I was driving back home on what appeared to be just another regular Tuesday Night. Suddenly I felt my phone buzz in my front left pant pocket. I thought it might be one of those pestering promotional SMS or a random forward message in one of the many whatsapp group. I drove on and after a minute or so, the single buzz turned out to be a series of incessant buzzes.
I thought somebody was calling me and so I stopped my bike in the edge of the lane to attend the call.What I instead saw was a series of messages on whatsapp flowing like a waterfall. I was getting spammed at the rate of 7 to 8 texts per minute that I could not even manage to readÂ a single text.
Now I’m more interested in finding out what the commotion is about than going back home. I scrolled through the never ending feed of texts and what stuck on to my mind was “500’s and 1000’s are scrapped”. I clearly didn’t want to have a debate about the pros and cons standing in peak hour traffic. I went back home and waited for the dust to settle so I could get a clear picture of what happened.
In the morning newspapers, all I could see was Modi this, Modi that, 500, 1000 and black money. While the entire country is lauding Mr. Narendra Modi for the “Surgical strike” on black money, there are a few who think “He didn’t even consider us before he made this decision.”
Business owners, especially small and medium scale, mostly deal with paper money would have had a sleepless night. It’s not because they have pillows of black money stashed in their homes, but it’s because their business will be affected by this bold move.Â
If you’re a business owner, here are few ways you can minimize the impact of surprises like the one Mr. Modi threw at us yesterday.
India is rapidly undergoing a digital transformation and soon, our entire economy will be run by virtual currency. With RBI backing up this digital initiative, the change is imminent to happen.
Mobile wallets are easy to set up and use and since your mobile phones have essentially become an extension of you, you’ll always have your wallet with you. Here areÂ few mobile wallets that we have used and recommend.
PayTM – Phenomenal growth, Widely used and accepted across India
MobiKwik – Offers doorstep cash collection facility, which can be converted to virtual money
PayUMoney – Offers one-touch check out and discounts on every transaction made
We, at GOFRUGAL, are working with severalÂ vendors and very soon, we will be updating our solutions to support mobile wallet integration.
Why not join the government’s efforts to eliminate black money by offering your customers to pay using credit/debit card. This way, you are accounting for every transaction and contributing your efforts towards a cashless economy.
We are not having any favorites/recommendations in helping you choose a card. It’s just a matter of convenience and personal preference.
Our Retail POS solutions are fully capable of providing fast and uninterrupted billing,Â be it in cash or card
India has witnesses the e-commerce model disrupting the retail industry and with big players such as Amazon, Flipkart and Snapdeal fighting it out for the wallet share, things aren’t going to slow down anytime soon. You can open up your shop with any of the e-commerce players or if you want to set up your own shop we recommend
Magento – If you know a little bit of coding, this is the best option out there
ZepoÂ – Offers vast features and a friendly dashboard UI
Unicommerce – Provides a neat interface and extensive market integration
With GOFRUGAL’s POS solutions, you can effortless manage both your online and brick & mortar store using a single application.
We would like to know your opinion on the scrapping of Rs 500. and Rs. 1000 notes. Voice your stance in the poll below and see how many others stand with you. Let us know what do you think in the comments section .