Table of Contents
If you are a business owner who has been trying to figure out how to level up your business and tried all the options that are possible and is still not able to figure out how to, you have reached the right place to know about that better. With the Indian economy flourishing by leaps and bounds using digital payment options, you should integrate digital payments into your business as well.
Digital India
As we all know, the world is witnessing more digital payments these days with every business, regardless of its size or the amount of revenue that it is yielding. With more online users increasing every day, the revenue of businesses is flourishing. All of these started when India introduced Digital India in July 2015. We all would remember the go cashless trend that is going around, where people tend to make digital payments everywhere rather than cash payments. Also, do you know that it is a basic human tendency to make huge payments over card transactions than in cash transactions? This is beneficial for businesses to generate huge revenue. This is one important reason why online businesses are flourishing recently
Surprisingly, you can see roadside vendors, autorickshaws, and several small businesses using online payment methods alongside cash payments in India. This is not even a trend in some of the first-world countries today. We can clearly see that India has come a long way in digital payments.
Why is Digital Payments important for your business?
As long as you run a business, regardless of the size, there will always be a need for digital payments in the future, but if you are an e-commerce business or a business that operates only online, a digital payment system is what your business needs.
Fun fact:The total transaction value for the year 2022 is said to be US$133.40bn, which is steadily increasing by 13.67% every year and is said to reach US$253bn by 2027.
There are a few essential characteristics of digital payments that help your business grow multifold in a short period of time.
1. Convenience and faster transactions
People want everything to happen more quickly in a world where everyone is moving at a faster clip to keep up with one another. The payments are also. The ability to streamline and expedite the in-store payment process for you and your customers with NFC technology is one of the most significant advantages of mobile payment. This enables wireless communication between the terminal and the mobile phone when they are close together. By saving their numerous bank cards in their digital wallets, mobile payments also enable your clients to streamline the management of their multiple bank cards.
The most important feature of digital payments is that if you are expanding your business worldwide, you wouldn’t have to worry about the payments because Payment Gateways will do them in a jiffy. Out of all the necessary features, time and convenience are the two major characteristics that are considered.
2. The investment is minimal
It often only requires a minor cost for a physical store to accept online payments. Because there are relatively few steps involved and only a few essential documents are needed, including your bank account information, for you to set up a POS machine. All you need to do is ensure that your terminal supports NFC (Near Field Communication) technology, the chosen cards, and the acceptance of this technology by your payment solutions provider. Even though the process is rather simple and takes little time, some software updates could be necessary.
If your business is a large-scale one with a huge sum of revenue that is being generated easily for every quarter, then you should consider integrating a payment gateway provider like NTT DATA Payment Services for your business to accept payments easily.
3. Offer competitive advantages
Being a company pioneer is just as vital as developing a successful enterprise. Small businesses that accept digital payments are developing a more simplified and effective payment process as the popularity of digital payments continues to grow. As a result, they will be in a better position to compete with their bigger competitors. We have all witnessed vegetable vendors in our streets using hand speakers to advertise their goods; this may seem like a small change. But has a bigger marketing impact on their everyday income. Similarly to this, the digital environment is evolving quickly, and mobile payments give small businesses the flexibility to adjust and keep up with the market and their rivals.
Any type of business, whether accepting payments or incorporating mobile payments into your growth strategy, may find this payment solution useful.
4. Easy integration with e-commerce or online business
For many businesses, integrating a digital payment service and providing it as a payment option on a website is a long-term IT project that they should be outsourcing to another IT company.
As more businesses develop requirements for payment options, IT companies will work on additional projects throughout the year to meet those requirements.
They are searching for a digital payment solution that can provide seamless integration and that can accept a minimal fee as a convenience. A company wants the digital payment service to integrate smoothly with that solution provider, such as NTT DATA Payment Services if their website was built on an eCommerce platform like Shopify or Godaddy.
If a company has a customized website, it depends on the digital payment provider to provide the know-how and technologies to enable seamless customization. There are very few providers like NTT DATA payment services that provide these personalized payment options regardless of the size of your business.
How can Digital Payments help your Business Grow?
Here is a quick list of reasons that explains how digital payments can help your business grow multifold.
1. Global customers
It is known that any business that runs online can reach out to more customers than a physical store. This adds a more important feature to the business that it is taken to a global standard that attracts customers worldwide for your business, provided that you have provisions to transport your goods across the globe or the country.
2. Higher sales
As we have discussed earlier, a seamless transaction method will generate higher revenue for your business. Also, if the customer base has been extended to a global audience, your sales will skyrocket.
3. Increased productivity
E-commerce saves time and effort by automating some business processes. Online payments are one of them. Simple online payments reduce manual tasks like creating invoices or a manual client database.
4. Secured transactions
It is a no-brainer that online payments can sometimes be risky. But to avoid the risk of fraudulent payments or phishing, secured payment gateways like NTT Data Payment services are highly recommended for any business.
NTT DATA Payment Services
Formerly known as Atom Technologies was acquired by NTT Data payment services, a Japanese company, in earlier 2022. With a wide range of payment services, NTT Data provides customized solutions according to your business needs.
Why NTT Data Payment Services?
- Multiple payment options
- Easy retry option
- Multibank EMI
- Invoice Payment
Takeaway
By now, you would have an elaborate idea of how can digital payment influence or help your business grow better within a short span of time. To know more about the services that NTT Data provides, Click here.
FAQs
1. Is a credit card a digital payment?
Credit cards are versatile transaction options since they can be used as a physical medium of transactions, too, while you can use them for your online transactions.
2. What are the benefits of Digital Payments?
There are several benefits of using digital payments, while the most important ones are fewer processing errors, cost cutting, lesser time consumption, reduced transaction fees, and lesser time consumption, etc.
3. What are the different types of digital payment options?
There are different types of digital payment options that are prevalently used these days. They are
- Internet Banking
- Banking cards
- UPI
- Mobile Wallets
