During the pandemic, the anxiety of survival from COVID gave a big push to digital transactions and contactless payments. Even though people made cashless payments before, the pandemic made us accustomed to it and brought up even more sophisticated alternatives. People used online UPI apps to the extent that today, only several businesses use cash. Today, every other vendor, merchant or retailer accepts digital payment apps like Phone Pe business. It has also become common for ordinary people to transfer money to their loved ones through UPI.
The trend toward going cashless suggests that your company might need to stop receiving payments in cash entirely. It may appear counterintuitive to stop accepting cold, hard cash; it is a journey every business may need to go through with their customers in a few years.
You’ll get paid sooner if you give customers a choice of payment options so they can use their preferred payment method. When you offer online payments, you give your customers the choice to pay using a method that is most convenient for them. Receiving payments on time will help you not have to take many business loans online or offline.
With the help of various levels of encryption and data authentication, digital payment methods are made secure. Most payment methods now support two-factor authentication to add an extra layer of security. Furthermore, carrying a smartphone is always easier and safer for your customers than carrying wads of cash.
Payments made with online electronic devices are clear, clean, and usually quite simple. There is no need to visit an ATM, and there is no need to be concerned about you carrying large amounts of cash in public. Furthermore, because cards, apps, and other digital solutions make sending and receiving money easier, they boost economic activity and provide a plethora of financial and non-financial benefits like coupons, cashbacks, discounts, and deals.
Accounting for a business that deals with cash is not easy. You must get all the receipts out, count every penny, and repeatedly go through the records for the perfect tally. This can be annoying, especially on days when you can’t figure out why the account is not balanced. However, when using mobile or digital payments, every transaction is automatically tracked and recorded, reducing the chance of human error and the amount of time needed to tally and record transactions manually. You also save time because you won’t have to rush to the bank for rolls of change or to make daily deposits. Additionally, with real-time information on your company’s cash flow, you’ll be better able to identify areas where the business is lacking and make strategic business decisions to boost your business even further.
Businesses that adopt a digital payment system like Instabiz avoid the expenses and charges related to handling paper money. For example, counting and accepting coin deposits may be subject to fees. Business owners spend billions of dollars each year on cash processing costs, but those that go cashless save money. No cash, no handling fee.
It’s time for businesses to stop using paper money and switch to business banking for all payment needs.
