How Merchants can adopt Digital Payments and save money

Many businesses run on very low profit margins of around 8% to 10%. In these profits, if a business should spend 2% to 3% as processing fee for the digital payments, then it will be a loss-making proposition for them. This article explains how these costs can be avoided or reduced or mitigated and still meet the same profit margins.

Covid-19 pandemic situation and after demonetization move, businesses are more pressed to accept digital payments. An increasing number of clients’ interest gave a genuinely necessary push to the heightening of digital exchanges or say transactions. It is a paradigm shift for them, and it is expensive. Even though there still are questions, it is the ideal opportunity for organizations to consider digital transactions.

To adopt digital payment, businesses need a computer, POS software, card swiping machine, scanner and a printer. Also, it needs a payment processing partner to accept cards, wallets and UPI payments. All things considered; little retailers are reluctant to embrace POS systems card swiping machines. But they can look at the below suggestions to increase their profit margins.

  • Select an integrated system so you don’t need to deal with too many hardware items like printer, scanner etc.,
  • Select a low processing partner with reward points
  • Select a provider who offers small monthly payments on the hardware items
  • Select a processing partners without hidden fees
  • Select a POS software, which has payment reminder options, multiple payment methods etc.,
  • Select a company with customer support

Here is some good news. There is no processing fee for RuPay transactions and debit card transactions of below Rs. 2,000. If you are a small business, then you won’t pay much for the transactions. Daily cost to have card processing devices is around Rs.30. So, if you gain one or two customers per day by accepting digital payments, then you will cover this much cost easily. Digital payments can help improve cash flows if you have repeated customers and if you provide recurring services. Digital systems help to send reminders to clients and get payments on time without much follow-ups. Think about these creative ways seriously to lower your costs and maintain the same profit margins. Mainly, do not lose customers to your competition by not accepting digital payments. It’s a must these days.

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