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No matter what business you own, chasing after you clients to get paid is a full-time job. Regrettably, sending your client a payment receipt is no guarantee of the time that you will be paid in. Thanks to digital and online platforms, the process of accepting payments has become significantly painless for both you and your client.
As soothing as the wand of cash might feel in your hand, what you don’t realize is that it might be a huge hindrance in the overall growth of your business. The cold hard cash and those shiny coins may sometimes give you the utmost satisfaction, but when it comes to running a business in today’s modern day, these obscure ways of accepting payments may become an unnecessary burden.
Getting rid of physical form of transactions altogether may never be a solution. Most businesses thrive on cash. It is essential that you understand the functioning of your business and devise a plan accordingly. Integrating digital payment forms may provide your business an edge to prosper. Regularizing of digital payments can provide your business with improved business management and immense growth opportunities.
You might have innumerable reasons why you should stick to accepting cash payments. But here, we provide you with 10 basic logics which tell you why digital payments can give your business the boost you’ve always desired.
1. Immense growth in the digital payment sector
According to Niti Ayog’s principal advisor Ratan Watal, digital payments have seen a growth of 55% by volume and 24.2% by value in 2016-2017, as compared to the previous year. With the constant growth, digital payments are expected to hit 726 billion by 2020.
Looking to such immense growth and opportunity in near future, it has become essential for businesses to adapt digital form of payments if they wish to thrive.
2. Innumerable payment options
Think more than just cash. Accepting payments through digital medium provide your customers with a plethora of options that they can choose from, as per their convenience. This includes UPI, Debit and Credit cards, Bharat QR, Link Based, IVR, POS and mPOS, IPG and so on.
As per the data, 1.3 million POS machines have been added in last one year. According to the NPCI, UPI payments have reached a soaring of 77 million in October this year.
Is your business taking the leverage of this digital boost?
3. Avoid the hassle of counterfeit and change
Does the thought of counterfeit still worries you? Do you constantly lose your customers because you don’t have change? If these questions keep troubling you day and night, it’s time to change the way you undergo business. Accepting payments through online modes keeps you at bay from accepting counterfeit currency. It also diminishes your problem of constantly looking for change, allowing you to focus completely on your business and sales.
4. Get paid directly in your bank account
Constantly running to the bank with a cheque or a substantial amount of money does not seem feasible for someone who has to run a business. When accepting payments digitally, you save yourself from the constant struggle of going to and fro bank every time after getting paid. With digital payments you get the benefit of getting paid directly in your bank account.
5. Nudge your clients politely over outstanding payments
Every customer avoids paying. They would stretch and delay it as much as they can. You might remind them once or twice, but constantly poking them about outstanding payments may make them irritated, leading them to avoid doing business with you. With digital payments, you can gently remind your customer about an unpaid amount by sending them payment links through which they can make payment to you. Link Based payments allow you to generate and send payment links to your customers on Whatsapp or SMS, favoring them to make payment while sitting at home.
6. Get paid in days, not weeks
Not only do digital payments save your trip to the bank, it also invariably reduces the efforts your customer needs to put in when paying you through cheque or other such ways. Digital payments are instant and require minimal time and effort.
7. Reduce the risk of theft
Keeping a generous amount of cash may always attract problems. This may make your business an easy target for the criminals. When a business goes cashless, the risk of such notorious activities drops significantly. Accepting digital payments can not only shield you and your business from getting robbed but it will also provide your business with the thrust that it has always desired.
8. Extend beyond your immediate neighborhood/ Attract Savvy customers
When you indulge in digital payments you take your business beyond boundaries. A cashless, digitally equipped business will appeal more and would hence attract a wider range of customers. Help increase your customer base by enriching your business with digital payments and open new opportunities via SEO marketing.
9. Go for higher value transactions
If you want to get out of the low-value-transaction segment, then opening your arms to digital payments is your best deal. A lot of people do not indulge in making higher value transactions in cash. This is where digital payments come to your rescue. Digital payments are not only easy and accessible but making payments through digital modes such as, credit cards also allows you benefits like EMI.
10. Track your transactions and its settlement on real-time basis
Dashboard and Merchant console system, a recently evolved solution, allows merchants to track and keep a check on the transactions they have received and allow them to monitor its settlement in their bank accounts on a real-time basis.
These are some of the reasons why accepting digital payments is a must for anyone who wants to grow and expand their business. Introduce your business to nttdatapay, an omni-channel payment solutions, which offers you more than 265 digital payment options. Atom provides you 360 degrees digital payment solution and helps your business to integrate the payment options seamlessly. Sign Up with us and be a part of the 1, 00,000+ satisfied merchants that are already on board with us.