What do you think is important to make a business successful? A top-notch product, out-of-the-box marketing strategy, excellent customer services and whatnot? It is a given the list will be long. And somewhere in the list, amongst the top, is a streamlined and efficient payment system. Even though enough importance is not given to it, a streamlined business payments system is crucial for business growth that is derived by ensuring a more than satisfying customer experience.
Today, we’ll be telling you how a streamlined business payments system can help your business soar to new heights and how you can streamline business payments for greater efficiency.
Why is Streamlining Business Payments Essential?
- Cut Back on Costs:
One of the most significant reasons for businesses to streamline business payments is that it can significantly help cut back on costs. Several companies report making payment mistakes during the process of settlement. Consequently, adding up costs involved in rectification. As per a survey, one-third of companies have invoices that need to be followed up owing to several disputes. In addition, the following up does not only mean an increased cost but employment of expertise and time.
However, by streamlining business payments, you can eliminate duplication and human errors; and any disputes or follow-ups can be eliminated.
Helps Mitigate Risks:
Security risks are something all businesses are exposed to, and it’s essential to eliminate these risks for the sake of the survival and growth of the company. As some traditional business payments are not equipped to process modern payment methods, they become more exposed to risks.
This is where streamlining business payments become essential. A streamlining business payment system not only cuts back costs but helps companies reap the benefits of a structured framework which involves enhanced security protocols. The enhanced protocols and in-built modules of compliance help companies stay protected from fraud and scams.
- Customer Satisfaction:
A business – big or small, is nothing without its customers. That’s why, for the business to succeed and grow, customer satisfaction is crucial. As most customers don’t give a business another chance, it’s crucial that you, as a business, give them a satisfying customer experience in the very first go.
A business payment system that is incapable of handling customers’ requests efficiently can be off-putting to a customer. Be it the slow process of payments, errors and mistakes, or any bugsthat can spoil the customer experience – so much so they would want to go to your competitor the next time. This is a strict NO from a business point of view.
An efficient business payments system, on the other hand, with zero hassles and smooth processing, can promote a satisfying customer experience. Your customers would not only be delighted but might also recommend your business or brand to their knowns – and from what we know and have seen in the past, word of mouth travels fast. A customer is most likely to trust a recommended brand than a brand they have heard of for the first time.
- Increased Visibility:
A business can increase cash visibility by streamlining business payments, enabling decision-makers to take crucial financial decisions – all thanks to the feature that enables access to real-time transactions made through multiple accounts but via a single platform.
Now that we understand the imperativeness of streamlining business payments let’s understand how that can be achieved.
Streamline Business Payments with HDFC Bank SmartHub Vyapar
HDFC Bank SmartHub Vyapar is an efficient all payment solutions app that can support business growth by making it easier for businesses to accept payments. Whether it is UPI, Net transfers or credit card payments, the business payment system accepts leading modes of payment.
Here Are A Few Features of The Merchant Online Payment Solutions
- Supports all leading modes of business payments – from Tap N Pay cards, UPI, SMS pay and QR codes.
- Make seamless digital business payments to your vendors and distributors through HDFC business credit cards. The app also makes it possible to make smooth utility and GST payments.
- You can also avail instant loans via the app. Avial loan on credit cards, business loans and an overdraft facility on HDFC’sMerchant online payment solutions app.
- Get other banking services such as fixed deposits and business credit cards.
Advantages of Using an HDFC Business Payment App:
- Get real-time UPI settlement transactions.
- Get voice and SMS notifications.
- Check credited payments for all your stores in a single window.
- Keep track of outstanding customer payments via PayLater.
- Facilitate easy reconciliations by using Cash Register to record cash payments made by customers.
- Avail a credit payment of 50 days.
It is time to make business payments smooth and hassle-free with HDFC Bank SmartHub Vyapar – everyone’s go-to all payment solutions app. Try it now and see your business soaring to new heights.