{"id":3913,"date":"2016-11-09T15:09:04","date_gmt":"2016-11-09T09:39:04","guid":{"rendered":"http:\/\/blog.instamojo.com\/?p=3913"},"modified":"2020-12-22T14:21:29","modified_gmt":"2020-12-22T08:51:29","slug":"demonetisation-500-1000-rs-note-go-cashless-digital-payment","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/demonetisation-500-1000-rs-note-go-cashless-digital-payment\/","title":{"rendered":"Demonetisation &#8211; Why Sellers Should Not Panic about \u20b9 500 and \u20b91000 Notes"},"content":{"rendered":"<p>Demonetisation is here! Our Prime Minister announced last night the ban on \u20b9 500 and \u20b9 1000 notes. This shook the whole nation which\u00a0is apparent from the Twitter storm that has been raging around.<\/p>\n<p>We, at Instamojo, are super stoked and support Narendra Modi in this move.<\/p>\n<p>If you are wondering what to do about this, he tweeted:<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">Here is what you can do. <a href=\"https:\/\/twitter.com\/hashtag\/IndiaFightsCorruption?src=hash\">#IndiaFightsCorruption<\/a> <a href=\"https:\/\/t.co\/jtoCuXFohF\">pic.twitter.com\/jtoCuXFohF<\/a><\/p>\n<p>\u2014 PMO India (@PMOIndia) <a href=\"https:\/\/twitter.com\/PMOIndia\/status\/796011501228199936\">November 8, 2016<\/a><\/p><\/blockquote>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The limits on ATM cash withdrawal and cash exchange from banks make it difficult for a business owner to transact with heavy cash.<\/p>\n<h3>What this means for the sellers<\/h3>\n<p>While big businesses who transact in heavy amount will not face much of a problem transitioning to Rs 2000 notes, small businesses will find this move downright crippling in the short-term.\u00a0<span style=\"font-weight: 400;\">These businesses are mostly run on cash: they use hard cash to receive payments for services and to make payments for inventory and goods.<\/span><\/p>\n<p><strong>What remains unaffected however is all forms of electronic payments<\/strong> &#8211;<br \/>\n-Debit\/Credit card payments,<br \/>\n-Netbanking,<br \/>\n-Wallet Payments<br \/>\n-UPI<br \/>\n-Cheques and Demand drafts.<\/p>\n<p><span style=\"font-weight: 400;\">This clearly shows a push in going digital for micro-merchants and small businesses &#8211; both in urban as well as rural areas.<\/span><\/p>\n<p>Do not panic, this is the perfect time for you to go Cashless.<\/p>\n<h3>How to go cashless in your business:<\/h3>\n<p>With a dearth in cash flow, your customers will appreciate you accepting instant online payments. Giving them an alternative to cash payment will be beneficial for both of you at this time. These alternatives can be:<br \/>\n&#8211; Digital Wallets used by millions of people in India<br \/>\n&#8211; Credit\/Debit Card and Netbanking<\/p>\n<h4>Accept Online Payments:<\/h4>\n<p>It is easier to collect payments and <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/start\/online-store\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=online_store\" target=\"_blank\" rel=\"noopener\">sell online<\/a><\/span> today than you ever thought. For example, Instamojo has a very quick and simple account creation process which hardly takes 2 minutes to start with online payments.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/P3PqvDG8qkU?rel=0&amp;showinfo=0\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Once you Sign Up, you can create payment links and share with your customers via any channel they are comfortable with and make an instant payment.<\/p>\n<p>Your payments will reach in your Bank Account (that you link with Instamojo Account) in 3 business days.<\/p>\n<h4><span class=\"s1\">Accept Digital Payments at your Store<\/span><\/h4>\n<p>If you have an <a href=\"https:\/\/support.instamojo.com\/hc\/en-us\/articles\/207793619-How-to-create-a-physical-product-link\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=physical_products_support\" target=\"_blank\" rel=\"noopener\">Instamojo physical store<\/a>, you can put up a notice with a link to your default <a href=\"https:\/\/www.instamojo.com\/start\/payment-links\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=payment_links\" target=\"_blank\" rel=\"noopener\">payment link<\/a> or a QR code that can be scanned by your customers\u00a0to make the payment.<\/p>\n<p>Here is an example:<\/p>\n<p><img loading=\"lazy\" class=\"aligncenter wp-image-5225 size-full\" src=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2016\/11\/QR-code-visual-768x469.jpg\" alt=\"qr payment instamojo \" width=\"768\" height=\"469\" srcset=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2016\/11\/QR-code-visual-768x469.jpg 768w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2016\/11\/QR-code-visual-768x469-300x183.jpg 300w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style-flat mb-size-default mb-corners-default mb-text-style-default \" style=\"background-color: #4e4e91;\" href=\"https:\/\/www.instamojo.com\/start\/payments\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=payments_page\" target=\"_blank\" rel=\"noopener\">Go Cashless, Accept Digital Payments in 2 minutes<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"Demonetisation is here! Our Prime Minister announced last night the ban on \u20b9 500 and \u20b9 1000 notes.&hellip;\n","protected":false},"author":6,"featured_media":4457,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[398],"tags":[1798,2508,4178,4179,3897,29,1052],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Sellers Should Not Panic about Demonetisation<\/title>\n<meta name=\"description\" content=\"Demonetisation has the country up in arms, with a lot of small business owners scared for their future, and wondering what to do next. We have a solution.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.instamojo.com\/blog\/demonetisation-500-1000-rs-note-go-cashless-digital-payment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Sellers Should Not Panic about Demonetisation\" \/>\n<meta property=\"og:description\" content=\"Demonetisation has the country up in arms, with a lot of small business owners scared for their future, and wondering what to do next. 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