As technology continues to transform the business landscape, it often introduces innovations that facilitate interactions between customers and you as a business owner. One of the recent breakthroughs that have taken the business world by storm is QRIS or Quick Response Code Indonesian Standard. QRIS is not just a regular QR code; it can also create a digital payment system - which is why it is gaining attention in Indonesia. In this article, you will get a comprehensive explanation aimed at detailing the QRIS concept and providing practical guidance on how to create QRIS and register QRIS that can enhance the competitiveness of your business.
QRIS, short for Quick Response Code Indonesian Standard, is a part of the ever-expanding digital payment technology. As a national standard, QRIS provides convenience in conducting payment transactions through QR codes. The uniqueness of QRIS lies not only in its ease of use but also in its integration with various digital payment methods such as e-wallets and banking applications. Thus, QRIS becomes not only a payment tool but also an efficient integrated solution for business owners.
With the ongoing development of technology and the increasing dominance of digital payment trends, QRIS has become an inevitable solution for business players. The advantages of QRIS in terms of practicality, security, and efficiency make it a highly relevant choice in enhancing customer transaction experiences and optimizing business operations. QRIS can also be categorized as an inclusive payment method since it can be used by users who do not have a bank account and only have payment applications. Especially for people living outside major cities, QRIS can help your business reach a broader market. By understanding the concept and how to create QRIS, as well as how to make QRIS for businesses, you can keep up with technological developments and remain competitive in providing the best services for customers.
The process of creating QRIS for your business is not complicated. To create a QRIS for your business, the initial step is to register with a QRIS provider recognized by Bank Indonesia. Afterward, you will receive a QR code that can be displayed at your business location or used in promotional materials. QRIS not only facilitates customers in making transactions but also provides business owners with access to track and manage transactions effectively. If you are still confused about the best way to create QRIS, you can learn more about how to create and register QRIS in this article!
What is QRIS?
Before learning in detail how to create and register QRIS, you should first understand more about what QRIS is. QRIS, short for Quick Response Code Indonesian Standard, is an innovation in the digital payment system that is making waves in Indonesia. A QR code is a square pattern of black and white that stores information and QRIS is specifically created to facilitate electronic payment transactions. With QRIS, customers can easily make payments by scanning the QR code at the business location or on the purchased product. In addition to ease of use, QRIS is also known for its integration with various types of digital payment services, providing high flexibility to meet your customers' needs.
The history of QRIS began in 2017 when Bank Indonesia initiated this national standard to enhance efficiency and interoperability in the electronic payment system in the country. With the development of technology and the strengthening trend of digital payments, QRIS has become a strategic step to unify various existing electronic payment platforms. Standardizing QRIS allows the use of the same QR code across various payment applications, whether from banks or e-wallet providers, creating a more integrated ecosystem accessible to various segments of society anytime and anywhere.
The COVID-19 pandemic that happened in the year 2020, was also one of the main factors that further popularized the use of QRIS in Indonesia. Alongside physical distancing policies and concerns about virus transmission, people tended to shift towards non-cash payment methods, including the use of QRIS. Restaurants, shops, and other services in Indonesia increasingly encouraged customers to use digital payments with QRIS to reduce the risk of physical contact. By using QRIS, all you need to do is take out your smartphone and then scan the QR code displayed by the merchant or store. This way, you don't need to use cash or debit cards that can potentially spread bacteria and viruses to others. Additionally, the government has supported these efforts by promoting the adoption of QRIS as a safer and more efficient payment method. Although this adaptation is largely acknowledged as a positive response to the pandemic situation, some challenges such as digital literacy and infrastructure availability still pose obstacles for certain segments of the population.
QRIS not only provides benefits for users but also for business owners. By using QRIS, business owners can reduce the complexity of providing various electronic payment methods. QRIS eliminates the need to provide many different QR codes, as one QRIS QR code can be used by various payment service providers. Thus, the history of QRIS not only reflects the development of payment technology in Indonesia but also the effort to create a more efficient and integrated ecosystem for all parties involved in electronic transactions.
