Some of the payment solutions that are bringing down operational costs in your outgoing and income statement format through the power of automation include:

• All Platform Payment Solutions: You can accept online payments on your website and app using a payment gateway. The mobile payment experience can be further enhanced with mobile app ADKs, while web checkout does the same for website payments. PayU offers these solutions, along with international payments in foreign currencies. You can even collect recurring payments for subscription revenue, and also disburse refunds quickly and create offers for your customers using PayU. These automation steps can help you achieve cost control for the business. 

• No Code Payment Solutions: Even small businesses without an app or website can use PayU payment solutions to make payment processing easy for themselves. You can reduce job costing expenses and collect money directly to your bank account by sharing a payment link with your customer or adding a payment button to your blog.  
• Omnichannel Solutions: These payment solutions include QR code-based payments where payments can be made by doing a simple scan. Point of sales payments can also be digitized for all in-store payments by customers as well as customer doorstep payments. 
• Disbursal Solutions: Your cash outflow can be streamlined by integrating a payment solution service like PayU. You can use its services to automate payments to vendors and customers, thus lowering the process costing for payments. You can also automate split settlements for vendors and aggregators. 
• Settlement Automation: By using priority settlements, you can make your cash flow position more aligned to real-time. Cost analysis and accounting can get automated, facilitating auto-reconciliation of payments. You can also avail of advances against settlements which can be of great use in case of overstretched business monthly expenses.

These payment solutions highlight a few distinct cost control advantages businesses can derive. From a cost and management accounting perspective, these solutions help you achieve the cost optimization your business needs. 

• Direct Cost: Paper-based payment methods are the most common yet expensive form. From office expenses like the chequebook to the bank charges and the cost of resources engaged in it, the operating expenses per transaction far exceeds an automated payment transaction.  
• Time: The processing and settlement delays make manual payment methods time-consuming, not to mention the resultant late fee that affects the profit and loss statement. With automated payment solutions, daily cash transactions and recurring payments get automated, saving money from a cost accounting standpoint. Employees involved in these processes can move on to more strategic roles and move the business ahead. 

• Fraud Prevention: As manual intervention reduces, the scope of malpractice gets eliminated with the automation of payment methods. Every step of the transaction gets documented, and these payment solutions adhere to compliances, eliminating the risk of non-compliance. 
• Scalability: Automated payment solutions can handle the different volumes of business. As businesses grow, so does their volume of transactions. In a manual environment, this would increase the variable costs and affect the profits and losses in terms of time and resource requirements. Automation ensures that your processes expand with only marginal cost increment and net profit impact. 

As businesses grow and their gross profit increases, practices like payment automation can keep the income statement profitable, with substantial cost savings. Adopt your preferred payment solutions today and achieve your cost-saving targets. 

FAQs 

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Let’s explore one of the best payment solutions available that is also empowering businesses to be a part of a cashless India.

Payment Solutions That Empower Businesses

Modern businesses need cutting-edge payment solutions as well as financial solutions that are emerging in the industry. These solutions mentioned below will empower businesses to handle finances better,

• Digital payment gateway integration that accepts a host of electronic payment systems and methods
• International payment acceptance with digital transactions involving international currencies
• Automated and recurring payment collection mechanism for subscription-based revenue sources
• Monthly EMI and delayed payment acceptance mechanism
• Faster refund processing
• Customer checkouts and detail collection
• One-click payments
• Customer loyalty and reward programs
• Payment acceptance through payment links
• Customized payment buttons
• GST invoicing
• Faster payment money disbursal to customers and vendors
• API-based payments and transfers
• Priority settlements for business

PayU Payment And Integrated Services

PayU makes sure that all possible digital payment India can get is made available to your customers, including credit cards, debit cards, net banking, EMIs, BNPLs, UPI, and wallets. With PayU technology, integration becomes seamless as you utilize APIs, SDKs, and plug-and-play partnerships. Some of the reasons that make PayU the ideal choice for the digital upgrading of your business are,

• With the PayU payment gateway India gets over 150 methods of accepting digital payments
• Currencies of more than 150 countries accepted making international payments hassle-free
• Automated payment collection via multiple payment methods
• The PayU Affordability Suite maximizes your sales with options of card EMIs, no-cost EMIs, Buy Now Pay Later, and Cardless EMIs
• Instant refund facility that ensures customer refund within five minutes of a refund request
• PayU token hub offers fast and secure customer checkout and collects customer details across all payment modes
• Native OTP feature offers a one-click payment experience to the customers
• PayU offers to pay with rewards option for customers – the largest online aggregation of loyalty programs in India
• Apart from a payment gateway for website, PayU payment merchant links ensure payments in minutes and without the need for codes or websites
• PayU payment buttons don’t even need payment integration. You can copy a line of code and start collecting payments
• Generate itemized GST-compliant invoices and share the same using an inbuilt payment link
• PayU Payouts help disburse payments and get refunds to and from vendors, business partners, employees, etc.
• Marketplaces and aggregators can pay vendors and others using PayU API-based automated split payments
• Select the settlement cycle and activate instant settlements with PayU Priority Settlements, a PayU finance option that is handy in times of liquidity crunch  

The future of payments in businesses is going to be more digitized. PayU equips small businesses and large enterprises with up-to-date digitized and fintech payments. It is time you capitalize on the advantages of online payment and grow your business with the latest in payment technology.

FAQs

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