During the initial stage of the demonetization drive, SMEs faced a lot of problems due to sudden cash crunch. But as time passed, a lot of them are got onboard the cashless bandwagon. SMEs are finding ways and means wherein they can receive and make payments cashless. So, if you are the owner of one such SME who is still clueless about how to adopt cashless modes of transactions, here are 6 ways for you can do so :
Account Transfers
Most SMEs operate Current Accounts to deposit and withdraw cash for operating their businesses. Instead of dealing in cash, you can pay your vendors and employees, and collect payments from your customers directly through bank transfers. Modes of direct account transfers like NEFT, RTGS and IMPS are now facilitated by net banking and mobile banking which are extremely smooth to operate. Many banks now have even come up with special apps for businesses providing various cashless solutions to run businesses seamlessly.
Aadhaar Enabled Payments System (AEPS)
If you are an SME owner who deals with number of daily-wage workers, then this method will be great for you. For this system to work for you, you will need to educate your workers about opening a bank account under Jan Dhan Yojana and obtaining their Aadhaar Card. Once these two things are done, you will only need the workers biometric and their Aadhaar Number to make their daily wage payment. In this digitization and cashless revolution, if you are able to get even one person successfully onboard then you will be doing a great service to the nation.
Banks Pre-Paid Cards
Many banks have come up with the facility of Prepaid Cards which are especially targeted for use by SMEs and corporates. If your bank provides prepaid cards services, you can sign up for multiple prepaid cards for your employees/workers and provide each one with the same. On salary day, all you will need to do is top up their prepaid cards with their salary/wage amounts by transferring it through net banking or mobile banking. This service can be used even for carrying out your petty cash transactions.
USSD Banking
This mode of making cashless transactions seem to a real blessing for SMEs. Through USSD Banking, you can pay and receive money even through a simple feature GSM phone. Yes, you dont need a smartphone or an internet connection for this. This facility is extremely easy to operate and can be quickly learnt by any layman. It is as easy as enquiring your mobile phone prepaid balance through any phone.
Debit and Credit Cards
This mode of cashless transaction has been popular since even before demonetization. Since the advent of plastic money, there has been a rise in SMEs adopting for debit and credit card payments. Get a debit card or credit card issued for your SME today. Also, obtain a swipe machine. These days swipe machines come in the size of pocket calculators too. Debit and credit cards are one of the best hassle free ways of going cashless.
Digital Wallets and UPI Apps
A lot has been spoken and written about this mode of making cashless transactions. The dawn of demonetization saw a tremendous rise in the popularity of digital wallets and UPI Apps. When SMEs faced cash crunch during the initial stage of demonetization, digital wallets and UPI apps came to their rescue. These apps are easy to operate. Receipt and payment of money happens within seconds. All a person need to know in order to make payment to your digital wallet is your phone number. Even the grocery and vegetable sellers of our country have adopted these. So what are you waiting for? Download today and enjoy the benefit of unseamed, quick, cashless transactions.
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