On average, small and medium businesses in the US spend 15 days and $6000 in labor costs to chase delayed payments EVERY YEAR. As of 2020, there were 3.7 million micro-businesses. That was 532,800,000 working hours down the drain. Surprising, isn’t it?
‘The Domino Effect: The Impact of Late Payments’ highlights that almost 40% of small and medium businesses are directly affected by late payments, delaying their funds for expansion plans, employee growth, and other crucial business activities.
While this problem has existed for decades, there are new payout solutions in the market. The latest solution, Scanpay, is for business owners who don’t wish to wait for dues to be credited or to access them after the business is done.
ScanPay Solves The Problem Of Time
Dedicated to small business communities specifically, ScanPay makes the process of accepting payments and getting payouts instant. Users can simply download the app from Google Play Store, or App Store, or click this link. The setup verifies the users’ mobile numbers with a One Time Authorisation Code. Users just have to verify their business, and ScanPay activates their accounts within 24 working hours.
To receive payments, users enter the amount on the app. The app generates an instant invoice and a QR code that customers can scan with their smartphone cameras or a QR scanner app. Customers select their preferred payment option, authenticate the payment, and bingo. The amount reflects in the user’s ScanPay bank account instantly.
The Perks Of Switching to ScanPay
Apart from instant payments, ScanPay also offers virtual debit cards and physical debit cards that users can activate instantly through the app. These Visa cards are accepted anywhere and give users 1% cash back on in-store and e-commerce transactions.
Potential fraud and data breaches have been big concerns for businesses of all sizes. To keep money and data safe, all payments received through the app are secured by Stripe. Moreover, all transactions on the ScanPay Debit Cards are secured by VISA’s Zero Liability Policy, which means that users aren’t liable for charges that they have not authorized. There’s also a layer of bank-level security and data encryption that’s integrated for additional safety.
Understanding the needs of its user base, ScanPay gives its users complete freedom to use the app without signing up for monthly or annual contracts or paying subscription fees. Users only pay a single transaction fee of 2.79% + 20 cents and can pause or discontinue without any penalty charges. The app also allows its users to add a tip or an extra service fee at the time of generating an invoice.