Thursday, October 6

Why You Need QR Codes For Payment

QR codes are one of the most popular payment methods among consumers as they are faster, more convenient, and much more secure than cash payments. There are several reasons behind the drop in popularity of cash-based transactions. 

One is an increased focus and motivation by the government to switch to digital payments instead of cash as contactless payments are preferred in a post-covid world to avoid a risk of infection. 

As a business owner, it is important to understand the importance of QR codes as they can help the business to grow and prosper at a faster rate. It helps retain customers due to the satisfying shopping experience that digital payments provide.

Let us take a look at QR codes and how they can prove beneficial for your business!

What are QR Codes? 

QR codes are square-shaped images with black and white pixels containing payment-related information. The information is accessible using a smartphone with a compatible app to make payments for goods and services. It provides for a contactless payment process, and usually the transactions happen within a few seconds making a scan and pay QR code payment one of the fastest, most convenient, and most reliable methods of payments currently available.

Now that we have covered QR codes briefly, let’s look at a few of the top reasons you need QR codes for accepting payments!

Zero Investment Required

First off, unlike a pos device or system, setting up a QR code for your business requires no investment except the cost of a printout. A business needs to create a code with the business banking information embedded into the image. A printout needs to be displayed at a prominent location where customers can access the code with ease. It means that you could get started without spending anything, and begin accepting digital payments via eWallets, UPI, etc.

Secure Payments 

QR code payments are one of the most secure payment options since no banking information of either the merchant or the customer is revealed during a transaction. It is near impossible for anyone to get their hands on critical financial information. Moreover, if payments are made via UPI, the user needs to input their secret PIN before a transaction can be approved, adding a layer of security to prevent the accidental transfer of money.

Reduced Overhead Costs

Dealing in cash requires hiring additional staff to count, store, and transport the money to the bank for deposit. However, in the case of QR payments, there is no such requirement, as the customers can scan and pay QR codes. The payments are directly debited and credited from and to the respective bank accounts.

Enhanced Customer Experience

No one likes standing in a queue to wait for their turn to make a payment. Deploying a QR code gives an enhanced experience to customers since they can make payments faster without having to wait in queues and go about their business within a few seconds. And since multiple customers can scan the QR codes at the same time, it helps save time on every transaction which is great for business.

Multiple Payment Choices

Customers can use their topped-up digital wallets or UPI to make payments, with the latter being more popular among consumers. UPI stands for United Payment interface and works seamlessly across all banking and credit card networks allowing for a smoother checkout experience.

QR codes make excellent business sense for small business owners who may not have the luxury of investing in a POS device or the more expensive POS terminals. QR codes are cost-effective, efficient, and convenient for both merchants and customers as they offer a much smoother and contactless payment experience compared to other types of payment methods such as swiping a card.

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