Interestingly, the advancement in Digital payments has now affected how businesses are run in the modern world. The process of incorporating digital payments into management has become significant in ensuring organisational viability of enterprises. In addition to satisfying the needs of the customer, the method also provides organisational benefits of increasing efficiency, decreasing fraud and most importantly, the reduction of costs that would otherwise be incurred through other methods of payment. Are you a business person having a challenge in handling payments or are searching for the best method to process payment and receive it this is the one place to be!

To support SMEs improve the potential of the digital payment schemes, Tally is proud to announce the newest version of TallyPrime 3. 0 –With the new and just released upgrade, you can now integrate with the various payment gateways. The new release enables it to integrate key payment gateways – PayU and RazorPay and this results in enhanced payments management among business entities. With TallyPrime 3.0, businesses can pay for space ads, satisfy their customers and align on core competence rather than worrying about payment methods.

TallyPrime’s seamless integration with payment gateways 

In the latest TallyPrime version, you can connect with payment gateways to get the advantages of invoicing and management of payment links in a single software. This meant that any integration was missing, companies had to make entries in tallyPrime and had to generate a payment link from the payment gateway portal which was a tedious job. 

With the help of TallyPrime, it is now possible for businesses to record transactions, generate payment links, and do the reconciliation in one interface only. This means that they do not have to be jumping from one system to the other which would have been time consuming and may lead to a lot of mistakes. The aspect of reconciliation in TallyPrime makes it easier to reconcile the payment receipts with the invoices as well as follow up on unpaid balances.

Add QR Code and Payment on invoices

New and you can now include the QR code and the payment link from the Payment Gateway when creating an invoice. If you are performing this for a single invoice then you do it at the time of recording the invoice or it can be done in batch for multiple invoice. This makes it convenient for customers to affect payment using their mobile phone devices. It also assists in the efficient and rapid receipt of payments and boosts the interests of the customers as the payment process is easy to accomplish. Also, this feature poses another form of security since it does not demand that the customer re-enter their payment information.

Various options to share payment links and QR codes

TallyPrime has given you various methods through which you can send the payment link or the payment QR code to the customers. It allows you to create payment links and use them, for instance, in an email or an SMS with your customers.

Improved payment link generation and management

TallyPrime offers a convenient feature that allows you to generate payment links from different accounting reports, including the outstanding report. With this functionality, you can quickly and easily track your receivables and generate payment requests to your customers. This feature can save you time and improve your cash flow management. By analysing your accounting reports, you can identify your outstanding payments and generate payment links in a few clicks. 

Flexible payment options

What’s more, with TallyPrime, you can even avail the partial payment option from the gateways. What’s more?When an invoice has several bill references, one can make links for several bill references or particular bills hence can share links for payment of partial amounts.

Simplified reconciliation process

Earlier to reconcile the account, they used to log into the bank portal and manually enter the transaction in tally.

Now with the help of the payment gateway feature added in tally prime, the work of reconciling the accounts is easy. All the transactional data from the payment gateway can be imported into TallyPrime and reconciled against the entries done. If they were not created earlier in the accounting period then you can generate entries in Tally Prime with the help of transaction data. This saves time and reduces the chances of making mistakes that may be initiated when the information is manually reconciled. In general, what TallyPrime has done is make reconciliation an easier and faster process, and therefore much more effective.             

Tax computation and layering authority with a number of payment gateways in TallyPrime

TallyPrime helps you manage your payment related activities in such an efficient manner that you handle payments at multiple payment modes with ease. TallyPrime 3. 0 gives the convenience in handling multiple payment interfaces including PayU and Razorpay in one system. If you are a merchant and you use more than one payment gateway, in TallyPrime you are able to select the required payment gateway and create the necessary payment links. This feature makes payment management easier to handle and eliminates the need for going back and forth between different systems.

Customized access for multiple users

In TallyPrime 3. 0; but you can keep as many users as you want with various accesses assigned based on the role the user plays in the business. This feature allows you to set particular jobs for each user and it is also possible at least to regulate the possibility of their actions in the system. The type of tasks that you can assign to those profiles can include creating payment collection links, transactions view, report reconciliation, and many others. Another of the most important working features of TallyPrime is the possibility of granting access to the generation of links for the collection of payments to some users. This makes it possible for you to put restrictions on this very important function and affirm that only authorised personnel can create payment links using this option.

Bottomline

TallyPrime 3. 0 payment gateway integration is useful for the business to receive the payments easily from the customers. They include; transactions, payment link generation, and transaction reconciliation, all of which can be processed in a single system, TallyPrime 3. 0 makes their functioning easier and minimizes the possibility of mistakes that can be made on the fly. The improved software also enables several users to have access to this application in a way that suits their needs best and accepting payments has also been made easier in the sense that the software supports several payment options. On balance, the payment integration option in TallyPrime proves to be a boon for businesses that are trying to streamline their operations and manage their inbound and outbound receivables.