business can grow faster. You can more easily offer discounts, deals and other offers to attract new customers. Such deals are easy to add to your system and allow you to monitor their success as well.
No matter how big or small your business, you can benefit greatly from going digital. Today there are solutions for SMEs and startups, offering low-cost, easy to access payment systems that require little effort. You should consider them to help create a robust business for 2021 and beyond.
Another important way to ensure your business is ready for 2021 is by offering employee healthcare benefits. Employee wellness programs allow you to create a healthier, happier and more productive team. Employee healthcare plans aren’t a luxury but a necessity today. Want to know why? Here’s a blog on their importance and how to future-proof your team’s health and safety.
If you are a startup or SME, you should consider getting a healthcare membership from Onsurity for your team. Onsurity’s business health plans are designed to be economical, flexible and comprehensive. Our affordable employee healthcare plans offer great benefits your team will love, while you save up to 50% on your healthcare costs.
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