With digitization paving its way in India, Aadhaar Enabled Payment System has taken a new sense of business opportunities for many in the country. The easy access to ATM facilities without an actual ATM makes the whole opportunity cost-effective and profitable. In this article, we will walk you through the steps that can help you start a fruitful AEPS business in India.
But first, let us talk briefly about AEPS.
What is AEPS?
Aadhaar Enabled Payment System or AEPS allows your customers to make payments and perform other banking transactions from their Aadhaar-linked accounts. With AEPS, one can perform the following services:
- Cash Deposit
- Cash Withdrawal
- Balance Enquiry
- Mini Statement
As an AEPS shop owner, retailer, or service provider, you can gain a profitable commission by allowing your customers to gain access to banking services without actually using an ATM at accessible locations.
The Aadhaar Enabled Payment System, therefore, allows customers access to banking facilities with utmost security just like traditional banks and ATMs.
Tips to start AEPS business in India
To start a successful AEPS business in India, you have to keep the following points in mind:
1. Trying and testing before committing
The success of your AEPS business will be mostly based on the quality of the software you choose. Therefore, it is very important to make a mindful decision. You cannot just lay your hand on the first software you find. You can google various AEPS software in India and sign up for demo testing.
2. Detailed Research
No matter what kind of business or startup journey one is about to embark on, research forms an important part. Therefore, before deciding on any software. You must conduct demo tests, and make an AEPS Service Provider Company List, that you like the most.
Then you can weigh the pros and cons of each one as per your target audience, potential clients, and demographic.
3. Make it legal
After intensive research and demo tests, it is time to complete all the legal formalities and documentation. This will also help you resolve any legal issues in the future with your business. You can consult a Chartered Accountant for support.
The following documents are required:
- Registered company name
- GST Number
- TIN Number
4. Choosing a Domain Name
You must choose a domain name that will represent your company. Therefore, the name you choose should reflect your company’s identity. You will also require a company name for registration.
After choosing a domain name, you must go to your service provider to register it.
5. Designing your software layout
After finishing all the documentation and registering a domain name for your company, you have to focus on customizing your AEPS software. You need to fix various parameters as per your requirements. You can either ask your service provider to send you a design as per your requirement or you can design it yourself by doing research.
6. Training Yourself
After completing all the necessary steps mentioned above, you are ready with your AEPS software. Now it is time to take some training to understand the ins and outs of the functioning of your curated AEPS software. For setting up an AEPS software business in India, it is important for you to understand all the procedures like how to start your AEPS software, add new members, inspect your commission, create packages, and more. If you choose the right AEPS service provider, you will learn all of the above in your manual training.
7. Earning Commission
After you enter the market, now you are open to business. It is crucial that you plan a business strategy to attract new customers and create new members for your AEPS service. With smooth-functioning AEPS software, you can create unlimited clients from all over India.
So whenever any member of your company is providing services to a customer, you will earn a commission on transactions.
AEPS service provider earns high commissions while allowing users to have easy access to funds.
Conclusion
AEPS business in India is in a flourishing trend at current times due to efficient and easy income sources with low investment quality that it pertains to. In this article, we walked you through some major tips that will help you set up a successful AEPS business in India. But the core of all these tips was selecting the right AEPS service provider.
Noble Web Studio is one of the best AEPS service providers in India offering various customization options for developing the AEPS software as per your wants and requirements. We also offer high and quick commissions. To try out our software features, book a free demo session with Noble Web Studio by filling out the inquiry form.