"All our knowledge begins with the senses, proceeds then to the understanding, and ends with reason. There is nothing higher than reason. "
- Immanuel Kant
Nowadays, consumers are increasingly moving towards simpler and more secure digital payment options. But this is not the case with businesses, especially small and home-based businesses. A lot of them are still unsure of adopting end-to-end digital solutions because of several challenges like resistance to change, the cost of implementation or a lack of industry standardization.
But in the face of these hurdles, some businesses are realizing the importance of upgrading their payment systems to help capture ROI and reclaim lost time. Moreover, on the customer end, it is estimated that the use of digital mobile payments is estimated to increase to 60% by 2022, greatly surpassing traditional cash payments.
If this isn’t convincing enough, we want to further help ease the skepticism of small business owners. So here are the top 5 reasons why small businesses should use digital payment options :-
1. It helps you cut down on errors –
Manual payments lead to significant time spent spotting and addressing errors. Companies are overcoming this by incorporating payment processing into their end-to-end digital solution. This results in the information being flagged or synced automatically, as it flows through the process.
2. It helps you manage accounts effortlessly –
If your small business is dealing with cash, you have to count every rupee. But if you choose to go digital, then every transaction will be automatically recorded and tracked. This means there will be less space for error and hence less time spent in manually tallying and recording transactions.
3. Reduce the risk of fraud –
Criminals are always on the lookout for blind spots in payment systems so there’s always a high risk of theft and fraud. By implementing a seamless digital payment solution, small businesses can remove these spots in order to help prevent fraudulent payments from sneaking in. Digital payment options improve the security of payment information for both the business as well as its vendors and clients.
4. Save money –
Sending and processing physical checks manually can usually cost up to twice as much as it would to process the same payment digitally. Businesses that have digitized their workflow are able to track and know in real time when invoices are approved and paid, hence saving them a lot of time and allowing them to focus on more important business tasks.
5. Get better insights into cash flow –
While weighing the benefits and costs of digital payment options, businesses can consider the potential savings which could result from having a clearer insight into the spending trends and better cash management.
One of the most important benefits of using digital payments is that it will keep your customers and vendors happy by considerably reducing the costs and inefficiencies that they tend to face in manual payment processes. Remember, more and more people are turning towards digital payments as they are busy and don’t want to waste their time waiting to get their items billed. A lot of small businesses are realizing this and are adopting digital payment solutions in order to offer a seamless user experience, both internally and externally. It’s high time you do too!