Traditional currencies are gradually being replaced by their digital counterparts with the growth of the cashless economy. Given the massive scope for digital transactions, businesses now integrate multiple payment gateways to accept digital money and the taxi business is no exception.
Here are the top 6 ways you can benefit by integrating payment gateways in your taxi application.
By integrating payment gateway in your taxi app, you allow your customers to go cashless and give them multiple options, such as credit card, debit card, in-app wallet, to pay for their rides. This adds to the convenience of availing taxis at doorsteps and prompts your customers to choose you over the traditional players in the taxi industry.
When it comes to digital transactions, cash is automatically deducted from the user’s wallet or bank account linked to your taxi app once the ride is completed. Every transaction is end-to-end encrypted and the cash is transferred directly to the service provider’s bank account. This leaves no room for intermediates and eliminates fraudulent activities.
Ride fare automation
Unlike the traditional taxi setup where passengers are charged with random ride fares, payment gateway integration allows you to automate billing based on the distance traveled or the time taken while giving your customers more transparency into their ride fare payments. This, in turn, makes your taxi service a more reliable option for your customers.
In-app wallet promotions such as cashback offers and discount codes can fetch you more business opportunities. You can give such special offers to your customers by enabling them to pay their ride fares using certain payment gateways. Besides, you can also give referral bonuses to your existing customers to increase your customer base and boost your brand value.
Streamlined cash flow
Streamlined cash flow is mandatory for you to run your taxi business smoothly. Without a channel to manage revenue, it is impossible to ensure business transactions are carried out properly. With integrated payment gateways for your taxi business, you can quickly process payroll and remunerate your driver-partners on time to gain their trust and satisfaction.
When it comes to the traditional taxi setup, taxi owners need a massive workforce to carry out the paperwork. Besides, manual documentation also leads to errors. With payment gateway integration, transactions are digitally recorded, eliminating the need for a larger workforce. Cutting down the costs spent on the workforce while getting the work done increases profitability for taxi service providers.
Want to integrate payment gateways of your choice in an existing or brand new taxi application and improve business prospects? Get in touch with TaxiMobility today.