How can you make business payments more efficient with digital banking?
26 November, 2024
Synopsis:
Digital banking is the new way to complete banking services.
It allows businesses to streamline business payments and record transactions without physical documents.
MyBusiness Digital Banking is a tool by HDFC Bank that enables businesses to manage all business and banking requirements from one platform.
Introduction
Previously, banking was a complex and time-consuming process. Withdrawing cash required a visit to the nearest bank branch. To renew insurance, you had to contact a professional agent. Moreover, in the month’s first week, you had to send out cheques to clear distributor and vendor payments. After that, an experienced accountant recorded all transactions to track cash flow, prepare business reports, and understand performance.
Fortunately, the era of digital banking has left all that behind. Now, you can complete most business and banking needs within minutes. You can enjoy a paperless banking experience and make business payments without tracking transactions or maintaining banking history through physical documents.
What is Digital Banking?
Digital banking is the digitalization of all traditional banking products. It lets you perform all banking transactions digitally, eliminating tools like cheques, Demand Drafts, pay-in slips, and more. It brings banking activities online and allows you to use them 24/7 without visiting a bank branch personally to get your work done.
Digital banking solutions are available on mobile phones, laptops, and tablets. You can transfer funds, withdraw cash, pay bills, access statements and balances, track transactions, and more on the go.
Benefits of Digital Banking
Digital banking has plenty of benefits for businesses. Some worth highlighting are:
Paperless banking
The convenience of making payments from anywhere at any time
Limiting the circulation of black money
Safeguarding transactions and lowers the chances of fraudulent activities
Extending banking services to remote areas to facilitate SME payment processing
Access to 24/7 banking services
Using HDFC MyBusiness Digital Banking to streamline business payments
HDFC MyBusiness Digital Banking is an all-in-one platform that lets you take charge of your business and banking needs. It streamlines your business payments and ensures complete financial management. You can enjoy tailor-made services, like management of working capital and domestic and international trade services, enhanced fund transfer limits, one view of all HDFC Bank accounts, and easy loan application.
The tool facilitates secure digital payments for businesses, with a record of when you have paid which vendor or distributor. As a result, you can achieve better operational efficiency and save time on mundane tracking and accounting tasks.
You also get an option to set account-level fund transfer limits, designate an inputter for beneficiary additions and fund transfer requests, and process multiple requests simultaneously via file uploads.
How do you add a beneficiary to manage business payments on MyBusiness Digital Banking?
You must add a beneficiary to use the platform’s digital banking solutions and fulfil smooth payment processing. Here’s what you need to do:
Step 1: Click ‘View Beneficiary’ in the top right-hand corner.
Step 2: Press the + button to add the beneficiary.
Step 3: Enter beneficiary details, such as account number, account name, and daily payout limit. Also, set a Short Name and press ‘Save Changes.’
Step 4: Select the mobile number on which you wish to receive a One-Time Password (OTP) for authentication.
Step 5: Enter the OTP received and press ‘Confirm.’
Your new beneficiary will be added. You can initiate a fund transfer after the cooling period of 30 minutes.
You can also create an inputter on your select accounts to create a beneficiary request and send it to you for approval, saving you time.
How can you transfer funds on MyBusiness Digital Banking?
The easy step-by-step process to transfer funds to a beneficiary is as follows:
Step 1: Click on ‘Payouts’ from the dashboard menu on the left-hand side.
Step 2: Click the blue ‘Create’ button and select ‘Create Single Payout.’
Step 3: Choose the entity from where you would like to initiate the transaction and pick a transfer type. Select the account number to transfer from if you have multiple accounts under an entity.
Step 4: Select the contact for the funds transfer. In the next field, enter the amount and select the payment mode and expense category.
Step 5: Press ‘Submit.’
Step 6: You will receive an OTP on your registered mobile number. Enter it in the field provided and press ‘Send Now.’
You can also create an inputter on your select accounts, to create a funds transfer request and send it to you for approval, saving you time.
The platform enables quick, seamless, and convenient Small and Medium Enterprise (SME) payment processing. You can view all your HDFC Bank accounts and Credit Cards under a single login and initiate fund transfers from any account.
Businesses can save time, reduce errors, and enhance operational efficiency by utilizing digital banking for business payments. HDFC Bank’s MyBusiness Digital Banking is a one-stop solution for seamlessly managing business and banking solutions. It allows you to track real-time transactions, increase fund transfer limits, integrate with accounting enterprise resource planning (ERP) platforms, automate invoicing and Goods and Services Tax (GST) return filing, and leverage other business-friendly solutions.
So, if you want to experience the new age of banking and streamline business payments, register with the HDFC Bank MyBusiness Digital Banking platform today.
Disclaimer: *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
