As digital payments become the norm rather than the exception in the country, every merchant whether it is the owner of a small cart or a chain store has adopted digital payment solutions to ease payment and reach out to more customers. It is a common sight nowadays to see Paytm All-In-One QR code on shop counters.
Irrespective of the size of your business, you can expand their business and reach out to a larger audience. However, with such extensive adoption there have emerged some challenges too. Most merchants rely on SMSes while accepting payments from Wallets, UPI or other modes, this dependency brings with it its own problems.
Some common issues faced by merchants are
Chance of missed payments
During rush hour like for e.g. the beginning of the month or during festive season, you might not be able to frequently check your messages to ensure that you have received payment. This might lead to loss of payments or problems in tracking and reconciliation later.
Customer wait times
Due to the inherent issues present with the network and internet on phones there is generally a lag between payment deduction and message receipt and that causes longer wait times. If you have a steady, longtime customer base, then making them wait might not be feasible.
Risk of spoof payments
While not that common, the risk of spoof payments does exist. Customers usually show the merchant the payment sent message from their phones rather than waiting for the payment receipt message on the merchant’s phone. It sometimes happens that that message is an outdated or a fake one, which looks convincing enough for the merchant to believe that he has received the payment and thus get duped.
While these challenges may seem pretty insurmountable, it’s not really true. There do exist ways in which merchants can ensure that they receive payments without any glitches. One such method is the Paytm Soundbox, an instant audio alert device that issues a voice notification as soon as a payment is received.
With the changing economy and an emphasis on a “Digital India”, it is imperative that every merchant irrespective of scale of business embrace technology.