Top 6 Digital Payments Options for Your Business

The banking needs of a business are significantly different from that of individuals. They have a higher number of regular transactions, making a regular Savings Account inadequate for their banking needs. Moreover, the growing popularity of online banking also requires businesses to offer various digital payment options. 

Opening a Current Account with AU Small Finance Bank can help your businesses fulfil their growing banking needs. From managing internal finances to accepting customer payments through digital channels, the digitally advanced bank can help streamline business banking. 

But what are the online payment options businesses should offer to their customers? Below is the list:

1. Mobile Point of Sale (mPOS) Systems

Mobile POS, or mPOS, is an upgraded version of traditional POS systems. It allows businesses to convert their smartphones, tablets, or other wireless devices into an electronic cash register. Once deployed, mPOS terminals can accept Debit Cards, Credit Cards, and Mobile Wallet Payments. 

mPOS can be used by businesses that collect payments outside the organisation's geographic location as it enables on-the-go payment collection. Even supermarkets, retailers, and restaurants can benefit from the convenience of mPOS. 

2. Contactless Payments

Banks now offer Contactless Debit and Credit Cards. Unlike traditional cards, Contactless Cards eliminate the need for customers or swipe or dip their cards in the card reader or even enter their PIN to make offline payments up to a certain amount. 

With the growing popularity of Contactless Cards, accepting contactless payments can be one of the best online payment methods for small businesses. 

3. Unified Payments Interface (UPI)

The vast number of UPI transactions demonstrates the extensive popularity of this on-the-go mobile payment method. The convenience and security of UPI QR Payment make it one of the top digital payment collection options for businesses. 

4. Internet Banking

Internet banking has been around for a long time and has remained relevant even in this UPI era. Several businesses, like e-commerce stores, abundantly rely on Internet Banking to accept customer payments.

Even with Internet Banking, you can offer different payment options like NetBanking, Debit Card, and Credit Card payments.   

5. Mobile Banking

Smartphones have now become a basic need for everyone. Be it at the home, office, or travelling; people are never very far from their mobile devices. Thus, businesses should also accept payments through Mobile Banking to help people make payments through their smartphones.

Customers can make these payments through Mobile Banking Apps, e-wallets, and other mobile payment apps.   

6. Scan & Pay

Merchants can also use QR codes which the customers can scan through their smartphones to make online payments within seconds. The Scan & Pay method doesn't require customers to carry cash or cards or even remember their online banking details. 

Banks can offer these QR codes to businesses to conveniently collect payments directly into their Current Account. 

AU Small Finance Bank, the Largest Small Finance Bank in India, offers an extensive range of online payment methods for small businesses. Take a look-

• AU 0101

AU 0101 is a one-stop online banking platform for businesses and individuals alike. For commercial entities, the bank offers payment options, including AU 0101 Business App and AU 0101 NetBanking. Other than these, it also offers BHIM AU App and Bharat Bill Payment System (BBPS).

• Corporate NetBanking

AU Small Finance Bank also offers an extensive suite of Corporate NetBanking services for convenient digital transactions. From handling bulk payments to transferring money through IMPS, NEFT, RTGS, Cheques, or Cash, the bank’s Corporate NetBanking facility can be a reliable business companion. To be eligible for this, you need to have a Current Account with the bank.

• Corporate Mobile Banking

The bank also offers Corporate Mobile Banking services to facilitate on-the-go business banking. Available for Android and iOS, the Mobile Banking platform from the bank allows you to manage business banking effortlessly no matter where you are. For this facility you should have a Current Account with us and an activated NetBanking account. 

• Using online payment options for business has become increasingly important across industries
• But to use them effectively for internal finances and to offer online payment convenience to customers, you need a trusted banking partner
• One of the most technologically advanced Small Finance Banks in India, AU Small Finance Bank can be your Business Banking companion that could assist your growth and help you reach newer heights