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How can you scale up your retail business?
While the advent of technology has significantly changed the SME landscape in the country, it hasn't been easy for small-scale vendors, especially those from the retail sector, to adapt to the changing dynamics and stay afloat. For instance, switching to cashless payments can be a challenge for vendors from smaller cities or for those operating on a relatively narrower scale. But in this 'new normal', that the entire world is adjusting to, transitioning from traditional methods of doing business to a more digitally-forward one - reduce contact - has become the need of the hour.
Adopting new technologies can initially be quite overwhelming. But once you start using it to manage routine business tasks and daily operations, there's no going back. Besides, digital payments bring with they several benefits - convenience, security, swiftness and efficiency. Furthermore, with platforms such as HDFC Bank SmartHub, taking the digital route is now simpler and safer than ever before. SmartHub offers digital payment and management solutions to retailers of all sizes, operating across the most varied industry verticals.
Below are the key benefits of getting onboard with SmartHub and how it can add to the growth of your business:
1. Faster queue management On a busy day, you might attend to over a hundred customers. And physical payments require printing a bill copy, receiving cash, and tendering change to the customer. This can sometimes be time-consuming, and if you aren't careful, it could lead to errors. Adapting to a digital platform such as SmartHub ensures quick billing and payments, leading to faster queue management at the counter, all while reducing the chance of errored or faulty payments.
2. Contact-free and convenience In the current scenario, where everyone is advised to stay away from crowded spaces and minimise contact, exchanging cash is something that customers are trying to avoid. Cashless transactions are at the very core of digital payments and ensure zero contact and complete safety for both you and your customers. Platforms such as SmartHub cover multiple acceptance solutions - scan and pay, tap and pay (Mobile Card Swipe Machine POS), wireless card swipe, online payments (credit card, debit card and NetBanking) and UPI (PayZapp). All these payment options are integrated with merchant billing systems for easy reconciliation and provide customers with the flexibility to pay through their preferred mode while enabling the vendor to adhere to the required safety norms.
3. Easy follow up on payments Modern payment platforms such as SmartHub enable merchants to only email/ SMS their invoices with the payment link to vendors or partners along with easier tracking and record keeping. This way, you can do away with physically following up on receivables, while also collecting or documenting proof of delay, non-payment, and so on for future reference.
4. Simplified refunds Integrated payment platforms enable smooth transactions through easy gateway management, better handling of inquiry transactions and simplified refund options in case of returned commodities or failed transactions. This way, you no longer have to face challenges when it comes to reconciliations.
5. Better in-store and online order management Taking your business online can be a deal-breaker in today's times as most customers are opting for online shopping. SmartHub can be of great help here as it enabled better in-store and online order management by allowing you to track orders received at one unified place and tally the status of payments and other details easily.
Ease of operations, secured payments, simplified management, reduced time, and effort, are some of the benefits of adapting to digital payment solutions like SmartHub. So, sign up for SmartHub and digitise your business today!
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