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Digitization has drastically changed the way payments are processed. A recent survey revealed how 90% of customers preferred paying for their purchased products through an app rather than paying in cash or through their cards.
It is becoming increasingly vital for small businesses to accept payment methods other than cash. Accepting major credit cards or online payments used to be challenging for small business owners due to the high fees required to process the payments, but modern technology has made it easier to do.
Applications like mGalla help small and mid-size business owners and freelancers make an easy shift to the world of digital payments. These apps allow merchants to offer a blend of payment options that their customers can choose from like, Scanning a QR Code, Swiping a Credit or Debit card on an mPOS device, Paying through (UPI), and making a payment with a simple click on the link with Link Based payments. These apps are built to support small and medium businesses along with freelancers in the informal or unorganized sector that contribute to 50% of India’s GDP.
Why Should Small Businesses Use Payment Apps?
Payments made through cash have become a rare sight these days, as only 36% of people actually carry cash on them. These statistics indicate a problem for those businesses that are still only accustomed to accepting cash. As a small business owner, your priority lies in building a recurring and loyal customer base by offering smooth and effortless customer experience – and that means shifting to digital payments.
Here is why customers generally opt for cashless payments:
- Speed of payments: Digital payments are generally quick and don’t involve the hassle of disbursing the exact amount
- Ease of use: Digital or Cashless payments can be made without any difficulty, by just entering a pin! It leaves behind the pain of going to the bank or an ATM to withdraw cash to make payments. They are super seamless, secured and effortless for everyone!
Hence, customers are expecting you to give them more options with the freedom to pay at their comfort. Another very important advantage of payment apps is that they add a level of security to the entire process and keeps you safe from fraudulent activities. Customers are generally hesitant to enter their bank details onto a website for fear of its misuse. You should hence always give them the option to pay through a channel that they feel is safe.
How does a payment app work?
A payment app helps merchants accept payments from their customers. mGalla can be set up by any business owner in four simple steps once you download it. The mGalla app is available for small and medium sized business owners, freelancers and start up businesses, free of cost and requires no payments for downloading or signing-up with the app. The following steps are involved while signing up on the mGalla app:
- Enter your personal details: A payment app will first ask you to fill in your personal details like your name, phone number, address and PAN.
- Bank details: It will then prompt you to enter your bank details where you would like to receive the payments.
- Scan documents: After entering your bank details, you will be asked to scan either your Aadhar card or your PAN card.
- Verification: The final step involves verifying your mobile number through an OTP that will be sent to you. After you correctly enter it, your sign-up process will be completed!
Which Is The Best Mobile Payment App for Small Businesses?
The mGalla app for Merchants by NTT DATA Payment Services is an innovative app for small business owners that ends all their payment-related worries and enables them to easily shift to digital. Demonetisation resulted in a surge of disaggregated digital payment methods and services, making it difficult for small businesses to reconcile multiple modes. mGalla solves this basic issue by offering merchants an integrated payment collection through simple-to-use alternatives. And the best part is that you don’t even need a website or to indulge in hefty investments to kick-start your business’ journey of accepting digital payments.
Features offered by mGalla
- Instant activation: The KYC activation process for mGalla is completed only in two simple steps! All you need to do is to enter basic information like your name, phone number, address and PAN. You will then be enabled to accept payments!
- Multiple payment options: You can accept payments through multiple channels on the mGalla app. These are the following payment options accepted by mGalla:
- Payment links: You can SMS, Whatsapp, or E-mail a payment link to your customers through which they can initiate the payment.
- Bharat QR: mGalla allows you to share a Payment QR code with your customers, who can simply scan a code and pay!
- UPI: Allow your customers to pay over a secured VPA without letting out their bank details.
- Cash: mGalla also offers the option to keep a track of all your cash payments!
- mPOS: With NTT DATA Payment Services’ portable yet agile mPOS device, you can accept card payments in-store or on the go.
- Convenient for Customers and encourages customer retention: When you give your customers the freedom to choose how they wish to pay, they are more likely to go through with the purchase and also come back to you for repurchasing.
- Tracking payments: The mGalla app allows you to track all your payments and even initiate refunds without any hassle.
- Ensure world-class security: All data and transactions are secured with 3.2 V PCI-DSS compliance and 128-bit SSL encryption.
- Accept Payments without a website
We all know that mobile payments are here to stay. It is hence better to make the switch and adopt the new way than being stuck up on traditional ways of making payments. Customers today expect all their payments to be carried out in a seamless and instantaneous way mGalla by NTT DATA Payment Services is a mobile payment app for small businesses that can help you form a seamless payment system. Its easy-to-use database makes it the perfect option for small businesses! Visit www.nttdatapay.com to know more and to get started!