Why Is Payment Gateway Integration A Boon For Your Taxi Business?

Payment systems are pivotal in every economy. The world of digital transactions has replaced coins and notes with bits and bytes. Major elements of the business like spending, earning and investing all get updated in real-time via smartphones. Moreover, according to World Payment Reports, the emerging markets account for one-third of the global non-cash transaction volume. This is expected to contribute nearly half of the global volume by 2021. Cashless transactions have revolutionized the financial outlook. To facilitate a seamless transition, digital payment methods are becoming increasingly simpler, faster, and safer for both customers and merchants.
Why should you integrate payment gateways with taxi dispatch system?
The payment industry has been dynamically changing with respect to the thriving technology. The integration of payment gateways with taxi dispatch software is one of the essential new standards which holds a lot of benefits for the business.  Let’s take a glance at the benefits it offers for customers, merchants, and business owners:
1) Ease Of Payment:
When the on-demand taxi app is integrated with payment gateways, it enables the customers to pay the ride fare effortlessly through their mobile phones. This makes the whole procedure of payment very easy and convenient when compared to the traditional taxi business.
2) Safe And Secure Payment: 
The fact that the payment made by customers goes directly to the company attracts customers. During the registration process, the customer can link the app to various payment gateways like- credit card, debit card, net banking facility, and e-wallets. The customer doesn’t need to worry about the details being misused as the transaction processes are encrypted.
3) Trip- Fare Automation: 
The traditional taxi services used to frustrate the customers, as initially, the driver could quote any fare as per their calculations. On completion of the ride, the drivers may even ask for additional charges. These disputes are easily resolved by the integration of payment gateways with the on-demand taxi app. The automated in-app fare calculation makes the payment process more convenient. The trip-fare gets automatically deducted from the customer’s account which facilitates a hassle-free payment experience at the end of the ride.
4) Automated Earnings Management: 
The integration of payment gateways with taxi app makes the management of the drivers easy. Every driver has the driver app through which they receive their incentives and commissions depending on their performance. The business owner’s commission is automatically transferred through the app at the end of week or month depending on the agreements.  
5) High-Speed Transactions: 
The transactions take only a few seconds to execute, saving the time of the customers, admin, and drivers during payouts. Automation in the process of calculating incentives and commissions also saves time and improves the efficiency of the dispatch system.
6) Reduction Of Labour Costs: 
The traditional taxi business required employees to look after the accounts. After the automation of processes, the earnings are recorded and processed easily in digital formats making processing and sharing the data much easier. This has also resulted in the reduction of time and capital spent on training people.
7) Increase In Cash Flow:
Proper cash flow is necessary for every business. The business can only succeed if the owners are able to access cash for routine needs such as wages, incentives, operational costs, and promotional activities. Before the automation of procedures, it took a lot of time to process earnings which delayed further actions. The integration of payment gateways enables the proper flow of cash which aids in periodic payrolls and managing operational costs.

Now it’s time to embrace the technology of payment gateways in order to avoid missing out on potential business. Stay updated with the latest technology with our taxi dispatch software. Get in touch with our product consultants at Jugnoo Taxi to get a free demo.