QR codes are one of the fastest, most secure, and most efficient methods of paying for goods and services. Customers can choose to pay with QR codes by scanning the code via their smartphones, eliminating the need to carry cash or even a credit/debit card when out shopping.
In this article, we will look at a few top reasons your business needs to deploy QR codes for payment.
What is a QR Code?
A QR code is a scannable image with information stored within the pixels. This information could include redirection to an URL, payment information, or any other type of information that a business may want to include within the code. Paying via QR codes doesn’t require sharing any banking details as it is linked to a business’ bank account and all transfers take place via direct debits.
Benefits of Using QR Codes for Business
Let’s look at the top reasons for using QR codes for payments!
Simple and Convenient
Unlike other payment modes such as via credit/debit cards, net banking, etc. A QR code is simple and convenient. All a user needs to do is scan the code via their smartphones and choose to pay via UPI or their preferred digital wallets without requiring to share any additional information.
Safe and Secure
Since all payments are direct bank transfers, there is less risk of fraud. Moreover, since a user isn’t required to input details like their card or bank account number while transacting, it makes for one of the most secure ways of paying for goods and services.
Unlike credit card swipe machines or full-fledged POS terminal that require investment, a QR code can be printed on a regular printer and placed to accept payments. It is thus very cost-effective and accessible to small shopkeepers who may not have the funds to invest in expensive POS terminals or credit/debit card readers.
Safest Contactless Payments
Since the payments are contactless, it makes for a much safer experience for consumers who have grown more aversive to cash after the pandemic. There is no physical contact with a person or a surface while transacting, making it one of the safest contactless modes of payment currently available.
Enhanced Customer Experience
Payments via QR codes are seamless and work with all banking and card networks. It leads to an enhanced customer experience since the payments happen in a flash and customers can go about their business.
Reduce Long Queues
Customers don’t need to wait in queues since multiple people can scan the code simultaneously allowing for multiple transactions to take place without any dips in performance.
Increases overall Revenue
Allowing multiple transactions to take place at the same time leads to more sales and an increase in revenue for a business. Unlike net banking which takes a few minutes, payment via QR codes happens in mere seconds.
Reduce Overhead Costs
There is no need for additional manpower since customers can scan the code themselves. Thus, businesses don’t need to hire additional staff to collect payments.
Unlike cash transactions that require physical handling of cash and then storing and transferring it to the bank for deposits, digital payments offer a much more secure experience. There is less risk of theft or fraud since all transactions take place via direct bank transfers.
As you can see, businesses can expect better customer acquisition and retention when they offer customers the option to pay with QR code due to the numerous benefits it offers. Moreover, businesses can save on overhead costs and use it to expand operations.
QR codes have opened up a whole new opportunity for businesses of all sizes to give their customers the best possible experience. Moreover, giving small business owners and shopkeepers the option of accepting digital payments without investing in expensive hardware gives them a level-playing field to compete with the big businesses out there!
3 Ways Analytics Can Guide Your Bank’s Modernization Process
Finance departments within banks and other financial institutions have traditionally been slow to innovate. This is largely because most finance…
How purpose-led marketing can boost business growth
A brand purpose is the crux of your company’s existence. It is linked to the broader picture rather than focusing…