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 Money Control article, small businesses that offer multiple payment features saw a 30% increase in revenue!
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 2020, 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:
A new rule by the RBI states that banks now allow only domestic card transactions at ATMs and PoS terminals during the issuance/re-issuance of debit or credit cards. If you allow customers to pay online using cards, they can pay using debit or credit cards.
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.
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.
You can also collect payments online on Instamojo using digital wallets like Paytm, Mobikwik, OLA money and Jiomoney.
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.
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.
We’re committing $800M+ in new #COVID19 response efforts, incl $340M in @GoogleAds credits for SMBs worldwide, $250M in ad grants for @WHO & 100+ govt orgs globally, a $200M investment fund for NGOs & banks to help small businesses access capital, and more https://t.co/oVj6MMs9Bl
— Sundar Pichai (@sundarpichai) March 27, 2020
Bank’s credit schemes during COVID-19:
SBI: SBI introduced a nationwide COVID emergency loan fund for businesses. Soon after, other banks too, have come up with credit funding schemes for small businesses.
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 Times of India article, Bank of India launched a special COVID emergency support scheme for businesses that use the bank. Under the scheme, corporates can get an additional 20% credit on their existing working capital limit.
Fighting COVID-19 together:
If you wish, you can help other businesses like yours combat the COVID-19 together. Connect with your customers easily using a special code. Also, once you signup here, you can get your KYC approved in under a day!