Have you heard about Plutus? It’s one of the newest digital payment methods and the talk of the town right now. But, a significant number of people are not aware of what it’s all about and how it works.
The purpose of this article is to help you understand everything you should know about Plutus payment.
Let’s dive right into it!
What is Plutus?
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Plutus is a modern payment solution for restaurants and retail stores. It started as Windows PC-based POS (Point of Sale) software to capture and authorise credit and debit card payments. The aim was:
- To replace EDC (Electronic Draft Capture) terminal
- Minimise POS machine charges
- Streamline store operations
- Facilitate speedy checkouts at the digital POS machine
- Enable EMV transactions
- Facilitate high-speed internet connectivity
- Eliminate counter clutter
- Save more time
- Minimise human errors
- Eliminate manual data entry, etc.
One of the leading innovators is for Plutus POS payment solutions.
A lot about Plutus hasn’t changed except for the fact that it’s more advanced now than it was ever before. Today, Plutus is popularly known as Plutus Smart and is an all-in-one android and iOS-based digital POS machine or system that can handle different digital payment modes with ease via the My Plutus app. These include:
- Credit and debit cards
- QR code
- Mobile wallets
- Loyalty points and more
Plutus payment is still a popular solution in India, and that is not about to change anytime soon.
Why Plutus Payments?
The number of digital payments has increased rapidly over time as more Indians realise the benefits of contactless transactions. In fact, according to a report by Fintech India, the country witnessed a total increase of over 8.5 million merchants utilising digital payment methods in 3 years or less, from the previous 1.5 million in 2016-17. And the big question is why?
Multiple Payment Options
One of the things everybody loves about Plutus is the convenience that comes with it, allowing multiple payment options, including card payments (debit and credit), QR codes, pay later, mobile wallets, among others. The best part about it is that you can use just one digital POS machine to enable all those operations; no need to install another one.
The EMI Offer to Customers
It’s no secret, customers love the buy now and pay later EMI payment option. As a merchant, it’s in your best interest to provide these payment services; otherwise, you’ll lose potential customers to your competitors. Plutus makes it possible and so much easier to offer to buy now and pay later EMI to attract more customers and maximise your sales.
If you are in the hospitality and tourism industry, you will be happy to know that Plutus has got you covered. The payment solution is friendly for travellers as it has an in-built DCC (Dynamic Currency Conversion) feature, which is necessary for you to accept payments from foreign travellers. The purpose of this feature is to make it easier for guests to pay using their local currency. It is enabled through leading banks such as ICICI, HDFC, Axis, and more.
Simplified Accounting and High Accuracy
The biggest challenge with using cash registers is that you cannot prevent losses due to petty theft and human errors. That’s beside the lengthy accounting process of your manual records. Plutus payments tackle these two issues by
- Eliminating the need for manual intervention to enhance accuracy
- Automating operations
- Making it easier to access and manage your records to identify and fix loopholes because they cause too much damage
Boost Customer Loyalty and Business Growth
Customer loyalty is all about the buying experience you give to your customers. What do they feel about it? Do they like it or not? What can you do to improve it? The only way to know these and other crucial things for sure is from the customer. The Plutus payment solutions allow you to receive customer feedback after each completed transaction.
Everyone wins with Plutus. For customers, this is a fast, convenient and affordable way to pay. And for the merchants, it’s a way to boost sales, profit, and overall business growth.