The Rise Of Digital Payments And How To Track Them
Ask yourself this: of all the purchases you make, how many of them are in cash? How often do you pay by credit or debit card, wallets like Paytm and PhonePe, and how often do you pay small, local businesses using Google Pay? Chances are, given all the different modes available today, you are making more digital transactions than you realize.
The Rise Of Digital Payments
With a proliferation in smartphones across the country, consumers are using their devices to research, browse, purchase and pay. They want an easy shopping experience – and not having too large sums of cash around is part of that.
Especially now, with social distancing being the norm, people are opting out of handling cash and choosing to make contactless payments for their safety and security. According to a report from fintech firm Razorpay, digital payment transactions saw a 23% jump in the last one month, from June 3rd to July 2nd 2020.
As per the report, UPI was the preferred mode, growing 43%, while the use of credit and debit cards was up by 40% and net banking grew by 10%. Mobile wallet transactions in tier-11 cities (via AmazonPay, Paytm and JioMoney), saw a surge, thanks to cashback offers and increased contribution to the PM-CARES Fund.
Digital payments are seeing a spike and are only set to grow further in the days to come – so as a shopkeeper you need to be open to accepting all forms of payments.
The Problem With Multiple Modes
Accepting payments across different modes will certainly boost your business, since your business will be open to more payment platforms and by default, more people. The only downside is that you have to keep track of payments coming in from different sides – and collating this data is not an easy task. Since these payments are happening frequently and in real-time, it becomes difficult to make a note of each payment in a khata. Payments come in and are stuck in different apps and platforms on your phone. Consolidating all those payments to understand your daily settlements is taxing and time-consuming
If you are accepting a variety of digital payments at your store, then you need a smart merchant payment tracking app like Paytrac. Paytrac is a UPI, wallet, PoS, online and QR payment tracker app that keeps tabs on incoming and outgoing payments from all these modes.
Just download the app and see how it makes life easier. Instead of noting down your payments from each mode in a khata, you can digitize it all by signing up for Paytrac. Paytrac tracks all payments from different modes and displays it on one screen for easy access. For cash transactions, you simply have to select “cash-in” or “cash-out”, add the person’s name, number and amount, and log the transaction.
Paytrac also gives you smart reports so you can determine how well your business has been doing on a daily, weekly and monthly basis. The app also gives you a 28-day performance overview of your business.
To ensure that you never miss an update, Paytrac comes with audio notifications. Just open the app and switch on audio notifications in the language of your choice and receive audio alerts each time an amount is credited to your account. Paytrac is available in English, Hindi and 7 local languages, including
This ensures that you can use it with ease, wherever you may be in India!
Paytrac doesn’t just track payments – it also doubles up as an order management app. It captures orders and shopping lists from WhatsApp, which you can upload onto the “orders” section of the app and edit and process. Then, generate a manual receipt for the customer!
You can also stay connected to your customers with the broadcast function. Create a new message template or choose from existing ones. Then, craft your message and send it to your customers via WhatsApp, Telegram, Facebook Messenger or SMS. You can update your customers about shop timings, delivery schedules, deals and more.
All these functions – at zero cost. The app is free to use and safe and secure – Paytrac never asks for your personal information! Download Paytrac today and see how it can help streamline your business operations.