If you are a small business owner, you must have a reliable method of accepting payments, whether online or offline. Even though receiving cash is always an option and incurs no credit card processing fees, small businesses must take a variety of payment methods. Nowadays, only a few customers carry cash with them today; this presents a challenge for most small businesses that do not accept credit card payments.
More payment options than just cash are becoming increasingly crucial for small businesses. It may have been difficult for small business owners to accept major credit cards or online payments in the past due to the high processing costs. But thanks to modern technology, it is now easier for an instant business account opening on merchant payment apps through which you can receive payments from your customers. Offering various payment options is practically necessary to maintain your business, given that many customers use large e-commerce platforms to make purchases.
We’ll look more closely at five options you might want to think about when accepting payments, whether you’re a small business owner or run an online store:
- Direct debit systems work similarly to physical or digital extensions of your bank’s debit card. They offer highly secure, multi-step, authenticated direct debits from your banking account that are directly integrated with your InstaBIZ app. With necessary identification and KYC saved, you can use any payment system to protect your debit card information. The direct debit option is ideal for POS terminal payments, QR code transactions, fund transfers to other bank account holders on cross-app digital payment platforms, etc. In these COVID times, direct debit has become more popular as a cashless payment option because it is quicker to transact and document without any contact.
- Following India’s demonetization, cash is still a standard payment method. Large- and small-scale industries with vendors without digital payment infrastructure are where cash is most commonly used. Cash is also the norm for illiterate demographics in banking and mobile wallets. The COVID-19 pandemic sparked thoughts about more contactless options.
- The most well-known mobile wallet alternatives that let users add money to their virtual wallets include Paytm, PhonePe, MobiKwik, and others. They can also load money into their mobile wallets for various utility payments. You can receive transaction cashback and other amazing rewards from Google Pay Business. All users of PhonePe can get coupons, and new users can get their money back. The eCommerce platform itself has a handy mobile wallet called AmazonPay.
- In most cases, each mobile wallet has a maximum payment amount that you can make. QR-based POS and P2P payments are among the premium features of some mobile wallets. Added incentives for payment transactions include cashback and lottery prizes.
- POS terminals and QR code transactions drive the mobile contactless payment revolution. The best payment app for small business in India offers safe contactless payments through mobile wallets and QR scans. The country has quickly adopted micro ATMs as an excellent substitute for contactless card payments. Omni-channel FinTech service aggregation and one-touch payments for common retail locations are driving this trend.
- With the help of technology, a Unified Payment Interface, or UPI, is guiding India toward a better future where cashless transactions are the new normal. You can transfer money in real-time between accounts with a specific payment address, and no need to complete countless transaction facilitation requirements. The best thing about UPI is that most common payment gateway providers like ICICI bank InstaBIZ readily offer UPI features, allowing the end user to benefit without switching between different platforms.
