Imagine a situation where a person can pay by simply scanning a code without logging in to any website. The individual scans the code and is directed to the payment gateway page for the transaction.
Well, this is no longer just an imagination!
With QR codes, it is possible to accept online payment with a simple scan. This has revolutionized the payments industry to include a process that is not just convenient but also quick. Also nowadays, businesses are coming up with their own scan and pay codes that can ease the collection of payments. This blog lists how scan and pay features are helping companies increase their revenues by adopting this feature.
How to get started with Scan and Pay?
Businesses would need to sign up for a payment link service that offers a QR code feature to get started. Zaakpay is an excellent example of one such service. Merchants need to sign up for the service. Once the merchant account is activated, they will be given access to an exclusive dashboard. This dashboard is the focal point of the payment links service, where links and QR codes can be generated and shared with the customers. The codes can be shared over any suitable mode of communication like email or instant messaging apps, as per the convenience of the merchant and the customer.
What are the benefits of scan and pay?
- Ease of Use
Payment collection can be highly simplified by using a scan and pay service. For the customers, it is effortless to scan the QR code using a suitable scanning application. They are then redirected to a payment gateway where they can choose their preferred payment method and process the payment. This reduces a lot of hassle that customers might have to go through otherwise. With this, the payment process becomes simpler & customers would increase their shopping leading to increased business revenues.
- Supports UPI and Mobile Wallets Better
Scan and pay support UPI and mobile wallet payments better. This is because direct payment links can be created to accept the payment directly upon being scanned which further reduces the time taken to process the payment. Hence, the customers can directly launch the UPI or mobile wallet application and use the scanning feature.
How do Online Payments Become Easier with ‘Scan and Pay’ Feature?
- Accept Payment of Fixed Value
Payment codes can be customized to accept a transaction of a fixed value. The merchant can avail of this facility while generating the code. By doing so, errors can be reduced to a great extent. Since the customer won’t have to choose the online payment amount manually, there is no scope of error. This is especially helpful for B2B businesses that accept multiple payments from multiple clients.
Scan and pay facility offers exceptional security since giants of the payments industry back them. Data entered in the payment gateway is adequately encrypted before it is sent to some other server. Further, the QR codes add another level of security because the gateway is inaccessible until the code is scanned. It is a viable payment collection choice for businesses.
Pay and scan services also make tracking easy. The system is generally equipped with a dashboard that gets updated in real-time. From the dashboard, the merchant can get an idea about the open transactions and those that have been closed which serves as a ready-made repository for all the payments.
- Contactless Payments
It replaces traditional payment systems. Even in brick-and-mortar shops, a QR code can be used to accept payments directly from the customers. This eliminates the need to accept cash and deal with the logistics issue that follows it. Online shops with the pay-on-delivery option can introduce a QR code technology to accept the payment when the delivery is made.
- Better Cash Flow
One of the best methods to improve cash flow is to introduce the scan and online payment system. It processes the payment immediately, and the merchant gets hold of the money. As compared to cash transactions and pay-on-delivery systems, scan and pay improve the cash flow. With an accurate idea of the cash available in hand, merchants can better plan the business expenses.
Which service can be used for Scan & Pay?
One of the market leaders in this segment is Zaakpay. It comes with a robust payment link technology that merchants can use to generate QR codes for accepting payments. Using the Zaakpay technology is simple, and merchants can quickly create codes for all required transactions. Automation can also be used to send the links along with the invoices. This can act as a reminder feature that nudges customers to make payments. While this system is great for recurring payments, it also reduces bad debts considerably. QR code payments can be used by all types of businesses looking to expand their reach and collect payments quickly.
Scan and pay is an innovative technology that makes the payment collection process more streamlined and seamless. Businesses can rely on it to increase their sales. With Zaakpay QR codes, merchants will have a lot less to worry about when receiving payments.