Digital Payment Collection Checklist
What is Digital Payment
Digital payment is a way of receiving payment using credit cards/debit cards, net banking, wallets or UPI. Unlike cash, this payment can be done digitally using app/website/SMS link/QR code and remotely too.
Irrespective of the payment mode or location of the user, money is directly credited into the seller’s/business’s account.
Takeaway from this checklist
1. Know what are digital payments
2. Know ways of collecting digital payments
3. Know how to activate digital payments for your business
Benefits of Digital Payments
1. It helps save efforts in cash collection
2. It helps save money on resources to collect cash
3. It helps reduce cash leakages
4. It creates a bank record of the business if income is recorded in the bank account