It is high time that the traders become smart while settling business transactions. They should know how to become technology savvy and use facilities and technology to reduce cost of financing business. If the traders start their business spending through credit cards, they can enjoy saving on interest and hassle free credit by doing purchases through credit cards. The traders can link the payment of credit card due dates to their business Bank Account to ensure timely payment said B C Bhartia, National President Confederation of All India Traders (CAIT). He was speaking at a programme - “Reach Acceptance submit 2019” at Hotel Trident BKC Mumbai organised recently by Master Cards.
The programme was focused on innovation, Digitalisation and Transformation. In an interactive session with Amitabh Tiwari, Vice President Master Cards, Bhartia said that future mode of settlement of business transactions either B2B or B2C shall be through digital mode of payment. “Traders should upgrade themselves with facilities to accept payments by cards and other digital mode of settling transactions. If the sales are through digital mode, it gets recorded. Money comes to bank account directly. This also helps the lenders to advance money to such traders. Infact a traders can get advance sales amount by way of loan to be adjusted against future credit card sales.
Bhartia further said that there is cost of handling cash. Receving cash, counting and depositing in bank is not for free. The traders have to bear the loss due to fake currency or soiled notes. Bhartia said that currency notes pass through different hands. It may contain virus and bacteria. If traders shift to digital mode of acceptance of money traders will be free from such health risk.