5 reasons why every entrepreneur needs an e-wallet
No matter what field of business you’re in, every entrepreneur shares one common denominator: to bring the most value to their intended audience. The rampant increase in the volume of mobile-based payments has dominated almost every industry; most developing countries are moving towards a cashless society. In other words, the digital revolution is here to stay and it is only getting started.
An e-wallet account is designed to digitally mimic the operation of a physical wallet. It has the ability to store data regarding your credit cards, bank accounts, and even loyalty points. It’s therefore essential for entrepreneurs and start-up businesses to quickly adopt the widespread concept of e-wallets, and reap the benefits that’s applicable to both consumers and businesses. Let’s explore 5 prominent reasons that e-wallets deserve a place in your business.
It is an optimal payment option for customers
The first reason is quite straightforward: contactless payments are the most well-suited mode of transaction as it can be completed in seconds. This reduces wait times at checkout which, in turn, is of vital importance to the overall customer experience. Customers can also access more sources of funds without the need to carry a physical wallet, as e-wallets enable users to attach multiple credit/debit cards in a single account. All the necessary data is stored in an app within their mobile device. Removing checkout barriers is crucial for start-ups to generate early income and turn initial customers into loyal customers and brand advocates.
Boost and TnG e-wallet allows users to checkout in seconds by scanning a QR code at its partnered businesses, key in their 6 digit PIN and, the payment is done.
GrabPay users can skip long queues by scanning a QR code and completing the payment with a “swipe and pay” feature at Grab’s partnered businesses.
It provides safety
Contactless payments are predicted to exceed credit card transactions. Especially during this global pandemic Covid-19; the nation is forced to implement preventive measures in order to ensure safety of its citizens. Instead of sanitizing every bill and coin received, e-wallets are able to collect and settle payments while businesses continue to operate and do its part in preventing the spread of the virus.
Thus, most e-wallet service providers recognize the importance of strengthening the security of contactless payments. E-wallets provide more security compared to a debit/credit card. For example, Boost users are able to earn Boost Coins to redeem cash from the Boost rewards catalogue. The real cash is replaced with a digital token paired with encrypted user data. The token and funds loaded into the Boost account is further protected with a 6 digit PIN, this makes it idle for attackers. These steps increase the level of security and reduce the possibility of fraud. In case users lose their phones, the payment activity can be easily frozen.
Boost transaction PIN is encrypted and stored securely in the system’s databases with enterprise-grade TLS/SSL security features that are approved by Bank Negera’s regulations, in which security features are one of the most covered areas.
GrabPay provides award-winning digital wallet security. All user personal information and payment transactions are encrypted and protected with a 24/7 fraud detection engine.
TnG e-wallet comes with a mandatory OPT for every login on new devices paired with a 6 digit PIN for every cashless transaction.
It makes book-keeping easy
An efficient accounting system is imperative for any business to thrive. Every business needs a reliable tool that seamlessly issues invoices to customers, pays bills and shares payment details to accountants. E-wallet solutions can help a business reach new milestones in lesser steps. E-wallets can provide better cash flow management, reduce bank charges and overheads.
This will eliminate the hassle of: time spent on bookkeeping tasks because everything is already in a single system, eliminating data entry, avoiding a heavy accumulation of invoices/receipts, saving time compared to using spreadsheets, and, eliminating paper receipts by sending digital receipts to key stakeholders.
AnyPay is an all-in-one bill payment solution for businesses of all sizes. It provides cutting edge reports that allow entrepreneurs to understand and adjust business payments. It is designed specifically for business owners to improve business profitability through a simplified digital payment method for business utilities and a detailed record of business transactions.
TnG e-wallet provides a free business starter kit to help new business owners efficiently track their expenses and savings with the app. It enables a hassle-free cash management system that accepts businesses of varying sizes.
Gain valuable customer insight
The instantaneous, interconnected nature of e-wallets can serve as an effective marketing strategy for start-ups. Digital wallets give businesses access to data they would never have otherwise, such as a customer’s shopping history, preferences and loyalties. Over time, this enables businesses to strategically modify products, advertising messages and promotions based on their existing and potential customer’s spending habits, buying preferences and intentions. The opportunity to review customer transactions from e-wallet in real time gives businesses a huge advantage in integrating the optimal loyalty programs to gain customer loyalty.
GrabPay merchants are able to grow their businesses through tapping in Grab’s consumer statistics that helps businesses track, analyse and influence their target market. They can reward and retain their customers by leveraging on the GrabRewards loyalty programme.
Lazada merchants are able to significantly increase sales with receiving an All-Year-Long campaign to increase business growth. Businesses who utilise customer data through Lazada Wallet (Lazada’s e-wallet) and make full use of Lazada’s strong platform support will reap abundance in revenue.
Gain credibility and build good PR
Every successful business upholds values and delivers messages that resonate with its target market. Businesses attached to a well-recognised e-wallet gain instant credibility. This is also a surefire way to build a good relationship with millennials.
Boost has 200,000 merchants such as Spotify, Zalora Tesco, Starbucks and many other prominent businesses. Boost purchases are incentivized by instant cashbacks and rewards; retails partnered with Boost are likely to achieve higher sales and returning customers.
GrabPay has 3,000 merchants such as Watsons, Giant, Mydin and many other renowned brands. GrabPay’s merchants are constantly expanding to meet the everyday needs of consumers in major cities and townships across the nation. GrabPay merchants can easily build brand loyalties and good PR relations.
TnG e-wallet has 250,000 merchants such as espressolab, KFC, BHP and many more familiar names. It offers businesses better profit margins and higher visibility in the marketplace.
Every entrepreneur only has more to gain by integrating the use of e-wallets to their business model. It is also paramount for business owners to keep up with all the latest e-wallet deals and offerings in the market. Be in the loop of current e-wallet benefits here.