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How Automating Payments could Help Grow your Business?
In recent times, going online is seen as the most effective way of scaling up a business. Going digital is particularly useful when it comes to managing finances, which involves several tasks, such as keeping track of bills and reconciliations, inventory logs and payments, on almost a daily basis. These tasks must be carefully conducted, as even a single error can be risky. And this is where technology can come to your rescue.
Adopting a digital payment solution can boost productivity and revenue HDFC Bank SmartHub is a modern online platform designed to offer a customised digital payment solution for businesses of all sizes and nature. Its safe and easy-to-use features can make billing and payment procedures effortless and quicker. Here's a more detailed look at how HDFC Bank SmartHub can help to scale business.
Below are the key benefits of getting onboard with SmartHub and how it can add to the growth of your business:
Auto reconciliation: Many of your regular customers may follow a credit billing system. While such an arrangement could help to boost customer loyalty, the reconciliation of payments and tracking dues may take up a lot of time at the end of the month. With HDFC Bank SmartHub, however, this process becomes seamless as it automatically reconciles bills and calculates costs. In addition to this, it can tally debited and credited amounts in a unified manner, on a single dashboard.
Auto collection of recurring payments and EMI: As a business owner, you might have to collect multiple payments or EMIs from your customers at the end of each month. Keeping a tab on each of these can be confusing.
To make this process easier, HDFC Bank SmartHub features, such as combined reports, easy file uploads, and the option to split payments into different heads, enables automatic collection of recurring payments and EMIs. All you need to do is enter your customers' account details in the system, after which you can auto-collect specific amounts or instalments that are due on a timely basis. This will reduce your burden of individually checking on each customer.
Integrated reports: With a dedicated billing management tool that displays combined reports, you can review revenues promptly and as and when you need to. You can even print individualised reports for overdue sums, recurring payments, and more or refer to one consolidated version as per your convenience. This helps in documenting evidence and maintaining a log of your revenue. It also helps streamline payments.
Integrated billing systems: Most customers now prefer making payments digitally instead of cash. Even when clearing bills with your vendors, suppliers, delivery partners and other business expenses, digital payments are more efficient and easier to track. With HDFC Bank SmartHub, you can seamlessly integrate digital payments into your business and enable various modes of transactions - QR code scan and pay, tap and pay (Mobile Card Swipe Machine POS), wireless card swipe, online payments (credit card, debit card and NetBanking) and UPI (HDFC Bank PayZapp).
Avaiability of loans Along with managing internal billing functions, you can even use this digital payment solution to avail loans for additional business requirements. Applying for a loan is made simple and can be completed in just a few steps.
- Check your eligibility
- Choose the loan amount
- Apply through the HDFC Bank SmartHub portal.
This way, you can skip the long process that you may otherwise have to go through to obtain financial assistance.
Digitising operations is the first step towards scaling up your business. With payment solutions like HDFC Bank SmartHub, you can let technology take care of day-to-day management tasks and focus your time and effort on growing your revenues. Besides auto-calculations, refunds, and billing management, this payment solution offers many other advantages. To know more, visit the website now!
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