It’s crucial to understand the difference between static and dynamic QR codes, especially if you plan to employ such QR codes with your small business operations.
So what is a QR code really?
A QR (Quick Response) code is a more advanced version of a barcode. Barcodes attached to items in grocery shops, clothing, and other tangible products have always had an individual barcode meant to track vital information about it.
In a similar way, a QR code can be generated online for the purpose of scan-to-pay, tracking product data, leading to specific webpage and so on.
Unlike barcodes – which only provide a product’s numeric value – QR codes may hold a lot more information in multiple formats.
There are two common categorisations of quick response payments; static and dynamic QR codes.
With a static QR code, the destination URL is always the same.
The data stored in static QR codes are set in stone.
The data/destination is immediately recorded in the QR Code graphic (hence QR codes are also getting larger and form a more complex pattern if there is more data to store).
As a result, the stored data/destination cannot be modified.
As with any printed item, a typo in a QR code that has already been printed cannot be corrected.
A dynamic QR code has a URL that may be changed.
The QR code is embedded with a short URL that transparently redirects the user to the desired location.
Even if your marketing materials have already been produced, the destination of a dynamic QR code can be changed at any moment and as often as you like. This will save you money on reprints and allow you to adapt to campaign modifications as quickly as possible.
The main difference between a dynamic and static QR code is that if you choose the dynamic QR, you would have had the flexibility to change data, which would have made this problem much easier to address.
All you must do is select the data on your end, and the QR code will send users to the appropriate page.
If you choose a static QR code, you’ll need to upgrade your posters, flyers, and takeaway menus to a new QR code.
Dynamic QR Codes & Business Payment Collections
Asia leads with the way with QR code payments and is favourited by both consumers and the businesses that sell to them.
There are many drivers for this; and COVID-19 of course has propelled this adoption greatly as contactless payments become increasingly popular.
To accept payments, all merchants need is a device to generate a code.
Then, they can need to set up their payment collections process that can be used to accept fees on the go.
The mCollect X app is an example of a simple digital payments app for small businesses in countries like Singapore and Malaysia. It just needs to be downloaded and linked to your business bank account.
When you need to collect a payment from a customer or client – the app generates a dynamic QR code that the customer can send with their own device.
From there, they can fulfil fee through PayNow or DuitNow (digital payments accepted nationwide in Singapore and Malaysia.)
Key advantages of QR payments for small businesses
If you’re still deliberating on the switch to QR payments for your business – here are a few vital benefits to glance through.
Payments are made instantly
One of the most significant advantages of QR codes is that they allow for quick payment.
When compared to other payment methods, using QR codes is exceptionally fast. To process the payment, all business owners must do is launch the QR code app, generate the QR code, and confirm payment.
The funds received are reflected in real-time through your business bank account.
An app like mCollect X can also be used by employees in your entire organization.
This means that members of your finance department can receive notifications when a payment is made and can follow up or reconcile payments much easier.
Importance is placed on security
Payments made with QR codes are extremely safe. It’s because a QR code is nothing more than a mechanism for exchanging information.
Any data transferred via QR codes is encrypted, ensuring that the payment is completely secure.
QR code payments hold lesser risks compared to physical cash, which relies on employees bringing a substantial amount at the end of the day to deposit in a bank.
With QR payments, each transaction is received instantaneously and transferred securely in your business’ bank account.
Excellent for avoiding human error
QR code payments are a risk-free mode of payment because they eliminate the possibility of any type of inaccuracy.
There is a lesser chance of data entry errors and inaccuracies that come with manually entering figures at the end of a working day.
Setups are immediate and hassle-free
It’s quite simple to set up QR code payments.
You don’t require much in the way of infrastructures such as a Point of Sale (POS) system or other payment-related equipment.
A working smartphone with the ability to download apps is really all you need to get started with setting up QR payments.
In this sense, QR payments are perfect for small businesses such as food vendors, retail shops, manufacturers and more.
Businesses that depend heavily on transporting their goods to resellers or clients can also use apps like mCollect X for an instant scan-to-pay process that eliminates the need for paperwork.
Here’s a brief overview of mCollect X’s QR payments in action.
Consumers in Asia are well-versed and widely accepting of digital payments such as static and dynamic QR codes.
Incorporating QR codes as a part of your collections process doesn’t just improve your ability to adopt innovation in a digital economy – but streamline many operational processes in your organization.
You can get started with an easy-to-use payment collection for free when you register for mCollect X.
Find more mCollect X information here.