We understand times are tough, but the best way to cope and make sure your business revenue is still growing is to switch to multiple online payments.
Because according to a PR News wire article, small businesses that offer multiple payment features saw a 30% increase in revenue! 43% of small business customers say they carry less cash today than they did one year ago.
But things have changed post pandemic, the question would be that how to increase your business revenue with multiple online payments?
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Instamojo’s multiple online payments that can increase your revenue:
The study, conducted by Weave, state that over 35% of customers are interested in paying with a text from their phone but only 4% of small businesses offer such a payment option.
Luckily, you can use Instamojo to help take care of that problem.
To combat the issues that cash payments bring in 2023, Instamojo’s multiple online payment features should help your customers pay any way they can.
According to the article, small businesses that accept 4 or more payment options bring in 7x more annual revenue than those that accept fewer than 4 payment options. Fortunately, Instamojo offers more than 4 online payment options.
Instamojo payment gateway options:
Card Payments:
The rules have now renewed in the year of 2022. According to RBI stated in the Economic times, ‘The card issuer will not raise the credit limit after October 1, 2022, without the cardholder’s written permission.
In order to prevent negative deposit, the terms and circumstances for payment of credit card balances, including the minimum amount required, must be specified.’
UPI:
UPI is one of the most important and popular online payment modes used by businesses and the general public today. The online payment mode also allows customers to pay using QR code in any store.
NEFT/IMPS:
The Government has allowed NEFT Payments to take place round the clock. Instamojo NEFT allows you to track and collect online payments by simply generating a Virtual Account Number (VAN) –a 20-digit number that allows you to easily track and reconcile payments at your end.
E-wallets:
You can also collect payments online on Instamojo using digital wallets like Paytm, Mobikwik, OLA money and Jiomoney.
Netbanking:
Over 60 banks on Instamojo allow your customers to pay you via net banking. Banks have closed their offices due to the coronavirus pandemic, but have allowed net banking services to continue.
Pay what you want:
Instamojo’s ‘Pay what you want’ feature allows NGOs to ask for donations and help companies clear out older stock. With the ‘Pay what you want’ feature businesses can allow customers to pay a minimum amount and then go above the amount to their discretion.
Explore Instamojo’s multiple online payment options here
Business going tough? Here’s who’s helping:
Google’s free ad services
The tech giant Google is offering over $340 million in ad credits to small and midsize businesses with active Google ad accounts as part of an $800 million coronavirus response package, the company announced Friday.
Is Google ad service required for your small business?
Yes, of course. Google search advertising is available to small and medium-sized businesses. Due to privacy laws hampering Facebook’s attribution, small business owners turned more to Google ads. In addition, it makes a great deal of sense. Google is the most effective marketing tool due to its large and constantly expanding data repository.
Bank’s credit schemes during COVID-19:
SBI: SBI help businesses manage liquidity issues caused by the Corona virus crisis, SBI, the largest public sector lender in India, has provided an additional ad-hoc credit line option to existing corporate customers.
- Rate of interest (fixed): 7.25 percent
- Following the moratorium of 6 months, six EMIs will be used to repay the loan.
- The maximum loan amount is 200 crore rupees (or 10% of current fund-based working capital).
Canara Credit Scheme: On Thursday, Canara bank announced that it will offer an easy credit line to retail borrowers and other small businesses. The loan scheme seeks to stem the outflow of cash businesses have to endure due to the COVID 19.
Indian Bank: Indian Bank announced around 5 special COVID-19 schemes for emergency purposes. The loan scheme is accessible to all customers of the bank.
Bank of India: According to a Paisa Baazar article, As a result of the Corona virus crisis and ensuing lockdown, Bank of India (BoI) has established the COVID-19 Personal Loan (CPL) for individual borrowers to assist them in meeting their personal financial needs.
The Bank of India COVID-19 Personal Loan is being provided at a discounted rate that is equal to the BoI RBLR (Repo-based lending rate) of 7.25% per annum. This COVID-19 personal loan has no processing fees.
