If you want to scale your business in the current times, the best way is to resort to technology. The world has shrunk into the smartphones that everyone uses these days, and if you want to be in the eyes of customers, you have to reach their digital devices. Focus on encouraging your customers to pay with the QR code scanner digitally. When they can shop, order, and pay through their phone, they are more likely to shop often. Not to mention, the discounts that a QR code payment can offer convince the customer to scan to pay!
Does that mean that letting your customer pay with a QR code solves everything? Is it efficient enough to work for every business type? Let us take a deeper insight into what QR code payments are and the pros and cons they bring.
What are QR code Payments?
QR stands for Quick Response code. It is a two-dimensional barcode that a customer can scan using an app on their phone. Scanning the code, users get directed to the websites to carry out their transactions. For example, UPI cashback apps like FavePay, PayTM, etc., have QR codes. Vendors who want to give this payment option to the customers place them on their payment counter. Then, a consumer can scan it and pay through the app. Like other payment modes, QR codes have their advantages and disadvantages. Let us discuss that in detail.
Pros of the QR Code
Here are some of the perks of using the scan to pay codes.
- It is a convenient payment method that any consumer can get hold of within seconds. They need no formal training to scan to pay and only need to follow the directions on the app they choose.
- A merchant can place the QR code almost everywhere. They can print them on paper, place a board on their payment counter, and the placement opportunities are endless.
- QR codes allow the merchant to give cashback deals to the customers, which are not possible in the case of cash transactions.
- There is no need to struggle to find the change! Believe it or not, it is a headache. By paying through the app, your customer wouldn’t have to bother about keeping adequate cash as they can pay the exact amount through the app.
Cons of the QR code
Like two sides of a coin, here are the things that work as a disadvantage for the QR codes.
- You cannot access a QR code if you do not have a smartphone. Though there is hardly anyone without a smartphone these days, it sure comes as a drawback.
- There are frauds and spam associated with QR codes these days. Hence, people might feel disinterested in scanning a code, considering it another scam.
Though there are drawbacks with little planning, you can rule them out and enjoy the perks. In the end, it is fair to say that it is ideal to pay with a QR code, and every vendor can make the most of this method by providing the scan to pay with a QR code to its customers. As it benefits customers and vendors alike, everyone will be in a win-win situation.