Understanding Merchant UPI QR Codes and How They Can Benefit Your Business
UPI, or Unified Payment Interface, is a system that allows for instant money transfer between two bank accounts on a mobile platform. One of the key features of UPI is the ability to generate a QR code for merchants to use in their transactions. This blog will provide a comprehensive overview of merchant UPI QR codes, including how they work, their benefits, and how to use them for your business.
What is a Merchant UPI QR Code?
A merchant UPI QR code is a unique code generated for merchants to use in their transactions. To initiate a payment, customers can scan this code using a UPI-enabled mobile app, such as BHIM or Google Pay. The QR code contains all the necessary information for the transaction, including the merchant’s bank account details and the amount to be paid.
How Do Merchant UPI QR Codes Work?
When a customer scans a merchant UPI QR code, the payment app on their mobile device reads the code and displays the information it contains. The customer can then review the details and confirm the transaction. Once verified, the payment is transferred directly from the customer’s bank account to the merchant’s account, with no need for cash or card transactions.
Benefits of Using Merchant UPI QR Codes
Merchants can perform quick and easy transactions without using cash or cards with UPI QR codes.
Using a merchant UPI QR code can help reduce merchants’ costs, as there is no need for expensive card readers or other equipment.
By using a merchant’s UPI QR code, customers can make secure payments without sharing their bank account details; this can help reduce fraud risk and other financial crimes.
Easy to Use:
UPI QR codes make it convenient and user-friendly for merchants to identify customers using a UPI-enabled mobile app.
How Does Easebuzz Help Indian Businesses in the Merchant QR code problem?
Easebuzz offers InstaCollect a convenient solution for merchants with its merchant QR code feature. This feature enables merchants to generate a unique QR code that customers can easily scan using their mobile devices for making payments. This is a simple and secure way for merchants to receive payments.
Implementing the Easebuzz merchant QR code allows businesses to simplify their payment process and provide a more seamless experience for customers. It can increase sales and customer satisfaction.
Easebuzz merchant QR codes can also help companies to save time and money by reducing the need for manual transactions and traditional point-of-sale systems.
It’s also worth noting that the Easebuzz merchant QR code supports multiple payment options, including UPI, credit card, debit card, net banking, and more, which can help businesses to serve customers with different preferences and increase sales.
How to generate Merchant UPI QR Codes
To use merchant UPI QR codes for your business, you must have a UPI-enabled bank account.
To generate a merchant QR code for your business using Easebuzz, follow these seven steps:
Visit the Easebuzz Merchant Dashboard.
Verify your identity through the Know Your Customer (KYC) process if you are a new Easebuzz merchant. The Easebuzz team will process your submitted documents quickly.
After completing the preceding step, you will be redirected to the Easebuzz Dashboard. From there, locate and select the “Wire” product option from the icons displayed on the left side of the screen.
Choose the InstaCollect option from the Wire product page and open the collection dashboard.
On the InstaCollect dashboard, click the “+ New Virtual Account” button on the right side of the page. Fill in the form by providing a label for the account, selecting a virtual account number, setting a virtual payment address, and setting an auto-deactivate date (if desired). Describe your business and set a mobile number for customers if preferred.
Once the form is completed, you have successfully created a virtual merchant account and can download your company code QR from the dashboard. Share it via WhatsApp, SMS, or a payment link to collect money from customers instantly, with over 100 payment options available.
Monitor your business growth, transactions, and settlements through the Easebuzz wire dashboard. Check your payments and refunds, and quickly settle your money.
Merchant UPI QR codes are a convenient and secure way to accept customer payments. By understanding how they work and the benefits they offer, you can start using them to improve your business operations and increase sales.