Using UPI? Here’s How To Keep Track Of Your Payments
If you are a local merchant or small business owner, then you are probably aware of the shift towards digital payments by consumers across the country. With growing mobile penetration and the use of apps like Paytm, PhonePe, Google Pay and BHIM, more and more people are using UPI-based payment interfaces. As a retailer, you need to keep up with the trends and accept payments across these modes to make shopping more convenient for the customer.
To understand how popular this mode has become, take a look at some statistics. In 2019 alone, there were 10.8 billion transactions through it. And in the month of September 2019, UPI overtook credit and debit cards as the most-preferred mode of payment in the country. In terms of transaction value, 2019 saw money exchanges of Rs 18 trillion taking place – a staggering amount. And it’s easy to see why – this mode of payment is fast, secure and hassle-free!
Launched in 2016 by the National Payments Corporation of India, UPI or United Payments Interface is an immediate, real-time payment system that allows users to transfer funds between different bank accounts via a mobile platform. The platform has many benefits – it is fast, contactless (especially important during this pandemic!) and accessible at all times, even on public holidays.
There are many different apps or UPI vendors offering merchant payment solutions out there: PhonePe, Paytm and Google Pay are examples. With a proliferation in UPI based apps, there really is no reason that you, as a retailer, should not be accepting digital payments. But with so many UPI vendors, how do organize and centralize all those transactions? You need an app that will do the work for you.
Paytrac: Track Digital Payments Effectively
Paytrac is an all-in-one digital and UPI payment tracker app. It keeps track of all incoming and outgoing payments coming in from UPI, QR code, PoS, wallet, online transfers and cash modes. All you have to do is download the app for free and create a profile.
It then tracks all your spends and credits coming in from different modes. For bank transactions, it reads SMSes related to credit and debit amounts and updates in real-time. For cash, you can manually log “cash in” and “cash out” transactions by going to the right tab, adding the details of the person the payment is being made to or from, and adding in the correct amount.
You will receive an insightful review of all your daily payment data on a single dashboard, with a breakup of all your business income by digital payment partners. You can also view settlements on a daily, weekly and monthly basis and view the overall performance of your business over a a28-day period.
To ensure that you don’t miss out on a single transaction in the middle of your busy day, Paytrac also comes enabled with audio notifications. Switch on audio notifications in the language of your choice and receive an alert each time an amount is credited to your account.
Paytrac comes in English, Hindi and 7 local languages: Marathi, Gujarati, Punjabi, Bengali, Tamil, Telugu and Kannada. So whether you are a shopkeeper in Chennai or Chandigarh, you can use the app in your native language!
But Paytrac doesn’t just function as a digital and UPI payment tracker app: it doubles up as an order management tool as well. The app can capture and scan orders and shopping lists from WhatsApp, which you can then upload into the orders section. Then you can edit and process the order with ease, and generate a manual receipt for the customer!
The broadcast tool comes in handy when you need to communicate with all your customers in one go. Choose from an existing message template or create a new message and save it. Send it to your customers via WhatsApp, Telegram, SMS or Facebook Messenger and you are sorted! This helps you give out details related to shop timings, delivery schedules, deals, new stock arrivals and more.
Whatever your small business may be – kirana shop, medical store, grocery store, tea stall, boutique or textile shop – Paytrac is for you. Download the app today to see how you can organize your payment data and boost your business. It’s free, safe and secure – try it today!