India is gradually making an attempt towards a cashless economy, which is nothing but appreciative, as it can cut down corruption to a considerable level. While even small and medium shops have opened options to receive payments via apps and transfers, even housing societies are not far behind. Yes, housing societies are big structures where numerous money exchanges go on every month and it is not absolutely useless to consider the importance of having payment gateways for online money transfers in this co-operative societies. So, let’s check out what are the advantages of incorporating payment gateways in housing societies.
Advantages for the members:
- Members can make the payment from anywhere without any need to be physically present or meet any society admin.
- Payment receipts can be obtained without any hassle and can be maintained in members own way. Even records are kept with a bank as well as details of the transaction and therefore no chances of any untoward incident of the missing link.
Advantages for the society admins:
- Payments can be received without any need of being present in the office.
- All or a large number of members can make payments simultaneously. No wastage of time in one by one receiving.
- Receipts can be auto-generated and sent to the member without manual intervention.
- The details of money receipt get auto-documented into the system and further gets recorded and tallied with books of accounts making audit more simpler.
- Lesser work as there is no need for manual cheque deposition or cash tallying.
Advantages for both parties:
- Transparent transaction without any chance of fraudulence from any side.
- Time-saving for both the parties.
Apart from this, from these, online payment gateways, if customized to make outward payments, can be hugely relieving for day to day society works where they need to pay vendors and others.
What’s your opinion in incorporating payment gateways for housing societies? Do let us know in the comment section below.