Cash, PoS, Wallet, QR, UPI: This App Tracks Payments From All Sources
Consumer tastes are changing. Today, most urban consumers are more comfortable eschewing cash and making payments through digital platforms. It’s easy, quick and leaves less room for error. Small business owners, in turn, are also embracing the change and accepting multiple modes of payment to cater to customer needs. But how does one keep a check on all of them?
The Rise Of Digital Payments
Cash is still king in many parts but according to a recent internal study by the RBI, there has been a perceptible shift in favour of digital payments in recent years. The CAGR (compound annual growth rate) of digital payments in terms of volume and value stands at 61 per cent and 19 per cent, respectively.
Online shopping, payment of utility bills and movie tickets are three things that Indian consumers pay for via digital platforms. According to a report from Google and Boston Consulting Group, the digital payment sector is expected to touch $500 billion by 2020, adding 15% to the nation’s GDP. And a significant factor to note here is the contribution of micro-transactions or transactions that are below Rs. 100 – this could be anything from a top-up at mobile shops to a strip of medicines at a local medical store.
Managing Multiple Modes Isn’t Easy
With customers opting out of cash, there are many more modes you have to keep track of as a merchant. Payments will come in from UPI, QR codes, wallets, PoS and bank transfers, in addition to cash. Customers are paying through platforms like Google Pay, PhonePe, Paytm and mSwipe. And to see how much has been credited, you have to open multiple apps or worse, go through multiple payment screenshots shared by your customers on WhatsApp. Google Pay amounts get credited to your bank account while Paytm and PhonePe get credited to your wallet. That’s a lot of platforms to keep track of! Managing multiple modes is not easy, especially with a system that requires manual entry. Transactions are happening on the fly and you should be able to capture those transactions as they happen, instead of making note of it and tabulating your daily settlements at the end of the day.
Paytrac: Small Business Payment Tracker App
For multiple modes UPI, QR code, bank and PoS payments tracker app, look no further than Paytrac. Paytrac is India’s number one payment tracking app and helps small businesses and local merchants track incoming and outgoing payments from all the above-mentioned sources.
Download the app and start using it to keep track of payments from all sources. For cash, you can manually add the amounts by first choosing “cash in” or “cash-out”, then adding the person’s name, mobile number and amount.
You can view payments in an easy to read dashboard and filter the amounts by mode as well. You can also generate reports to determine the performance of your business on a daily, weekly and monthly basis and analyse your business over a 28-day period.
Paytrac’s other unique feature is the audio notifications options. Turn on audio notifications in the language of your choice and get audio alerts in real-time, each time an amount is credited to your account.
The app also comes with order management and broadcast capabilities. Paytrac can scan and capture orders and shopping lists from WhatsApp. Merchants can then upload the order into the “orders” section, then process and edit it and generate a manual receipt, which can be sent to the customer.
Communicate with your customer base with ease using Paytrac’s broadcast feature. This lets you share important information related to your shop timings, stock, new products, deals, discounts and more. Compose a message and save the template or choose from existing templates. Once you’re ready, send the message out via WhatsApp, Telegram, Facebook Messenger or SMS!
So whether you are looking to track payments that come in from PoS, UPI, wallets and more or are just looking for a way to streamline your business operations, Paytrac can help. It is free, safe and 100% secure – Paytrac never asks for your personal information. Download today and see how it can help boost your small business.