Over the years, businesses in sectors such as financial services, insurance, and stockbroking have seen a vast change in the way they receive and disburse funds. And we cannot deny the fact that evolving digital payment technologies have played a significant role in this transformation.
Increased internet usage, rapid adoption of smartphones, and changing customer preferences are a few core reasons for the tremendous growth of digital payments. However, with the exponential growth of online transactions, there is always a need for safer and more convenient payment solutions.
BFSI (Banking, Financial Services, and Insurance) is one of the major sectors where businesses seek better possibilities when it comes to digital transactions. Merchants in the financial services are required to thoroughly validate customersâ bank accounts through which they will collect the receivables payments. They also need to follow SEBI (Securities and Exchange Board of India) guidelines that payments should be made only from pre-registered bank accounts of their customers. And, there is immense pressure on merchants to serve every consumer in the best possible way.
For the answer, Paytmâs Third Party Verification (TPV) flow on payment platforms not only automates the whole process of account verification but also creates a better customer experience for digital payments. Nowadays, it has become an imperative element for modern investment platforms operating in the BFSI sector.
- Ensure 100% SEBI compliance using Paytm TPV
- Full coverage for UPI transactions
- Enjoy a great customer experience with all checkout flows
- Real-time account verification is supported in the top 30 banks
Managing account verification
With the TPV integration on web platforms, Paytm maps the customersâ registered bank accounts provided at the time of registration with merchants. And it makes sure that the payment is completed only from the pre-registered bank account. If a customer chooses a different bank account to make a payment the transaction will get failed by giving a valid failure reason.
Most importantly, the Paytm TPV solution makes account verification possible in real-time and enables a better user experience. TPV ensures that the transactions happen instantaneously, makes the reconciliation and refund process hassle-free and faster, which ultimately results in winning customer loyalty.
Streamline business payments using Paytm TPV
Yes, going digital is easy now with Paytm. You can create a successful product or service for your investment business with the TPV flow integration on your platform. Apart from resolving all your customer account verification problems, Paytm TPV offers efficient online payments for your banking, financial, or insurance services.
Merchants can now achieve remarkable results via different payment modes enabled by Paytm, such as UPI, net banking, and E-mandate. They can leverage TPV for seamless one-time payments or recurring payments while it supports major 30 banks for net banking. Plus, it supports all UPI flows with 100% coverage for UPI transactions.
All this and more
Now you understand how Paytmâs third-party account verification solution can benefit you to expand reach for your financial services. Merchants operating in Mutual Fund, Stock Trading,
Loan Management, Investment Banking, and allied online businesses can take advantage of the TPV solution to make their payments process robust and customer-friendly. With TPV, businesses can accept payments from customers without any discrepancies.
Also, TPV is supported in all Paytm checkout flows, including the all-in-one SDK and custom checkouts to meet all your business payment requirements. These tools are great for improving the efficiency of your transactions and giving a stunning experience to your customers.
Being the largest payment solution provider, Paytm has a plethora of useful payment methods for every market that guarantees security, flexibility, and growth for your business. Online businesses in the BFSI sector can use the Third Party Verification solution from Paytm to transact more securely and conveniently in real-time.
So what are you waiting for! Take a big step with Paytm TPV integration and explore all the possibilities of the digital payment landscape. With our superior technologies and industry-highest success rates, we ensure to provide you with the best payment solutions that exceed or meet your ever-changing business needs.