India’s commercial market mainly comprises of small and medium-sized businesses. A Statista report puts the number at 63 million as of 2020. A lot of these businesses would not have survived had it not been for the online infrastructure. Considering the vast possibilities of online payment systems, the Indian government too has been promoting digitization. However, it was only with the advent of better and improved technology in the likes of UPI and mobile wallets that India’s plan to go digital and cashless gained significant momentum. It has revolutionized the digital payment system so much so that even street vendors and small shop owners have stepped up to the digital world.
How exactly can digital payments help small businesses?
Digital payment systems make use of payment gateways or links to process payment requests. Small business ventures often have a lot on their plate. Therefore, turning towards this type of payment network can make their daily transactions a lot easier. Moreover, as the payment process becomes efficient, it raises the business owners’ chances of receiving more profits, which is practically the primary motive of any business venture.
Along with this, there are many more ways in which an online payment solution can help small businesses from time to time.
Bigger Target Customer Base
Businesses need to increase their customer base with time. A more extensive customer base means more revenue. With digital payment options, they can target a large customer base with ease. This facility is usually not available in the case of traditional payment methods, as geographical boundaries restrict them. In today’s time, when customers have already become accustomed to online shopping, letting geographic boundaries be an obstacle is not a wise business decision. By targeting customers across India, businesses can easily make money with the online payment solution available at their disposal
Multiple payment options
Digital payment systems offer many ways of making payments. With that, a business can offer to pay using UPI, net banking, credit or debit cards, or other popular payment methods. These options provide a convenient way of doing business as customers get more options to make their purchases.
So what benefits does a small business get from offering multiple payment options? The answer is quite simple. When customers get easy payment methods, they would surely like to purchase the services or products provided by the business without thinking twice. Hence, multiple payment options boost sales by delivering a seamless payment experience.
Frictionless payment experience
An online payment system makes the payment-making experience more premium and frictionless. Invoices or payment details are automatically generated as soon as a transaction takes place. At the same time, every payment received or made is also documented by the gateway service the business is registered with, which can be used for future references while making a monthly or annual calculation of expenses and earnings made by the company.
One of the most valuable factors of an online payment solution is its 24/7 availability of services. Irrespective of any time constraint, small businesses can easily accept payments using a gateway service. Nowadays, people have grown habituated to hassle-free shopping experiences that go beyond conventional working hours. To cater to such customers’ needs, it is essential to have the business and the purchase system up and running throughout the day.
Overhead expenses are sworn enemies of any business around the world. Small businesses are significantly affected by these expenses as their revenue share is already relatively lower than the already established big giants. Resorting to digital payment systems like Zaakpay can help small-scale business ventures eliminate these extra expenses associated with depositing cash and cheques at the bank and financial functions for bookkeeping and record maintenance. While there is a cost associated with maintaining the online payment system, it isn’t essential when compared to the costs of the traditional payment processes.
Merchants or in-house customer service personnel are usually the only people to resolve customer queries in the case of traditional payments. However, by relying on a digital payment system, as Zaakpay, merchants can outsource all payment-related queries to the gateway company. On the other hand, customers are instantaneously relieved of any tension even in case of a payment error as the support system is there to help them out.
Secure transaction: improved customer trust
Over the years, digital payments have become more secure and efficient. An increase in the number of users is forcing the providers to make the experience better and sans technological issues. With PCI DSS regulations and SSL encryptions to protect the customer’s payment information against any cyber-attack, businesses can create a sense of trust and security among their customers to increase their sales. Zaakpay puts a great deal of emphasis on the customer’s security needs. In addition to PCI DSS compliance, it offers additional security layers in the form of two-factor authentication, tokenization, and OTP verification to keep all entities with malicious intent at bay.
Growing a business right from the root level is as much a struggle as rewarding when it blooms fully. It is relatively less complicated today, courtesy of a digital payments system like Zaakpay. Irrespective of the scale and size of the business, with services like Zaakpay, merchants can make an online presence, reach out to a large number of customers, cut down on a lot of expenses, and provide a premium payment facility to their clients. Even the small business entities can leverage all these benefits just by closing a deal with any digital payment gateway partner like Zaakpay to bring all its payment needs under one umbrella.