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Transition your business from offline to online with ease to reap multiple benefits
advantages of online business
As a business owner, there's no doubt that you are looking for ways to overcome the economic slowdown in sales that has been brought on by the COVID-19 crisis. With customers afraid to step out, home delivery services have replaced in-store transactions as the primary source of income for many businesses. This is proof that if you want to grow or sustain your business in the current scenario, taking it online is necessary.
Whether you run a retail business, operate a saloon, grocery store or local health clinic, you probably have a host of things to manage on a routine basis. From tracking and clearing payments to sorting inventory and rate management, the daily operations of a business can be complicated. But by adopting a digital payments solution like HDFC Bank SmartHub, you can transition your business from offline to online effortlessly, and benefit from the automation, promptness and security of technology.
Here are six ways in which digitising your business can boost growth in the new normal:
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.
Seamless finance management: IFrom credit dues to daily reconciliation, managing accounts the traditional way can be quite time-consuming. And if you miss a specific date or payment, it can affect the entire billing cycle
By automating payments, you can track the day-to-day cash flow seamlessly. A digital payment system, like SmartHub, comes with integrated reports that make it easy for you to manage collections from overdue customers. And the ability to track and manage all your payment records and advances from a single-window can save you tons of time and effort.
Safe and secure: HDFC Bank SmartHub is designed with the intent to protect your business data from unauthorised access or manipulation. It offers customised access controls that require authentication through a one-time password (OTP). This way, you can send invoices to customers through secure payment links to enable faster settlement by the bank
Multiple-mode collections: Collecting payments digitally can allow for faster checkout of customers at the billing counter, and it can eliminate the hassle of looking for change. And this can save time and improve customer experience. For regular customers who prefer to settle their accounts every month, you can easily map payments to individual invoices, which makes bookkeeping transparent and streamlined. Such automated billing can ensure that the entire system is error-free and helps you earn customer trust.
Reduce cash and cheque transactions: In this new normal we are dealing with, the need to maintain strict social distance has changed people's attitudes towards cash transactions. In fact, the coronavirus crisis has encouraged a majority of businesses and service providers to switch to digital payment options.
Designed as a one-stop solution for digital transactions, HDFC Bank SmartHub lets you accept cashless payments from customers through multiple modes: QR code scanning, SMS payment link, UPI payment - PayZapp, online payment gateway – NetBanking, credit or debit card, wireless card swipe and mobile card swipe machine. These different modes also mean being able to cater to all customers who prefer a specific payment method.
Automatic reconciliation: From tracking refunds to discounts, tallying a single day's sales can be cumbersome. Besides, manual entry bookkeeping is prone to human error, especially while accounting for missing goods and operating expenses. By digitising payment reconciliation, you can get a consolidated view of payments across different categories.
Efficient business management:Why hire someone to manage various processes within your business when you can easily automate tasks like inventory tracking and auditing, and manage it all yourself? HDFC Bank SmartHub makes it easy for you to manage your business, thanks to their integrated reporting and analysis functions. It can even automate recurring tasks.
Transitioning your business from offline to online quickly and seamlessly If you have been concerned about switching to digital payments, HDFC Bank's SmartHub is here to make things simple and convenient. There are no maintenance charges or installation hassles to worry about. With 24X7 customer support and a dedicated relationship manager at HDFC Bank, you can leverage the power of digitisation to enhance customer experience and grow your business.
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