Quick Response Codes or what we know as QR codes are special codes directly linked to the bank account of the user to accept instant cashless and contact less payments. QR code these days have become the most common mode of payment in the market. And payments, we all know as businessmen is the most crucial part of business. QR codes are one of the fastest and most reliable modes to accept payments, all you need to do is have a UPI(Unified Payments Interface) Id and you are good to receive payments directly into your bank accounts. No counting, no spending time to render change or issues over torn currency notes, moreover a complete cashless experience for you as well as your customer.
How does QR Code works?
QR Codes are unique codes in the form of black and white pixels for a particular bank account which can be scanned by the mobile camera of a third party to send money into the bank account linked with the QR code instantly. Once the customer scans the QR Code, he has options to pay using any of the UPI enabled apps (BHIM, GPay, PhonePe, Paytm, Amazon Pay etc.) or directly from his bank’s mobile application.
Use of QR Codes in the Innoventry software:
Innoventry has always been on its toes to improve the experience of its clients with the ever evolving technologies and the need of the hour in special situations such as COVID19, where the world has gone towards a notion of cashless and contact less payments. Innoventry has updated the feature to insert your QR Codes in the Sales Bill/ Invoice generated automatically. The software by default prints the QR Code in the sales bill/invoices which enables customers to directly make payments by scanning the QR Code on the invoice using UPI.
Why use QR Codes to receive payments?
- Safety and Security: Transactions powered by UPI are the safest and most secure mode to receive payments. The system is encrypted in a form such that someone without losing the important and confidential credentials of own bank account can receive money directly into the bank account. “No Account Number”, “No IFSC Code”, “No Branch Details” just a encrypted black and white code to get payments instantly.
- Instant: Trust me its quicker than the instant noodle! There’s nil transactional delays involved in this process, once the payment is made by the UPI app money directly falls into your bank account linked with the code. Gone are the days of NEFT and RTGS or tedious bank transfers, its the era of flash payment modes like UPI.
- “Nil” scope of error: Wrong account numbers and bank credentials have been one of the major causes that payments made through bank transfers have landed in someone else’s bank account than the one who’s actually supposed to receive the payment. UPI has no room to make such error-some payments as there are no credentials involved, just a QR Code.
- Cashless & Contact-less : In times of pandemic i.e. COVID19, health and social distancing has been of prime importance. Using cash to receive payments have also been one of the modes of contact between people. UPI has already come to rescue with the use of QR Codes wherein there’s no scope of contact between the customer and the seller.
- No additional payment or hidden charges: There are nil charges on payments received using QR Codes and no hidden costs whatsoever. Its completely free to obtain a QR Code for payments too. So basically its a free technological gem which is a must in today’s scenario of business atmosphere unlike modes such as NEFT or RTGS which are modes involving certain charges on payments.