The Ultimate Guide to Secure Payments: A Merchant’s Perspective on the QR Code Revolution

Gone are the days when you had to manually enter bank names and account numbers. Now, with a simple QR code scan, users can quickly retrieve the recipient’s payment details in just a few seconds. The transfer process is also swift. QR code payments are not only convenient for shoppers but also help merchants save time in verifying transaction amounts, ensuring accuracy, and more.

Due to its convenience, QR codes are displayed in most businesses. From large stores on busy streets to small shops in alleys, and even at vegetable and fruit stalls in local markets, each merchant displays a unique QR code for payments.

However, with the convenience of this payment method, sophisticated QR code scams have emerged. Some merchants shared their experiences of encountering scams such as fake QR codes being placed over the original, resulting in fraudulent transactions. Especially during peak hours, it becomes challenging for business owners to monitor whether a customer’s transaction has been successfully completed, leading to potential financial losses.

Ms. Thanh Ngoc, owner of a chain of traditional tea shops in Hanoi, shared her experience of encountering a situation where a customer informed her of a successful transaction, but at the end of the day, there was a discrepancy in the account balance. To address this issue, she switched to using Digimi – a digital banking solution offered by BVBank. With this app, she receives instant notifications via sound messages whenever there is a change in her account balance. This feature ensures that even during busy periods, she can promptly verify incoming payments.

Customers can generate their QR codes using Digimi and display them at their stores.

Ms. Thanh Ngoc also mentioned that some banking apps allow account holders to share balance notifications with their staff. Previously, employees had to take pictures of successful transaction receipts and reconcile them with the store owner. Now, with instant transaction notifications, both parties save time and eliminate the need for customers to wait for confirmation. For instance, Ms. Ngoc owns three tea shops, and she can’t be present at all locations at once. Her bank account allows her to share balance notifications with her staff via SMS or ZNS. This way, even when she’s not at the shop, her employees can verify whether a customer’s payment has gone through.

Ms. Phuong Anh, a fashion shop owner in Thanh Xuan District with a decade of experience in the clothing business, shared her secret to effective cash flow management through BVBank’s digital banking app. “Previously, I had to manually record income and expenses in a notebook. But recently, I opened a separate bank account for my shop to monitor cash flow without investing in additional software. The app associated with this account allows me to track daily revenue or within a specified period. Moreover, outgoing transactions can be ‘labeled,’ allowing me to categorize them as employee expenses, raw material costs, etc. This separation helps me understand my profits and easily manage my expenses,” she added.

Merchants receive gifts from BVBank when they open a QR code account.

According to Ms. Phuong Anh, the banking app also enables users to export transaction reports in Excel format. This feature further assists account holders in monitoring and evaluating their business performance at different periods, allowing them to make necessary adjustments to their plans.

Easy cash flow monitoring, income and expense tracking, and scientific transaction analysis are just some of the advantages that have attracted merchants to adopt Digimi, BVBank’s digital banking solution. With its efficient app features, business owners can focus on growing their enterprises and optimizing their profits with peace of mind.