Mobile payments – Are they beneficial for small businesses?

With the rising numbers of mobile users in India, more and more buyers are getting aware of mobile payments via digital wallets. Modern-day technology is making it comforting for consumers to pay for products without carrying cash in their pockets. Apps such as Paytm, Phonepe, Mobi Kwik, and more are offering ultimate conveyance to small businesses to accept payments. Mobile payments are the highly preferred and most appreciated contactless payments. Hence, a payment gateway in Kolkata for your small store or shop can prove really beneficial. Let’s see how they could benefit small businesses.

Lowers the expenses

Cost is obviously the major aspect of businesses regardless of their size. Opting for mobile payments will definitely help you to reduce overhead costs for your business. It can evade the need to use expensive point-of-sale and paper due to digitalized payment receipts. You can seek integration of such a payment system from a reliable service provider. It enables you to set your smartphone as a mobile point of sale for accepting payments.

Improved cash flow

A giant number of Indian consumers have switched to digitalized payments supported by payment gateways. Also, people prefer these payment platforms for safety and to avoid the hassle of carrying cash. So, by providing a facility to buyers via a payment gateway in Kolkata, you can improve the cash flow of your business. Also, people have multiple mobile wallets installed on their smartphones. So, they can pay you easily to transfer money to your account digitally.

Get insight into useful data

Data is important to businesses for taking appropriate actions for improving sales and customer satisfaction. Receiving digitalized payments will enable you to collect important customer data. It enables you to know current customers’ behaviour and helps you to tailor your products and services. Also, you can see how frequently consumers buy products from your business. What payment method do they prefer to buy products and services? Retrieving such data will help you to implement business improvement strategies for its growth.

Stay competitive

How likely you would expect to stay in the competition if you do not have a go-to payment system? Probably in a bustling city like Kolkata, you could not survive long without technology. So, having a payment gateway in Kolkata can enable your customers to pay via mobile and credit cards easily. By implementing such technology, you can stay ahead of time. Also, you can provide buyers with multiple platforms to pay for the products. You can offer them with:

Contactless payments via credit/debit cards

QR code payments
Digital wallets
Simplify accounting

Accounting or bookkeeping is the key ingredient for the success of every business. Therefore, using a reliable payment gateway can help you to simplify accounting with ease. Using digitalized payment systems will collect information such as sales reports, inventory updates, and payment records. Thus, you can use this data for bookkeeping and can keep your business streamlined. You can easily maintain records for profit/loss and balance sheets.