Business Payments are an increasingly important source of revenue and driver of loyalty. Expectations around the efficiency and convenience of payments are growing fast. For consumers, advances such as mobile and contactless payments have transformed the payments experience.
The payments world is changing so rapidly that it can be hard for businesses to keep their finger on the pulse. Gone are the old-fashioned ways of depositing cash or cheque into one’s account and waiting days for it to get deposited or encashed. In case there’s anything wrong, you’ll have to run from pillar to post in order to get things sorted at your bank.
Benefits of Online Payments
- Convenience – Businesses are moving to digital forms of payment, too, often via mobile apps. Digital payments solutions can allow companies to make payments in their comfort zone. Mobile payments allow your business to be flexible in accepting various methods of payment via mobile devices.
- Greater Visibility – As consumers and businesses are able to send and receive payments more quickly, this may allow easier cash flow management and more predictable budgeting, spending, and investing.
- Faster Processing – Digital payment transactions are designed to process payments on a 24×7 basis. Your customers may benefit from the additional flexibility to quickly complete transactions and monitor accounts at any time
- Safe & Secure – Digital payments come with advanced security features and technologies incorporated in their technology including stringent risk management, safety, and security standards leading to greater confidence for businesses to use the digital payment system in the long run.
Analysis of NEFT, RTGS, IMPS, UPI
**Depends on vendor/bank
Conclusion: The best way to decide upon the selection of the payment method is by understanding the number of business transactions that will be done daily, weekly and monthly.
How can Finly help to win out Business Payments?
FinlyFinance is a Finance Management & Governance Suite for businesses to automate, gain visibility & control business spend. Switch your existing paper and verbal instructions to digital e-business formats. Payment is an integral part of finance operations. With Finly’s business payments module, streamline & automate all payment related processes on a unified platform. Finly, consumerizes new banking technologies with software products/tools that cater to the needs of current businesses.
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