Our Prime Minister announced last night the ban on Rs. 500 and Rs. 1000 notes. This shook the whole nation which is apparent from the twitter storm that has been raging around. You can check it out here and here.
We, at Instamojo, are super stoked and support Narendra Modi in this move.
If you are wondering what to do about this, he tweeted:
— PMO India (@PMOIndia) November 8, 2016
The limits on ATM cash withdrawal and cash exchange from banks make it difficult for business owner to transact with heavy cash.
What this means for the sellers:
While big businesses who transact in heavy amount will not face much of a problem transitioning to Rs 2000 notes, small businesses will find this move downright crippling in the short-term. These businesses are mostly run on cash: they use hard cash to receive payments for services and to make payments for inventory and goods.
What remains unaffected however is all forms of electronic payments –
-Debit/Credit card payments,
-Cheques and Demand drafts.
This clearly shows a push in going digital for micro merchants and small businesses – both in urban as well as rural areas.
Do not panic, this is the perfect time for you to go Cashless.
How to go cashless in your business:
With dearth in cash flow, your customers will appreciate you accepting instant online payments. Giving them an alternative to cash payment will be beneficial for both of you at this time. These alternatives can be:
– Digital Wallets used by millions of people in India
– Credit/Debit Card and Netbanking
Accept Online Payments:
It is easier to collect payments and sell online today than you ever thought. For example, Instamojo has a very quick and simple account creation process which hardly takes 2 minutes to start with online payments.
Once you Sign Up, you can create payment links and share with your customers via any channel they are comfortable with and make an instant payment.
Your payments will reach in your Bank Account (that you link with Instamojo Account) in 3 business days.
Accept Digital Payments at your Store:
If you have a physical store, you can put up a notice with a link to your default payment link or a QR code which can be scanned by your customers to make the payment.
Here is an example:
In case you need any assistance, please reach out to us on email@example.com.