The Indian government is taking steps to push the economy towards digital payments by introducing new ways to increase digital penetration throughout the country.
Card Swiping machines and POS machines come with a cost attached in the form of a small fee that the banks charge both customers and merchants; by coming up with a framework to finance POS machines, the government is trying to help hesitant retailers to invest in such systems.
However, in today’s day and age, even if retailers want to stay clear of investing in a POS machine, they still have a lot of other ways to enable online transactions, with payment gateway providers in India offering options such as QR codes, BHIM, UPI, and digital wallets being some of the favourites among consumers.
Let’s look at how digital payments can help entrepreneurs cater better to their customer base and how they can help them scale their business to greater heights.
Get Access to More Customers
As more customers opt for online payment platforms and start using mobile wallets, UPI, BHIM, net banking, and it becomes the norm, merchants will be able to reach a greater buyer base by going online with their goods and services.
- Establish a Strong Online Presence
As customers embrace everything digital, from payments to stores, entrepreneurs will have better opportunities at establishing a solid online presence for their respective businesses. This will result in more brand recall and higher revenues.
Digital payments will allow entrepreneurs to have a global reach as they will be easily able to accept online payments from customers worldwide, which is not possible when doing business locally.
- Growth in Transactions
Thanks to mobile payments, businesses can witness a transaction growth of up to 50% in the coming years. More than 330 million internet users in India have over a billion mobile phones. As the numbers grow, there will be fewer people dealing in cash and more in digital-based payment methods.
Reduced Overhead Costs
A physical POS machine comes with costs attached, such as bank charges, set up fees, maintenance charges, etc. This is not the case with modern digital payment options such as e-wallets, UPI, BHIM, etc., as they primarily work with QR codes, which only require a printout to become operational.
- Increased Customer Satisfaction
Online payments offer a seamless checkout experience which adds to the overall user experience. Moreover, it’s safer, convenient, and fast, resulting in repeat visits from customers.
Promotes Recurring Billing
Thanks to digital payments, subscription-based businesses have already witnessed an upswing in the user base. It can accept recurring payments, resulting in on-time payment collection without pestering the customer to make a payment via repeated notifications.
Accepting online payment is one of the most critical aspects of business growth and long-term sustenance. Therefore, if you are an entrepreneur, you must enable online payment options on your website to give your customers a faster and smoother shopping experience while encouraging repeat visits.
Partnering with a reputed digital payment system in India, you can take your business to the next level. Now that you are aware of some of the benefits attached to digital payments let’s look at a few things that can help you make the best of digital payments.
Suppose you would like to enable payments via credit/debit cards or any other modes of digital payments such as UPI, BHIM, and even mobile wallets. In that case, it’s essential to have a proper payment gateway system integrated into your website.
Many businesses don’t have a website. If that’s the case for your business, payment links can offer an easy and secure way of accepting online payments. They also come with features such as split payments, payment tracking, bulk payments, and payment link sharing via social channels.
WhatsApp Payment Solution
This can come in handy if you are individual offering services and don’t run a business, such as a freelancer. It lets you securely collect payments without requiring your customer to share any banking data. Best of all, the transactions happen in real-time.
Being an entrepreneur, you cannot ignore the power of digital payments, as they are set to drive the country’s economy in the coming years. With more people opting for some digital payment option rather than cash to buy goods and services, being future-ready will help your business make a smooth transition from a cash-based economy to one that’s cashless!