How Are Digital Ledger Apps Seeing Higher Adoption with Business?

After the current pandemic, we have seen a massive wave of digitisation in almost every business, huge or small. There’s widespread adoption of digital ledger apps by big businesses and small businesses in towns and villages to ease financial management.

Independent businesses in villages and micro businesses in towns are gradually moving their traditional on-paper bookkeeping methods to digital form because of their multiple advantages over the conventional methods. By doing so, small businesses are now able to manage their day-to-day transactions easily through completely free platforms like the OkCredit application without any scope of human error or the fear of losing the data.

What is OkCredit?

OkCredit is a mobile-based solution that helps small businesses manage their transactions and track the credit extended to vendors, suppliers, and customers. Over 7 billion dollars of transactions have been processed through the platform by 5.5 million sellers who are actively using the OkCredit application.

Harsh Pokharna, the CEO of the OkCredit company, stated that “Small businesses in villages and towns can process up to 100 transactions with their customers. Of those transactions, a huge portion is associated with credit that is given to repeat customers. As a result of which, it becomes hard for the owner to precisely maintain every credit transaction done daily”. Here, the OkCredit application comes as a saviour for those businesses. The OkCredit application will not only help in maintaining your business finances but will also ensure timely repayments of extended credit towards customers.

OkCredit App Details

The OkCredit app simplifies the process of transaction and recording payments by eliminating the need to keep an accounting ledger book. This app can be used by any small business owner, even those who sell on credit. Aside from them, grocery stores, medical stores, electronic stores, etc., can use this software to keep track of their inventory. We have mentioned below some of the OkCredit app’s details.

• The OkCredit app has a very clean and easy-to-use interface, and one would need only a few minutes to understand its functioning.
• Customers can get payment reminders through WhatsApp or SMS.
• It also has a very unique feature through which your customers can see their transaction history with your business.
• OkCredit will also help you add the transactions automatically, reducing the burden of manually adding them.
• You can also secure your account and other transactions with a password.

Reasons Behind the Higher Adoption of Digital Ledger Apps in Small Businesses

1. Change in consumer behaviour

During the lockdown, India has witnessed a higher rate of digital transactions across the country. People became cautious about the social distancing norms, and the majority avoid face-to-face contact these days. People now tend to make more digital payments instead of cash. Due to this transition in the year 2020, we have seen an exponential rise in adopting applications like OkCredit.

2. Availability of cheap & high-speed internet across the country

After the inception of high-speed, low-cost internet service providers, people now have access to high-speed internet in remote areas of our country at minimal expenses. This is a significant factor that propelled most of the shop owners to integrate their business in the OkCredit application to ensure smooth transactions and better communication with their loyal customers digitally.

3. No fear of losing data

Applications like OkCredit securely store all the data in their server, because of which the chances of losing your data are significantly less. Most small businesses in our country still maintain their day-to-day business ledger account on papers, which has a higher chance of getting lost or damaged. Many small shop owners are now shifting to digital ledger apps to keep their transactions stored on the internet where the data cannot be tampered with or lost.

4. The information remains highly protected on these platforms

The business accounts in these apps remain highly protected with a password and OTP because only the account owner can change or add any data to it. This is why most owners now prefer digital bahi khata to keep their valuable transactions to themselves, which was not possible in traditional bookkeeping methods.

5. The data can be accessed remotely from any place

In traditional bookkeeping methods, one had to maintain their on-paper transactions from a specific location. But, through digital ledger apps, the owners can now remotely access the data from anywhere across the globe just by opening the application.

6. Applications like OkCredit come free of cost

The most important reason behind the vast adoption of digital ledger apps is their free availability in Google Play Store. The business owners won’t have to pay a single rupee to use the application, and anyone can avail of these benefits from any part of the country.

Conclusion

The current Covid Pandemic has brought many changes in a person’s day-to-day life and business operations. But, it has accelerated the digital drive across the country, which we were slowly adopting before 2020. A huge portion of our country now has wide access to smartphones and cheap internet across the country. Because of this, we see exponential growth in the adoption of digital ledger apps in businesses across towns and villages.

Apart from that, many experts predict that shortly, the demand for goods and services in India will radically increase. This will result in more and more daily transactions, which would require suitable bookkeeping methods to keep track of those records. The founders of the OkCredit application had predicted this future way back in 2017 and created this platform to uplift small businesses in villages and towns. Since 2017 many shop owners have benefited from the OkCredit platform, and the adoption rate is increasing day by day. So, if you are a small business owner in any Indian smalltown or village who wants to switch to digital accounting, check out the OkCredit app on Google Play Store to make your business more organised and effective than before.

Also Read:

1) How to Start an Oxygen Cylinder Plant in India?
2) How to Start a Business with Zero Experience & No Contacts?
3) OkCredit: Simple, Paperless & Secure solution for businesses
4) Using OkCredit App for Your Kirana Business

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FAQs

Q. How can the OkCredit app help me in receiving payments from customers?

Ans. You can either manually send them reminders through WhatsApp or SMS or set a particular date on which the reminders will automatically be sent to the customers.

Q. I have a small Kirana store in my village with very few daily transactions. Can I use the OkCredit App?

Ans. Yes, any business, either small or big, can use it to keep a clean record of their daily transactions with customers for better transparency. On the other hand, if you lend goods or services on credit, you can set up reminders on a particular date and remind your customers through Whatsapp or SMS.

Your customers can also choose to pay you through the reminders, which will be directly credited to your bank account.

Q. Will I lose all the data if my mobile phone gets damaged or I erase all the data accidentally?

Ans. No, you can always choose to log in from another device until and unless you have your registered phone number and other account credentials along with you.

The safety of your valuable data is always our priority, and our customer support is readily available to guide you in such cases.

Q. I want to integrate my business into the OkCredit application. Are there any hidden charges for in-app features like reminders and bank settlements?

Ans. No, we have kept our platform completely free so that every small business in our country can benefit from it and grow their business.

Q. Is OkCredit an India-based company?

Ans. Yes, the OkCredit application is completely based in India. The headquarters of OkCredit company is located in Bengaluru, Karnataka.