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Digital payment is a term used for different modes used in different ways to collect payment online. Digital payments have a positive impact on all small businesses. It is a convenient tool for accepting payment which is secure, fast, lowers the cost to the company and increases company revenue. Let's have a look at how beneficial it is for small businesses to go for digital payment solutions during the lockdown.
Mobile has replaced wallets too! People can have easy access to their bank accounts without the need to carry a physical wallet. More and more customers are preferring shopping online and making online payment via mobile wallets, credit/ debit cards are becoming the norm for them. When digital payment apps were introduced only the young population preferred making digital payments. But now with the pandemic crisis and ongoing lockdown, almost everyone has their bank accounts linked to a financial app for easy and contactless payments. Almost all banks have their own finance app to make it easier for their customers to have access to their bank accounts as well as make cashless online transactions at such times.
When your small business deals with cash transactions, you literally have to count every rupee. But with mobile and digital payments, every transaction is automatically tracked and recorded, which means less space for error and less time spent tallying and recording transactions manually. In addition to seamless transactions, online payment collection is more secure, safe and fast compared to regular cash payments.
With the digital payment method installed in your business, you don’t have to run to the bank to do your daily deposits or other such bank-related work, you can do it all through your phone. Even your customers today are busy and don’t want to wait for long to get their items billed. By carrying out online transactions it takes less time to process a payment, this overall improves the customer experience of your business. Besides this automating certain processes like invoices saves time and effort. Digital payment services reduce manual interference and increase productivity.
The rise in the number of Internet users in India and mobile-based digital transactions are expected to grow every year. Digital payments enable you to be present where your customers are. It is the most convenient way for your customers to make payments that can be completed a lot quicker without the need to physically contact them. Accepting payments online is the best option especially during the lockdown as payments can be collected anytime, anywhere.
If your business requires your customers to pay in instalments on a monthly or quarterly basis digital payments apps can make the process a lot easier for you. Many digital apps acceptance modes enable recurring billing options that are convenient for customers but also guarantee on-time payment collection. Accepting digital payments can reduce overhead costs like set up, maintenance charges, bank charges, etc. for physical payment acceptance devices.
With the constant rise in the number of fintech apps in the market, such apps have now become available to both individual users and businesses. The Finserv MARKETS app is one such mobile app that is designed to cater to all your financial needs, such as money management, carrying out digital transactions and making investments. Through UPI, you can transfer money to anyone with a VPA (Virtual Payment Address). It is an easy, fast and cost-effective option.
Also, if you require financial assistance, you can simply apply for a Bajaj Finserv Business Loan through the app and get flexible repayment tenure on loans with easy access to EMIs. Their hassle-free online application process with minimal documentation of loans makes it an ideal choice for small business loans. There are no hidden costs charged on loans for small business. You can easily access your loan account anytime, anywhere. With personalized pre-approved offers, instant approvals, and quick disbursal of loan, on the Finserv MARKETS App, you can get the most attractive interest rates on loans. This app is an efficient and practical way of looking after your finances.
“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”