Make Digital Payments for Your Customers More Efficient and User Friendly
Preface:
Instant money transfer or digital money transfer does not remain only to the Banks. Any merchant with a retailing franchise can transfer money through available platforms.
Digital Payment in India:
Demonetizing has aroused a lot of chaos in those days and the currency was hard to get at that time, having no solution people started using digital payment platforms. As time passed, people got used to digital payment. Well, the total digital monetary system is not the appropriate thing for any country. As time demands, money transfer has not only remained limited to the bank; the digital payment system can do it.
The Cubber Store Retail service:
The Cubber Store provides many retailing services like online money transfer, bill payment, and recharge services, Booking services, and online shopping. The Cubber store makes this money transferred to any banks in any state within India. Just like this Cubber Store, using any digital payment platform or app; anyone who owns a local business or shop can offer the money transfer service as a retailer.
Here are a few things to be considered while offering a money transfer service:
1. Platform and its knowledge:
Before you start with any platform, it is a wise thought to check out all available money transfer platforms. Short-listing a few from these available platforms and comparing the facilities offered by these platforms; the convenient platform for yourself and customers shall be chosen.
The fastest and secure money transfer service-providing platform is the main factor that one shall be assured of.
2. Goal of Earning:
The retailer shall be aware of the main purpose, which is helping the people around by providing the money transfer service on a convenient service charge. Also, if there are platforms like Cubber store that provide some benefits on making a transfer of a certain amount it’ll help the retailer earning and the customers to get the convenient money transfer service.
People who choose to transfer their money through the retailer may be for security, lack of knowledge, as customers hand over cash and you make payment to their relatives on the other side; the whole process of a transaction depends on the customers’ trust in the retailer.
3. Minimum Balance:
The customers approach a retailer because they don’t want to visit the bank. They approach because online fund transfer is quicker than the banking process; there will be queues, paperwork, and other notable things to do. After all these formalities one will be able to send money to the person on the other side.
The online transactions eliminate all the paperwork and make this payment faster. And that is why it is a requirement for the retailer to have sufficient balance.
4. Low surcharges:
There are several money transfer services available in the digital world; they are competing with each other and to attract more users provide a benefit too. A retailer must choose the platform, which will cost him a low surcharge so he/she can offer the money transfer service to the customers at a convenient rate.
A low surcharge, quick payment, and ease of approach are the main factors that attract customers to approach you for transferring money rather than visiting a bank.
5. Payment Options:
Some customers do not have cards; they approach the retailer with cash. Here, a retailer shall accept that cash and pay from its business account. And some customers have the details only but no source of doing such payment; in such cases, a retailer shall help them make a money transfer.
After all, retailer and customer relation and trust are the major factors, which let the business run. And both can have their requirement to get full-fledged.
6. Money Transfer Method According to the Amount:
Online money transfer services come with some rules and some benefits with their multiple methods of transaction. There Are three most used methods of money transfer service: NEFT, RTGS, and IMPS.
National Electronic Fund Transfer (NEFT) is the most common method of making an online payment. In general, mobile applications are using this method for transferring money. The necessary information in this method is the ‘Bank account Number’ and ‘IFSC’ codes.
Real-Time Gross Settlement (RTGS) is the secondary method of money transfer. It has a minimum amount limit to process the fund transfer. This service takes almost 30 minutes to get funds added into the receiver’s bank account. Of course, it requires account details of sender and receivers.
Immediate Payment Service (IMPS) is the third most used payment-making method. According to its name, the money is transferred quickly in this method. It is available for 24 × 7 and it has set a lower cap of the amount to avoid fraud.
7. AEPS for Transferring Money
In the rural areas of the country where a majority of people are not so comfortable using ATMs, Credit, or Debit cards. The Aadhaar Enabled Payment Service can help them in transferring money.
This payment service requires an Aadhaar number and a Biometric fingerprint to verify the process.
Steps of Transferring Money For the Customer:
Step 1: Go to the fund transfer function and select transfer to another bank
Step 2: Fill up recipient account details & IFSC code
Step 3: Accept terms and conditions
Step 4: Complete the process and check the report
How to Set Up for Online Fund Transfer Service:
After comparing all the available options and platforms; one shall choose a platform and register for the retailing service.
For example, to become a retailer of the Cubber store platform, simply provide your details, ID proof, and KYC documents. After verifying the document you can start a retail service with the Cubber Store.
Summary:
Providing a ‘Money Transfer Service’ to the customers is a beneficial service for any storekeeper or a shop owner. This service setup requires minimal investment and in some cases zero percent investment.
Any businessperson can provide this money-transfer service to the customers and get extra income from the commission from the platform.