8 Reasons To Consider Mobile Payment Tracking For Small Businesses
Receiving payment methods has evolved over time from coins, paper and plastics and to digital payments operated through cellphones. Carrying cash becomes a hassle for customers as well as small business owners. For example, handing out exact change and maintaining a record of cash flows consumes much time and energy.
People are now making the most of technological innovations and switching from traditional wallets and cash to mobile wallets and digital payments.
Mobile payment systems for small businesses
has have grown ever since demonetization. One of the best ways to track all your incoming and outgoing payments is by using a mobile application.
Let’s consider the reasons why it is important to track mobile payments for small businesses:
1. Rise Of Mobile Wallets And Digital Payment Options
Mobile payments are on the rise, with data indicating that the younger generation prefers digital modes of payment, like Google Pay, PayTM, Amazon Pay and the like. At present, with the world reeling under the effects of a global pandemic, the government is pushing consumers to opt for digital cashless payments to maintain social distancing and avoid physical contact.
With so many platforms now available to the user to make payments, it is important to keep track of them on a single dashboard that maintains all the records. A mobile app works wonders for managing all payment settlements.
2. It’s Secure And Safe! No Heavy Cash, No Robbery
Mobile payments are secure as they have multiple security layers including dynamic encryption. And with so many payments coming in, it’s always safe and secure to track and maintain those payments on a mobile app instead of noting it down in a paper ledger. This application Apps like Paytrac do not gather your personal information like passwords and OTP’s.
You are also safer from robbery and theft: since most of your business payments happen online, there’s less cash lying around.
3. It Saves Time
Your small business deals with cash, PoS, digital wallets, UPI as transactions happen throughout the day. With a payment tracking app, every online transaction is automatically tracked and recorded, which means less space for error and less time spent manually tallying and recording transactions.
A payment tracker will automatically track UPI, PoS, wallet, online payments across all modes but also gives you an option to add cash payments manually into the dashboard.
With the digital payment method installed in your business, you don’t have to frequently run to the bank to do your cash deposits.
4. It Makes Payment Tracking Easier and Results in Faster Business.
Your customers live a busy lifestyle and don’t want to spend more time just to get their items billed. Mobile payments take much less time to process improving the customer experience and boosting sales. To enhance this experience, Paytrac now comes with audio notifications for every transaction you receive with an option to select your preferred language.
5. Offers powerful Management and Reporting Tools
Without maintaining payment records, it is impossible to manage, analyze and report your business revenue growth. Small business owners have several transactions happening during the day, with payments coming in from vendors as well as customers. It becomes a task to maintain these records on daily, weekly and monthly basis.
Mobile applications will automatically track UPI, PoS, wallet, online and other payments across all modes for your business. You can view your income, account balances and monthly expenses together so that you can track your daily business faster and better. Know which payment gateway is performing better, how you are growing on a weekly basis and get a 28-day snapshot of your overall business.
Merchants can use this information to understand customer demands and improve services and increase sales.
6. Track Daily Settlements
With a payment tracking app, you get aggregated real-time data of all QR and payment sources in a comprehensive dashboard with statistics – which means that you don’t miss out on any daily settlements with your vendors or customers. Also, in case of complaints regarding payments not received, you can always open the dashboard and view the payment history.
7. Track Daily Bank Transactions
The payment tracking app is not only managing your daily transactions and settlements, but also keeping track of your bank transactions 24×7! Paytrac automatically tracks your bank’s credit and debit transactions, and you have the option to edit any transaction that is not related to your business.
8. It Frees You Up To Focus On Your Business
Last but not least, the payment tracking application saves you time so that you can focus on what really matters–running your business.
Summing up, mobile payments create a better customer experience and can help
to build a better customer relationship. This requires small business owners to track these frequently happening online transactions on a single platform like the Paytrac application to make life easier. Tracking of payments regularly with Paytrac guarantees that your financial life is manageable. Paytrac is free, safe and secure for all types of businesses.
Start using this app today for your business, download now!