As consumers of the digital world, we are accustomed to getting instant reach – to valuable information, entertainment sources, social media, or products we want to buy. With the thought that nearly every need can be fulfilled with technology, it’s no wonder that we have become privy to digital payments. The best part – businesses around us accept them too.
But it is also common for people to fall short of money for significant purchases. But we tend to avoid utilizing our long-term savings in Fixed Deposits (FDs) for such needs. If you run an online business, you must be aware of the high cart abandonment rate which happens because of many reasons including lack of money in the customer’s pockets.
But what if you can enable the customers to utilize their FDs to buy from you?
Consider the following illustration to understand things better –
Mahesh, a 30-year old sales professional, bought a new home for his family. He wanted to buy appliances like a TV, refrigerator, washing machine, and more items online but he wondered how he could pay for them all. He knew about his savings in FDs but breaking them was a hassle.
While adding the required items to the cart on an online shop, he checked for the payment methods available to pay the total amount. Much to his surprise, he could see the option to choose FDs in combination with other payment options to buy the items instantly. The website he was purchasing from was using the Paytm Payment Gateway.
Like Mahesh, many of your customers might feel the need to utilize their long-term savings in FDs for various immediate needs. Wondering if you can offer such an option to your online customers? It is possible by integrating Paytm Payment Gateway to your business website or mobile application.
Paytm Payment Gateway has joined hands with Paytm Payments Bank Ltd. to bring this innovative use-case of FDs to life. The seamless integration will add FD as a payment source for customers, enabling them to break their FDs instantly.
What does FD as a payment source mean?
In general, payment sources or methods include cards, UPI, net banking, and others. The customers get to see this list at the time of checkout while placing an order. In this regard, FD as a payment source means the list of payment methods will also include FD for customers to pay for their online purchases.
Paytm Payments Bank account holders can use their FDs with partnered banks to make online payments. It enables them to pay through their savings in FDs in cases they are falling short of money or not having multiple payment methods available with them. As a whole, it enables them to manage liquidity in real-time for digital payments.
Paytm is the first and only payment gateway provider in India to offer FDs under payment sources. This innovative advancement in the field of digital payments is advantageous for both customers and online businesses.
Benefits for businesses
Switching to Paytm Payment Gateway for your online shop simply means higher sales. You can offer FD as a payment source to your customers. This also implies adding another source to the payment methods list during checkout/payment processing.
Turn the view around and you will also realize you can accept online payments from a unique payment method – FD. This feature will be available on Standard Checkout (or during Scan n Pay) while your customers interact with your business online.
Benefits for end-users/customers
With FD as a payment source, customers need not worry about not having enough funds for purchase while they have saved money in FDs. They can use the amount in FDs to make payments digitally. The process is as simple as using any other payment method.
Surprisingly, your customers can even break multiple FDs in one go while paying you online.
Some more facts related to FD as a payment source
- Customers who are willing to use FD as a payment source must have a Paytm Payments Bank Account. They can use FDs linked to this bank account to make online payments
- Only the amount needed by the customer is taken out from the FD, while the rest remains intact. He/she will continue to earn interest on the remaining amount as per bank rates
- Online businesses using Paytm Payment Gateway do not need any additional integration to offer FD as a payment source to their customers
- The combination of Paytm wallet, Paytm Payments Bank account, and FD can also be used for online purchases
- In case of refunds related to the purchases, the amount will be settled in the Paytm Payments Bank account
The bottom line
Online payments give customers the ability to make purchases in a hassle-free manner. On the other hand, FDs assure good returns and investment safety. You can merge these two aspects for your business by offering FD as an online payment source.
Feeling amazed by the thought of offering this unique proposition to your customers? Switch to Paytm Payment Gateway today!