What is meant by electronic receipts? What is the electronic receipt system?
Not many years ago, accounting meant keeping a record of paper receipts for years. This means having printed receipts for every trading account. For every bill your customers pay, we live in a digital age, so it's not surprising that businesses choose to use online receipts for their customers.
If you decide not to use papers, you may increase your revenue. There are a lot of advantages to using electronic receipts and this may improve customer or customer satisfaction.
What are electronic receipts?
When customers buy goods from a company, the manager and the consumer must have proof of payment for the items purchased. The purpose of the receipt is to provide evidence of a financial transaction between the customer and the business.
In the past, receipts could only be printed on a strip of paper. This indicates the price of the item, the amount the customer paid, and the date the receipt was printed. Merchants had to keep these receipts stored in physical files to keep track of their finances.
Now, small businesses and even freelancers have the option to create electronic receipts to send to clients. Instead of printing the information on paper, the receipt is sent to the customer via email or on another digital platform.
Advantages of electronic receipts
If you have used paper receipts, you can tell that they cost a lot. Did you know that billions of dollars are being saved from switching to digital receipts around the world?
With digital receipts, there is no paper involved. This means that you eliminate any additional costs. As such, you can transfer this money to other aspects of business operations.
You cannot discuss the pros and cons of electronic receipts without mentioning marketing, such as B2B Marketing and B2C Marketing, because the latest technology in creating digital receipts also stores customer information. In addition to that, you can also send personalized messages with each receipt.
More than anything, digital receipts help retailers grow their email lists. This makes it easy to email copies and attract continued patronage.
Paper receipts take up a lot of physical real estate in your organization. Customers also suffer from this and lose many receipts soon. Even if the receipts are not lost, they end up vanishing.
Digital receipts easily solve all of these problems. It is easy to store as it does not take up actual storage space. Many digital receipt platforms allow you to store copies in the cloud. Customers can also keep their receipts in email inboxes.
Electronic receipt system
The latest digital receipt technology allows retailers to include marketing messages - they can even customize emails to customers themselves. With information gathered from email sign-ups (aka the email you need to provide to get the receipt digitally), retailers can determine their best target consumer and the type of merchandise they're most likely to keep buying. Email receipts have become the go-to solution in terms of replacing traditional receipts, but they are far from perfect.
What does the electronic receipt system provide?
Capture crucial information
The transaction amount, approval code, device ID, merchant ID, date and time are stored digitally and can be stored for a very long time.
Access anytime and anywhere
Authorized users of Banks and Merchants can login to the web portal to view and search any electronic receipts with different search options.
Enable merchants to receive SMS, email or app notifications for each transaction status. URL link can also be sent via SMS/email to view the e-receipt.
SMS and email notifications of e-receipts are delivered within seconds.
Merchant can login, view, print and download multiple transaction receipts and export details for easy report generation.
Easily track transactions across multiple business outlets with a single system
Resend the electronic receipt
With just the date and time of the customer's transaction, the system can easily track the details of the previous transaction and send back the electronic receipt.
Create settlement receipt
Companies can view total settlement claims with the bank.
Create an electronic receipt form
Set specific message templates for each qualifying condition. If sent via email, they can also provide personalized promotions, incentives for outreach on social media, and more.