E-POS as one of the Digital Payments’ Methods
E-POS is one of the digital payments’ methods that a business can opt for, especially in case of omni-channel operations. An E-POS application can be downloaded in merchant’s mobile phone without any hassle. It performs variety of tasks for the merchant apart from accepting payments from the customers. Beside, accepting payments from customers takes place simply by entering the card details on the app. Digital payments (in general) picked pace in India only after the country witnessed a ban on INR 500 & INR 1000 currency notes in 2016. It was the demonetisation blow for India then after which the economy witnessed a spike in digital transactions.
The reason for a spike in digital payments after demonetisation were many, like:
- To keep the money safe from such jolts, maximum people, who did not have bank accounts earlier, opened their accounts in banks.
- As a part of digital wave by government, several perks for using digital transactions were introduced and for utilizing the same, people began more of digital transactions.
- Advancements in digital platforms began, which made people be addicted to quick, convenient and safe digital methods of making payments.
- Government introduced direct bank transfers with platforms like UPI and BHIM UPI.
- More education to people with regard to safety and convenience of digital transactions began post demonetisation.
- Access to digital platforms became simpler with a trigger to several other sectors on which Fintech/digital payments’ space depends.
Betterment/Advancements in Digital Payments’ Domain
Besides, several advancements happening in the ecosystem are rapid and the examples of the measures for advancing/bettering the digital payments are:
Aforementioned are only a few from the recent measures (steps) recently adopted for advancing digital payments. Apart from these, constant efforts by government are pushing forward the digital transactions every now and then.
NOW, Why E-POS?
The main question here is:
Why E-POS is one of the preferred modes of conducting transactions today?
Knowing all about acceptance of digital transactions is one thing, and wide acceptance as well as advancement of E-POS is another. E-POS being the advanced version of traditional POS machines has gained the trust of masses over a period. Several features, with which the E-POS system is designed, make it highly beneficial for the merchant.
Benefits of E-POS
It is imperative to note that there are top five benefits of E-POS, which make it the preferred choice of a business. Merchants opt for E-POS since it provides them with the ease of doing business and takes the burden of majority of tasks off their routine.
So, the list of TOP FIVE BENEFITS of E-POS goes as such:
- Managing the records for your business is one of the pesky tasks to do as it takes a lot of time and efforts. Supplementing the peskiness is storing big piles of registers or loose sheets, which may worn out, get soggy and may require lot of storage space. Having an application doing it all for the business makes it lot simpler.
- Enhancing the customer satisfaction is another plus point of using an E-POS application since it helps the customer make instant cash-less payment even while getting a home delivery. The customer’s payment flows from its account to the merchant’s account quickly, conveniently and safely.
- Helps organize sales target for the merchant by highlighting the areas requiring improvements. An E-POS simply stores “details of each transactions”, which provides the merchant with a ready data to compare. This tells the merchant to reflect changes in those areas like products/services where customer satisfaction/purchasing is low. In this way, the merchant can shift its sales targets accordingly.
- Accepting maximum methods of payments is another benefit of an E-POS, which makes it widely acceptable. This implies that a customer is not restricted to make payments from one or two methods only and can rely on the application to accept multiple methods. This eases out the things for both customer and the merchant alike.
- Security and ease of operating the app are another big benefits since it does not require lot of skills or knowledge for using, moreover, it is a secure platform. E-POS is equipped with security for avoiding frauds and chargebacks. This security helps the merchant keep revenue loss as well as customer dissatisfaction at bay. Customers staying loyal is a very important aspect of doing business for a merchant and this way, customers tend to stick to the same store for future purchases. It also helps to expand business’ reach alongside.
Although, the benefits of an E-POS are many but aforementioned are broadly the top five, which elevate the success of a business. In the advancing world of digitisation, E-POS is the most preferred solution for a brick and mortar store. It saves time, efforts, is cost-effective, and offers numerous benefits. Hence, is widely utilized by the businesses across.
An E-POS, in India, is greatly accepted and is being utilized by:
- Grocery stores
- Shopping centres and
- All types of brick and mortar businesses.
By automating their receipt of payments, businesses these days are being able to manage their day-to-day operations in a more efficient, simple and affordable manner. This acceptance portrays the progressive state of the country for a better future ahead.