UPI payment is a digital payment system that allows users to transfer money from one bank account to another seamlessly. The UPI application can be downloaded on your phone or tablet, and you can use it for all sorts of transactions, including paying bills, transferring money between accounts, buying things online or even withdrawing cash. This blog post will explore how the UPI autopay service makes business transactions easy for businesses.
How Does UPI Payment Work?
In simple words, the UPI payment system allows you to send and receive money from your smartphone. You can use it through a mobile app or transfer funds by using USSD. This method is as easy as making an online transaction. All that’s needed for this facility is the receiver’s Virtual Payment Address (VPA), which usually is his UPI ID.
The money sent to the receiver will be credited into their bank account instantly or in a few hours, depending on the payer’s bank and transaction mode. The payment is not directly done from your wallet, but it gets transferred via an online banking gateway, so you need a net-banking enabled account for this transaction.
How UPI Payment Makes Your Business Transactions Easy?
UPI Payment helps businesses in many ways, and here are some of the prominent ways:
Easy Reconciliation
With UPI, the reconciliation of transactions is made easy. This works well for businesses like restaurants and retail chains with a high volume of daily customer transactions.
Businesses can now reconcile their individual transaction histories over multiple touchpoints with ease and convenience as there is no need to wait till the end of the day or month for consolidated data from banks.
High Transaction Limits
One of the most significant advantages of UPI autopay is that it allows you to transfer huge sums of money. If you are a business, this can be extremely useful because large transactions often happen in your line of work. Similarly, if you belong to an industry where cash payment happens on a daily basis, then also using UPI apps will come in handy.
No Transaction Cost
One of the main reasons businesses should consider UPI autoplay is that there are no transaction costs for both parties. Consumers prefer to make UPI transactions; so companies should also comply with the demand
Faster Transaction
Transaction time in UPI autopay is faster. Once the amount of money to be transferred has been authorized by you, it gets credited automatically within a few seconds or minutes, depending on the bank account/wallet used for sending or receiving payment. The transaction takes place between two parties without involving any third party, i.e., there are no middlemen involved.
Conclusion
With operation volume expanding, businesses are looking for an easy and faster way of doing transactions. Enabling UPI autopay is one of the effective ways companies can execute transactions rapidly. In addition, it is a low-cost payment method that can cater to various needs of businesses.
