Blog
Scale up your business by taking billing and payments online
If you ask any business owner what it means to scale their business, you would hear things like wanting an outlet in another city, increasing inventory or adding a new line of products/ services to their current offerings. But along with this, a common answer you will hear is increasing business revenue and profits. The truth is that there are many different ways to scale a business; some may work, and some might not.
In recent times, one thing has been evident - going online can go a long way in helping a business run consistently and efficiently. 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 conducted meticulously, since, 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 From software that can help with accounting and taxes, there are different ways to integrate technology into your daily business. One such holistic solution is the HDFC Bank SmartHub; this modern online platform is designed to offer a customised digital payment solution for businesses of all sizes and nature. It's 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.
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 for your perusal.
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 quite cumbersome and confusing.
To make this process easier, HDFC Bank SmartHub features, such as consolidated 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 relieve you from the burden of individually checking on each customer.
Integrated reports: With a dedicated billing management tool that churns out integrated 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, which can save you time and effort that you can dedicate to growing another area of businesses.
Integrated billing systems: As the world moves toward more digital-enabled processes, most customers now prefer making payments digitally instead of with 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 assimilate digital payments into your business thanks to the various modes in which transactions can be made. This includes 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).
Availability of loansAlong with managing internal billing functions, you can even use this digital payment solution to avail loans that can help meet 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 and arduous 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 a plethora of other advantages. To know more, visit the website now!
Related Articles
Grow digitally with
a trusted partner
Get in Touch
