Carrying cash is becoming a rare thing these days! With the rise of new mobile and digital payment options like Google Pay, Paytm, Amazon pay, cash payments are only going to become less common.
In fact, it is estimated that the use of mobile payments is estimated to increase to 60% in 2022, surpassing cash payments.
Given this trend, it could be time to adopt mobile payments, card payments and digital payments without any further delay. It might seem crazy to stop accepting paper notes, but there are actually a number of benefits.
Check out these 7 reasons your small business should consider going cashless.
Customers Don’t Carry Cash Anymore.
Mobile has replaced wallets too! Consumers can access their bank accounts without the need to carry a physical wallet. More than 60% of the young population prefer digital payments.
It’s Secure! No Cash, No Robbery.
Having cash isn’t safe, it, in fact, increases the risk of theft. Not only do you have to worry about being robbed by random criminals, but unfortunately, you also have to worry about your own staff taking from the register.
Managing Accounts Becomes Effortless.
When your small business deals with cash, you literally have to count every rupee. But with mobile and digital payments, every transaction is automatically tracked and recorded, which means less space for error and less time spent manually tallying and recording transactions.
No More Trips to the Bank to Deposit Cash.
With the digital payment method installed in your business, you don’t have to run to the bank to do your daily deposits.
Results in Faster Business.
Your customers today are busy and don’t want to spend time waiting to get their items billed. Mobile payments take much less time to process a payment improving the customer experience.
Makes GSTR Filing Easier.
By accepting payments digitally using good billing software helps you to create a budget, track your expenses and see what’s in your account in real-time. It also automates your tax process thanks to accounting software like Vyapar making it easier to capture, manage and track your daily/monthly/yearly business information so you can pull it quickly come tax time.
Nothing Beats Convenience.
Mobile and digital payments enable you to be where your customers are. It is the most convenient option for customers that can be completed a lot quicker without the need to physically contact your customers.
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