The medium of business is slowly changing from traditional brick-and-mortar shops to online. Among the several factors driving this change, the major ones include the demonetization of 2016, the Covid-19 pandemic, and high internet coverage in India. These have pushed enterprises towards embracing online payment modes to beat the odds and remain relevant.
The country currently needs a robust & innovative online payment solution to support its online business infrastructure. Keeping up with this trend, the number of online payment services has drastically increased. Newer and more convenient systems joined the list of available options, and QR codes are a fantastic addition to the line-up of payment services available in India.
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What are QR Codes?
QR codes are square boxes with tiny black and white patterns that open up a link when scanned. They can be integrated with a payment gateway or link such that the customer is directed to the payment processing page upon scanning it. By simply scanning the QR code, one can streamline several business processes. From payment to directing the customer to a website and even linking it to a web page, QR codes can be used in many ways.
The QR Code revolution
- Contactless Payments
The face of the payments industry has changed rapidly in the past few years. Contactless payments are dominating the market today. Most people no longer prefer the use of cash and traditional modes like cheques or demand drafts. Out of the many available options in the contactless payments category, an emerging and highly ambitious option is QR Code payment. Payment link services, like Zaakpay, can be used to create QR codes that link to payment gateways and fasten the payment collection system. It encourages contactless payments by simple scanning. Online merchants can create a QR code of the payment link and share it with their customers.
- Streamlines the Experience
QR codes can help streamline many business processes. They store information that can be accessed by scanning the code. This is helpful in cases when the merchant has to send information or links to the customers. Instead of providing website links with multiple pages that may get difficult to navigate, the merchant can provide a direct link to the required information or page. When this system is implemented in the checkout process, it streamlines the online payment solution as the customer can be directly taken to the payment page without navigating through the rest of the website. Businesses can provide a superior customer experience in this way.
- Better Brand Awareness
Sales can be multiplied by increasing the business’s brand awareness, and QR codes can play a pivotal role in this. QR codes can be customized to include the brand’s logo and other design elements since such graphical representations usually stick with the customers. Even if a business uses a custom QR code to receive payments, it will lead to better brand awareness than a simple payment link. A payment link is just a URL that a customer won’t surely remember, but a graphical picture like a QR code will surely intrigue the customer.
- Secure Transactions
QR code transactions offer extensive security to its customers. Best online payment links services supporting QR codes like Zaakpay are PCI DSS and SSL compliant. It ensures that the customer’s payment information is properly encrypted before being transmitted to other servers. Maximum security is crucial to business reputation and can highly affect sales if not adequately taken care of.
- Payment Tracking
QR codes are making payment tracking a simple affair. Accountants entering transaction data after validating them from the bank is in the past. Services like Zaakpay offer dashboards where the exact status of the payment can be tracked in real-time. Merchants can also enable SMS or email notifications for all transactions, making it easy to track.
Which businesses benefit from QR Codes?
- Retail Businesses
Retail businesses can replace their pay-on-delivery services using QR codes. The robust online payment solution can be used to send a dedicated QR code as the delivery person reaches to make the delivery.
- B2B Businesses
Such businesses have to accept recurring and bulk payments daily. QR codes can be used to make the process seamless as customers can directly scan and pay.
- Financial Services, Insurance, and Education Sectors
These businesses have to accept recurring payments, generally across intervals of one month or six months. QR codes can be helpful in these situations by eliminating the need for cheques or bank transfers.
- Freelancers
Freelancers can make use of the best online payment services in the form of QR codes. Multiple clients pay freelancers from time to time. With QR codes, the freelancer just has to share the QR code with the client, and the client can pay by whatever means the client wants.
How to set up a QR code gateway?
Merchants first need to sign up for a convenient payment link service, like Zaakpay. Merchants can generate QR codes from Zaakpay’s dashboard. They can also customize the code to accept payment only of a certain amount. The QR code can then be shared with customers through some means. As per the requirement, QR codes can also be generated in bulk for multiple payments.
Conclusion
QR codes are the future of online businesses. Best online payment services like Zaakpay realize the potential that QR codes have and offer the merchants best-in-class service for integrating them into the business.
