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)
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Your Mobile is Your Wallet Now!