Navigating Digital Transactions: Current Accounts in a Cashless Society

Posted on Tuesday, October 15th, 2024 | By IndusInd Bank

Businesses are taking steps towards a cashless society as digital payments become common. Having a current account that is digital savvy is essential for this transition. With the help of the right digital current account, businesses can manage their finances in a better way and focus on their growth. 

This article explores how current accounts can support businesses in a cashless society, and what to consider when using them.

How Current Accounts Can Help Businesses in a Cashless Society

As digital payments become the norm, here are some ways a current account can help businesses:  

·       Seamless Digital Transactions

Current accounts make digital transactions easy. This allows businesses to manage large volumes of payments and receipts online in an efficient manner. Also, one can transfer funds quickly and securely with services like NEFT, RTGS, and IMPS. 

·       Better Cash Flow Management

Most digital current accounts provide accurate and real-time status of any cashless payment along with its details, such as transaction ID, date, time, etc.

Also, one can access current account statements online with a few clicks giving businesses a clear view of their financial status at all times.

·       Enhanced Security

Making a cashless payment via a current account is more secure compared to handling cash. Nowadays, most banks provide robust security measures to protect financial transactions. This includes encryption and multi-factor authentication processes such as providing biometrics or entering a One-Time Password (OTP) and a PIN. 

·       Integrated Payment/Collection Solutions

Current accounts provide payment and collection solutions like POS systems and payment gateways. This enables businesses to transact using digital payment modes such as credit/debit cards and mobile wallets.

For instance, IndusInd Bank offers multiple collection services, such as NACH, RTGS, NEFT, payment gateways, and POS machines for its Current Account holders. With these facilities, business owners can relax without worrying about reconciliation. 

·       Credit Facilities

Many current accounts offer an overdraft facility. This provides businesses with instant short-term credit. It helps manage working capital needs, ensures smooth operations, and fill out cash flow gaps.

Also Read: Exploring UPI- Can Current Account Holders Utilise It?

What to Consider When Navigating Current Accounts in a Cashless Society?

When choosing a current account in a cashless society, keep in mind the following considerations:

1. Transaction Fees

Be aware of digital transaction fees associated with current accounts. Different banks have varying fee structures for online transactions. If ignored, these fees can add up over time. Choose a bank that offers competitive fees and pricing.

2. Digital Banking Features

You must choose a current account that offers a user-friendly online banking platform. Features like transaction tracking, real-time notifications, and online statements can come in handy.

3. Customer Support

One of the advantages of a cashless economy is instant access to customer care. Gone are the days when one had to visit a bank branch to raise any queries. Hence, choose a bank that offers reliable customer support so that you receive timely assistance.

4. Flexibility and Customisation

Look for a current account that offers flexibility and customisation to match your business needs in a cashless society.

For instance, IndusInd Bank allows its Current Account holders the flexibility to choose the transaction limits as per their needs.

Also, with the My Account My Number feature by IndusInd Bank, you can choose a personalised account number when you open a Current Account. This allows you to have a customised account number in sync with your personal or professional identity.

Conclusion

A current account is an indispensable tool for businesses to manage their finances efficiently in a cashless society. By considering various aspects while transacting online, businesses can transition to a cashless society with ease.

IndusInd Bank can be the choice for your business, with its offerings such as seamless digital transactions, enhanced security, integrated payment solutions, outstanding customer support, and more.

Open a Current Account Online with IndusInd Bank today!

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.