When it comes to accepting money in cashless form, debit and credit cards have long been the quintessential mode of payment. Also, known as “plastic money” – as these cards are literally made of plastic – they do more than what meets the eye.
There are a handful of companies that provide these debit and credit cards in India and globally. A few well known card operators in India include:
- Diners Club
- American Express
These card network providers are quite important when it comes to accepting payments from customers – whether for online payments or while paying using the POS machines.
For the purpose of this blog, we will focus on Mastercard.
What is a Mastercard
In the late 60s several banks joined hands with the Interbank Card Association to merge their individual bank cards and named it Master Charge: The Interbank Card. As it gained popularity, banks decided to shorten the name to make it more catchy and appealing to users. In 1979, it was rechristened as Mastercard.
Mastercard works with banks to issue debit and credit cards to its users worldwide. It processes financial transactions done via its debit or credit cards.
As for digital transactions made online using Mastercards, banks rely on the American firm’s card network to settle and clear online payments.
Types of cards issued by Mastercard
|Types of Mastercard|
|Standard Mastercard||This is a regular card issued by the company in partnership with different banks. Mainly used for daily purchases – both in-store and online.|
|Platinum Mastercard||The platinum line of Mastercards is accepted globally and is particularly useful for people who travel frequently or shop from international websites.|
|World Mastercard||Similar to Platinum Mastercard, this can also be used in different parts of the world. The added benefit with these cards is that it offers a host of benefits like coupons, discounts for travel related expenses.|
Importance of Mastercards for businesses
It’s often said that a business must have as many ways to accept money as it possibly can have. There should be no compromise on that front. Providing ample payment modes reduces the chances of the customer leaving the store without buying anything.
Being one of the largest card network providers in India, accepting payments via Mastercards becomes quite crucial for businesses. Whether it’s an online store or a brick and mortar shop there will always be shoppers who would like to pay through their Mastercard.
Since Mastercard issues both debit and credit cards businesses should ensure they can accept money through either type of cards. To be sure, a debit card is linked with one’s savings or current bank account and the money gets debited from the balance one has in their account.
A credit card, on the other hand, is a line of credit offered by banks. Businesses have to pay a slightly higher transaction fee to accept payment via credit cards. However, the business one will lose for not accepting credit cards is far worse than paying the transaction fees.
Accept Mastercard on Paytm Payment Gateway
The Point-of-Sale machines have made it easy for offline businesses to accept payments from all card network companies including Mastercard. But for online businesses, it gets a bit tricky as it involves partnering with a payment gateway that is adept with processing payments from all card network companies.
We walk the talk. Just like we advise businesses to accept Mastercard issued debit and credit cards, Paytm Payment Gateway makes it easy for online businesses to accept payments via Mastercards.
Using Paytm Payment Gateway to accept digital payments has myriads of benefits.
- Quick onboarding: The onboarding process is paperless and takes only a few hours to start accepting payments from customers
- One-day settlement: Unlike other payment gateways that take more than two days to settle payments, Paytm Payment Gateway takes just a day. This is irrespective of any bank or public holiday
- Multiple payment modes: Right from debit and credit credit cards from all network providers, Paytm Payment Gateway allows businesses to accept payments via netbanking, UPI, digital wallets like Paytm Wallet. One can also allow customers to use buy now pay later mode using Paytm Postpaid
- Fewer cart abandonment: Businesses that use Paytm Payment Gateway face minimal cart abandonment issues. It is largely because of the vast number of payment modes that Paytm Payment Gateway supports. In addition, since millions of customers have their cards and UPI ids saved on our server, payments are easier and quicker
- Powerful dashboard for analytics: While processing payments is our core, we offer business much more than just that. Businesses use Paytm Dashboard to analyse sales, learn which payment mode fared best, which business location made how much sales, and much more
These are just a handful of benefits that Paytm Payment Gateway offers businesses. There is much more that we have in offer such as customised checkout for customers, Paytm Links, Paytm Subscriptions, international payments, etc.
Switch to Paytm Payment Gateway today and unlock the true potential of your business.