In today’s digital world, businesses must have a strong digital presence. Micro entrepreneurs have very limited or almost no online presence as a segment and these companies need a solution that would help them work in this digital environment. Sending automatic invoices directly to the customers on their phones where they can pay online will save a great deal of time.This would also be useful for consumers to conduct payment collection in a digital manner, which would serve as a differentiator for these small entrepreneurs.
The current situation has given rise to customers choosing contactless technology that allows them to pay by tapping their cards to a point-of-sale terminal. These cards require less physical interaction and the transaction is faster. The usage of UPI and other E-wallets is also increasing the payment method of choice across a wide spectrum of consumers in the country. As per, Ashwani Rathore, Co-Founder and CEO, SpiderG “There will be a rise in SoftPoS, where NFC enables mobile phones can be used to receive payments from contactless payments enabled cards and debit cards. As consumers and merchants speed up their adoption of digital payments, it will become even more critical for every business to transition to the digital payments space.” SpiderG helps micro-entrepreneurs manage their transactions and build an automatic digital ledger of each & every customer
Future of contactless payments in the post COVID world
Around 74 percent of the consumers in India would prefer digital payments in the next six to nine months, reveals a report by Capgemini Research Institute. “We'll see micro-enterprises digitalization and exponential growth in digital payment adoption. Need for social distance, no contact exchange, and avoidance of physically transferable cash would contribute to electronic transactions, bringing about a change in the everyday payment habits of customers and promoting macro-level financial inclusion,” said Rathore.
Through moving customers to digital platforms, any company, whether small or big, will be able to adopt digital practices in its operation. Even micro-entrepreneurs such as local cable operators, local Internet service providers, newspaper vendors ,and dairy vendors are gradually opting to follow automated payment collection processes rather than manually.
How to right enabler? Do’s and don’ts…
Following are the must follow rules to enable digital payments as Rathore explains…
Do simplify the sign up process
For any customer, one of the biggest deterrents is the sign-up phase.When it is too complicated, restrictive, or just too long, often you run the risk of consumers giving up when signing up with a rival and going with them. So, take the time for an intuitive, easy to understand method to simplify the sign-up process. Don't press for more than you need to make a billing.
Don’t make redirects complicated
One difficulty with using electronic billing is having to switch during the sign-up and check-out process, which may break up or have other glitches throughout the transfer. Should not attempt to confuse the network with too many redirects, and try to incorporate the API of the billing into your network as much as possible.
Do choose the outsourcing firm wisely
Accounting systems and procedures adopted are mostly industry-specific, so before opting for one, do some thorough research in this area. More importantly, make sure they integrate the latest and new technologies such as the cloud so that data and your business state are still safe, protected and confidential.
Do not limit the modes of payment
This does not mean attempting to incorporate every single form of electronic payment system that are available, but simply making sure there are options beyond one or two. Enable your clients to have four or five payment methods.