Cashless transactions for business

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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
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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
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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
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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.

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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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