10 Reasons Why Your Business Should Accept Digital Payments

Chasing after clients to get paid is a full-time job no matter what type of business you operate. Unfortunately, providing your customer with a payment receipt does not guarantee that you will be paid in time. Accepting payments has gotten easier for both you and your customer thanks to the best payment gateway solutions in India.

The wand of cash may feel comforting in your hand, but what you don't realize is that it could be a major impediment to your company's overall success. When it comes to running a business in today's modern world, the cold hard cash and those flashy coins may provide you with the ultimate delight, but these cryptic means of receiving payments may become an unwanted strain.

It's unlikely that eliminating physical forms of transactions will ever be a viable option. The majority of businesses rely on cash to survive. It is critical that you comprehend the operation of your company and design a strategy accordingly. Integrating digital payment modes could provide your company with a competitive advantage. Regularizing digital payments might help your company manage its finances more effectively and expand its market.

There could be a slew of reasons why you should only accept cash payments. However, we've put together a list of ten simple logic that explains why the best payment gateway solutions in India can offer your company the push it's been looking for.

1. Immense growth in the digital payment sector

Looking to immense growth and opportunity in near future, it has become essential for businesses to adopt digital forms of payments if they wish to thrive.

2. Innumerable payment options

Think more than just cash. Accepting payments through digital medium provides your customers with a plethora of options that they can choose from, at their convenience. This includes UPI, Debit and Credit cards, Bharat QR, Link Based, IVR, POS and mPOS, IPG, and so on. Is your business taking the leverage of this digital boost?

3. Avoid the hassle of counterfeit and change

Does the thought of counterfeit still worry 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 the counterfeit currency. It also diminishes your problem of constantly looking for a 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 the 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 payments 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, but it also invariably reduce 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 criminals. When a business goes cashless, the risk of such notorious activities drops significantly. Accepting the best payment gateway solutions in India can not only shield you and your business from getting robbed but 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 opening 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 their settlement on a 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.