Digital payments have gained massive traction in commercial transactions as they offer a seamless experience for businesses and their customers. They provide a fast, convenient, safe, and economical mode to settle transactions. The fact that they can be easily integrated into your accounting system is the icing on the cake.
TallyPrime has emerged as the numero uno choice for small & medium businesses to support them in their digital payment journey. It provides a wide array of features and a simple user interface to facilitate robust business growth with significant cost savings.
TallyPrime is now equipped with the payment requests feature that makes it easy to originate and share payment links & QR codes. This in turn enables a speedy collection system and hassle-free payment method for your customers.
Let’s now explore how UPI can simplify the payment process and the role of TallyPrime in making your business more agile & efficient.
A. Understanding UPI And The Need for Digital Payment Requests
Unified Payments Interface (UPI) is one of the best innovations in the Indian fintech space. It is a real-time payment system under the regulatory purview of the RBI. It enables immediate transfer of funds, completely free of cost.
Traditional payment methods such as cash or cards have become grossly inconvenient in the digital age. The UPI platform ensures instant and secure fund transfers. Now you no longer have the ordeal of carrying cash or sharing cumbersome bank account details to make payments. A smartphone and a simple UPI ID (or QR code) are all it takes to complete any financial transaction in a jiffy.
Today, every business needs a digital presence to survive and thrive in a hyper-competitive marketplace. From bustling metropolitan cities to small towns, digital payments have now become the norm. More and more businesses in the country have adopted digital payments to boost their revenues, save costs, and streamline their operations.
The business functioning becomes far more efficient, effective, and secure with digital payments. Businesses can easily track their finances and monitor cash flows. Speed, convenience, and reduction of errors enhance customer satisfaction and retention.
The use of encrypted technology minimizes the risk of fraud and data theft. With digital payments, companies can now expand their business across the world without physical barriers.
B. Tally Prime’s Role In Streamlining UPI Payments
TallyPrime is one of the most popular accounting software that provides comprehensive solutions for your business. Whether it is accounting, invoicing, inventory management, taxation, or banking, TallyPrime has all of these and more to power your business growth.
Earlier, users had to post entries in TallyPrime and later generate payment links (separately) from the payment gateway’s portal. However, the latest release of TallyPrime has enabled seamless integration with payment gateways. Users no longer have to juggle two systems in order to record a UPI transaction entry in Tally and generate payment links. This reduces the scope of manual errors, saves time, and enhances business productivity.
TallyPrime provides a simple, hassle-free setup to enable payment requests. Once the setup procedure is completed, you can instantly generate payment links and share them with your customers. All they need to do is click the link (or scan the QR code) to complete the payment process. Further, TallyPrime is also geared to accommodate any special needs of your business. These features inevitably make TallyPrime the preferred choice for digital payment requests.
C. Steps To Enable Payment Request And Create A Merchant Profile In Tally Prime
Please choose a UPI service provider to register a UPI ID (i,e. if you don’t have one already). Then follow the steps outlined below to enable payment requests and create a merchant profile in TallyPrime.
- Press the “F11” key to go to the company features
- Type “yes” against “Enable Payment Request to share payment link/QR code”. Click “Save”
- Click “Merchant Profile Details”
- Enter the following details:
(i) Name: The name of your business
(ii) Payment Method: UPI
(iii) UPI ID: The UPI ID registered with your UPI service provider
(iv) After entering the above details, please click “Save”
The details entered while creating the merchant profile should be accurate for a seamless experience.
D. Steps To Generate A Payment Link/QR Code In Tally Prime
After creating the merchant profile in TallyPrime, you can generate and share payment links or QR codes with your customers. Follow the steps listed below to learn how to add a QR code in TallyPrime.
- On any screen in TallyPrime, press Alt+Z to open the Exchange menu
- Select “Generate Payment Link/QR Code”.
- Select the merchant profile from the drop-down list
- Enter the following details:
(i) Amount: The amount to be paid
(ii) Currency: The currency in which the payment is to be made
(iii) Description: A brief description of the payment
(iv) After entering the above details, click “Generate”
The integration of TallyPrime with payment gateways offers several advantages to users. The setup for Tally Prime’s payment requests is simple and does not require professional expertise. It is quite easy to generate and share payment links or QR codes with your customers. These things are now possible right on TallyPrime and you need not visit the payment gateway portal to generate payment requests.
Adopting digital payments is no longer a luxury that businesses can ‘choose’. Embracing technology helps your business enhance speed, drive down costs, reduce errors/frauds, and scale faster. Digitizing payments also offers great convenience to customers and promotes brand loyalty.
Thus, embracing digital payment solutions offers a competitive edge for any company to flourish in a dynamic business environment.
It’s no secret that a digital business is a global business. The TallyPrime’s UPI integration can be a game-changer for a complete turnaround of your business. Try it out now if you want to know how. Get in touch with a Tally-authorized dealer in Mumbai to explore its amazing features and benefits.
Frequently Asked Questions
How to share the payment link/QR code with your customers?
It’s quite simple. You can share the payment link/QR code with your customers in a variety of ways such as Email, SMS, WhatsApp, Facebook Messenger, social media, or your website.
How to view and track the status of your payment requests?
In order to view and track the status of your payment requests, go to the Exchange menu and select “Payment Request History”. This will show you a list of all your payment requests along with their status.