Cashless transactions for business - PowerPoint PPT Presentation

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Cashless transactions for business

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In today's digital world, cashless transactions are one of the fastest-growing trends for business. Ecommerce businesses or platforms are adopting cashless transactions day by day because online businesses are becoming a necessity for businessmen or merchants. Their many platforms such as Shopify, QPe, Big-commerce, Woo-commerce, Wix, etc provide cashless transactions for business on different payment platforms such as razorpay, cashfree, stripe, paypal etc. – PowerPoint PPT presentation

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Date added: 30 September 2022
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Title: Cashless transactions for business


1
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Written By Qpe
How Cashless Transactions is Changing the Face
of Online Business Cashless transactions have
become the buzzword in the digital world. Till
recently, transactions such as POS (point of
sale) and e-tickets were limited to
brick-and-mortar businesses. But with increased
digital penetration, virtual transactions have
now extended to online businesses as well.
Cashless transactions are one of the fastest
growing trends in the digital world right now.
E-commerce businesses are adopting cashless
payment methods to streamline their business
processes and provide enhanced customer
experiences. From complete cashless hotels to
food trucks that only accept digital payments
cashless payments are becoming a prominent
feature in almost every industry.
Published
Jul 28, 2022
? ? ? ?
  • Table of Content
  • Why Cashless Transactions?
  • The Impact of Going Cashless?
  • Virtual Payment Methods On QPe and their Bene?ts
  • Electronic Payment Methods for Online Businesses
  • Limitations of Cashless Payments for Online
    Businesses
  • Conclusion

Why Cashless Transactions? Cashless transactions
are transforming the world in many ways
2
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First, cashless transactions are helping to
reduce the use of physical cash in daily lives.
This will result in less cash-related crimes and
other unethical activities. Secondly, cashless
payments are helping to reduce the cost of
maintaining cash. This is because cash needs to
be printed, transported, and securely stored,
which costs governments millions of dollars per
year. Thirdly, cashless payments are reducing
paper-based documentation. This will help to
improve the environment by reducing paper waste
and resource consumption. Next, cashless
transactions will help to increase productivity
by reducing the time required for cash
management and payments processing. This is
because cashless payments are processed
digitally, which is a much faster process than
physical cash payments. Lastly, cashless
payments are helping to increase convenience and
safety by enabling users to store their payment
information online and make payments from any
location. This will free people from the need to
carry cash while travelling and increase the
security of payment information by preventing
data theft.
The Impact of Going Cashless?
The bene?ts of cashless transactions are not
limited to just the ?nancial sector. It has also
brought about a paradigm shift in the hospitality
sector. Complete cashless hotels have
3
become a reality in the world of hospitality. The
cashless payment trend has now extended to food
trucks that only accept digital payments. This is
helping to streamline the business processes of
industries such as hospitality, travel, and
transportation among others. Apart from these
industries, cashless transactions are also
expected to impact the healthcare and
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education sectors in a positive manner.
Virtual Payment Methods On QPe and their Bene?ts
  • Credit cards
  • Credit cards are the most widely used virtual
    payment method in the world. It is also the most
    popular online payment method among consumers.
    The main advantages of credit cards include ease
    of use, better security, and convenience. Credit
    cards are accepted in all countries worldwide,
    irrespective of the currency used. This makes it
    an ideal choice for businesses that deal with
    customers in different countries. Credit cards
    have an added advantage of providing a record of
    all the transactions made using the card. This
    helps businesses to track purchases made using
    the credit card by customers.
  • Debit cards
  • Debit cards are another type of virtual payment
    method that works similarly to credit cards.
    However, debit cards do not come with a credit
    line. This means that customers usually have to
    maintain a certain amount in their account and
    debit cards are mostly used for everyday
    purchases.
  • Virtual wallets
  • Virtual wallets are another convenient and secure
    way of making digital payments. These wallets
    store information about debit cards, credit
    cards, gift cards, loyalty cards, coupons, and
    rewards among others. Customers can use these
    virtual wallets to make online and oNine
    purchases by paying with a single tap or click.
  • PayPal
  • PayPal is another type of virtual wallet that is
    accepted by a wide range of online businesses.
    PayPal can be used to make online payments, send
    and receive money, and make person-to- person
    payments. Apart from making payments, PayPal can
    also be used to send invoices, manage money, and
    track ?nances.
  • Stripe Razorpay
  • Stripe and Razorpay are the digital payment
    methods that are integrated into an online
    business. These payment methods are accepted by
    various online businesses. Their main advantage
    is that they enhance the security of online
    transactions by storing the payment information
    in a virtual wallet.
  • Payment Gateway
  • A payment gateway enables the safe exchange of
    ?nancial information between customers and
    businesses. This ensures that ?nancial
    information is not stored on the website. Payment
    gateways are used by all types of businesses,
    regardless of their size or industry.

Electronic Payment Methods for Online Businesses
4
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  • Electronic funds transfer
  • This is a method of transferring money between
    banks electronically. This method of payment is
    suitable for both domestic and international
    transactions.
  • Electronic funds transfer (EFT)
  • This is a type of electronic funds transfer that
    is processed through the Automated Clearing
    House (ACH) network, which is a network for
    ?nancial transactions. EFT is often used for
    business-to-business payments. This method is
    suitable for both domestic and international
    transactions.
  • Electronic check
  • This is a payment method by which a check is sent
    and paid electronically. This method of payment
    is suitable for domestic transactions only.
  • Limitations of Cashless Payments for Online
    Businesses
  • Cashless payments for online businesses have a
    few limitations as well.
  • First, not all customers are comfortable with
    cashless payments. Some customers may prefer to
    make payments through cash, even if it is more
    expensive for them. This can result in lost
    business for online businesses that are only
    accepting digital payments.
  • Second, cashless payments are not suitable for
    all sectors of business. The sectors where
    cashless payments are not suitable include
    agriculture, tourism, and hospitality.
  • The agriculture industry requires a lot of manual
    labour. These employees are not likely to be
    comfortable or familiar with digital payments.
    This can be a concern for online businesses that
    are accepting digital payments only.
  • Cashless transactions are not suitable for
    tourism and hospitality industries that rely on
    cash payments from customers. The tourism and
    hospitality industries usually have high cash
    usage as most customers prefer to make payments
    using physical cash. This makes cashless
    payments unsuitable for these industries.

5
lucrative trend and bring more customers to your
business, you need to accept digital payments. To
do so, you can use one of the following payment
methods - Credit cards, Debit cards, Virtual
wallets, PayPal, Stripe and Razorpay, Electronic
funds transfer, Electronic funds Transfer (EFT),
Electronic check, or a Payment Gateway.
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