As a business owner, you’re looking for innovative methods to improve your operations and revolutionize the way you do business. You’ve heard of digital payments and are unsure of whether or not they are the best option for you.
In this blog post, we’ll discuss the benefits of digital payments and how they can help your business grow. We’ll also take a look at Tingg by Cellulant which is the most trusted payment gateway in Africa.
So whether you’re just starting out or you’ve been in business for a while, read on to learn more about how digital payments can take your business to the next level.
Why You Should Consider Digital Payments for Your Business
You may be thinking, “Why should I bother with digital payments for my business?” Let us count the ways:
- Increased security – Fraudulent activities are reduced when businesses use digital payment methods instead of traditional methods like cheques and cash.
- Convenience for customers and employees – Customers appreciate the convenience of digital payments and can make transactions quickly and easily. Additionally, employees also benefit since their work is made easier by integrating digital payments with their internal systems.
- An excellent illustration of this is when Jambojet, a well-known low-cost carrier in East Africa, uses Tingg to quickly match up payments with the issuance of tickets. Without digital payments, manual work could delay their operations and take hours. Reduced administrative costs – Digital payments reduce the amount of time and money businesses spend on administrative tasks like bookkeeping and invoicing.
- Increased efficiency – Transactions are completed more quickly with digital payments, which leads to increased efficiency for businesses.
- Enhanced customer service – Digital payments allow businesses to provide superior customer service by offering multiple payment options. This gives your business a competitive advantage over your competitors.
What Types of Digital Payments Are Available?
There are a few different types of digital payments that are available to help business owners take their payments to the next level.
Here some of the most popular types:
- Card payments – Credit and debit cards are accepted by many businesses, and they’re a quick and easy way to pay for items.
- Mobile Money – Due to the rapid acceptance of mobile money by the African market, it has been dubbed the “new way of making payments in Africa.” Mobile money allows users to send and receive money, withdraw cash as well as make different types of payments from their mobile wallets.
- Bank Transfer– A bank account transfer works when a person instructs their bank to send money directly into another bank account. This is usually done electronically via online banking. Customers can easily make payments directly from their personal or business bank account.
How to Set Up Digital Payments for Your Business
Now that you know a little more about digital payments, it’s time to set them up for your business. Here are the steps you need to take:
- Choose a digital payments provider. The most trusted one in Africa is Tingg by Cellulant.
- Sign up for an account and get started. This usually only takes a few minutes.
- Link your bank account and start processing payments. You’ll need to provide your bank account details so the provider can deposit payments into your account.
- Start accepting payments from customers. Once you’re set up, customers will be able to pay you with just a few clicks.
The Benefits of Digital Payments for Businesses
Businesses are the backbone of the African economy, and as a small business owner, you know the importance of being able to accept payments quickly and easily. That’s where digital payments come in.
With digital payments, you can accept payments from your customers right through your website or mobile app, without having to worry about complicated credit card processing systems or merchant accounts.
Digital payments are a great way to streamline your payments process and make it easier for your customers to pay you. Plus, they offer a number of other benefits for businesses, including:
- Reduced costs associated with handling and processing cash: Handling cash is not only risky but also costly when you factor in storage and transportation. Integrating digital payments in business saves you money and ensures that your money is safe.
- Increased security: Digital payments are more secure than traditional payment methods, meaning you don’t have to worry about your customers’ financial information being compromised.
- Increased sales: Offering digital payment options can help increase your sales by making it easier for customers to pay you.
If you’re looking for a fast, secure, and easy way to accept payments from your customers, digital payments are the solution for you.
The downside of not Integrating Digital Payments in Your Businesses
There are a few downsides to not integrating digital payments into your business. Firstly, you’re missing out on a huge chunk of the market. A Gallup survey found that an average of 54 percent of adults in sub-Saharan Africa make one or more long-distance payments in a given month, totaling approximately five billion transactions annually.
The total volume of these flows is approximately $760 billion, and 50 to 60 percent of the transactions are in cash. With a conservative estimate of revenues at 2 percent of volume, this results in annual revenues of about $6.6 billion from digital payments.
Secondly, you’re at a disadvantage compared to your competitors who are already accepting digital payments. Customers these days expect to be able to pay for goods and services with their phones, and if you don’t offer this option, they’ll be more likely to take their business elsewhere.
Lastly, not integrating digital payments can be bad for your bottom line.Due to the substantial costs associated with cash processing, refusing to accept digital payments essentially results in lost revenue.
Conclusion
You can revolutionize your business with digital payments by integrating a payment platform into your business. This will allow your customers to pay for products and services using their mobile money, bank transfer and debit or credit cards.
Tingg by Cellulant is thrilled to assist businesses in Africa in utilizing the potential of digital payments. We believe that digital payments will significantly contribute to Africa’s economic growth. Talk to us today.