The benefits of providing QRIS as a payment method for your business
Creating QRIS for business brings several significant benefits. Firstly, QRIS enhances customer convenience in conducting transactions. By simply scanning the QR code displayed at the business location, customers can make payments quickly and efficiently, reducing queue time and enhancing the overall shopping experience. This speed and ease not only create a positive impression on your business but can also increase customer retention due to a smoother shopping experience.
Moreover, QRIS also provides convenience in business financial management. By using QRIS, all transactions can be recorded automatically and centrally, allowing you to track daily, weekly, or monthly income more accurately. This information is not only useful for accounting purposes but also aids in planning marketing strategies and managing inventory. With structured transaction data, businesses can make better and more responsive decisions in line with market trends and customer needs.
Lastly, another advantage of creating QRIS is the enhancement of transaction security. QRIS is designed with a high level of security, making it a safe and reliable payment option. Digital payments with QRIS reduce the risk of theft and fraud because transaction information is stored in encrypted form. Therefore, both customers and business owners can feel more secure in making and receiving payments. This benefit not only creates a secure transaction environment but also builds customer trust in your business.
How to create QRIS for your business, step by step
Now that you have learned more about QRIS in general, you have a better understanding of the importance of creating QRIS for your business, right? Surely, you now need to know how to create QRIS in detail, including the implementation process. Let's follow step by step the process of creating QRIS for your business, starting from the registration process, implementation, to promotion.
Registration with QRIS Provider
Choose a QRIS provider recognized by Bank Indonesia. Ensure that the provider has met the applicable security standards and regulations. Next, register your business with the QRIS provider by completing the provided registration form. Prepare the necessary documents according to the provider's requirements.
Verification and Approval
After submitting the registration form, the QRIS provider will verify the data and documents you have provided. If the data and documents are verified, you will receive approval from the QRIS provider. This approval is usually accompanied by the issuance of a unique QR code for your business.
Implementation Setup
Understand the procedures for using QRIS provided by the provider. This includes technical steps related to placing QR codes at business locations, integration with accounting systems, and training staff on using QRIS.
QR Code Placement
Affix the QRIS QR code in strategic locations at your business premises. Ensure it is easily visible and accessible to customers. If your business has an online platform, add the QR code to the website or mobile app to facilitate virtual digital payments.
Integration with Business Systems
Connect QRIS with your business's accounting and financial management system. Ensure transactions are automatically and centrally recorded for ease of tracking and analysis.
Employee Training
Educate your staff on the use of QRIS, including assisting customers who use QRIS for payments. Ensure your staff understands the benefits and features of QRIS so they can provide accurate information to customers.
Promotion and Customer Education
Promote to increase customer awareness of QRIS adoption in your business. You can also offer incentives or special promotions for customers using QRIS for payments to motivate them to use QRIS as a payment method.
Aspire as the payment gateway provider to help your business create QRIS
If you already have a full understanding of how to create QRIS and how to register for QRIS, then it's time to choose the best provider that can help you quickly understand how to create QRIS, so you can immediately use it as a payment method in your business.
Aspire comes as a comprehensive payment solution to meet your business needs. As the best payment gateway service provider in Indonesia, Aspire offers the ease of creating QRIS for your business, along with more than 26 other payment options, including bank transfers, credit and debit cards, e-wallets, and retail payments through Indomaret and Alfamart. By using Aspire, you don't need to worry, as you will experience seamless integration and efficient use, along with automatic payment verification features that ensure faster and easier payment processes.
Aspire's system, which can be integrated with various accounting software used by your business, will greatly facilitate your financial operations, allowing you to focus more on overall business development. Aspire also provides responsive 24/7 support services, ready to assist you in overcoming any challenges or questions regarding the use of the payment system. By choosing Aspire as a payment partner in your business, you can enjoy various conveniences and security in running your business online. To find out more about running a business and everything related to financial management in business, check out Aspire's blog!
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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