India has always had a strong entrepreneurial spirit. For centuries, Indian traders have been well-known across the world for their business acumen and curiosity in engaging in online business. Even today, Indians prefer entrepreneurship to other forms of employment. A Randstad Workmonitor survey found that 83 percent of India’s workforce wanted to try out entrepreneurship, as compared to the global average of 53 percent.
Today, with the ease and reach of the Internet, anyone can fulfill their dreams of entrepreneurship. All the information one needs on starting an online business is available at the click of a mouse. Once you have decided on a business idea, all you need to do is set up a functional and attractive website, figure out a reliable supply chain, and begin spreading the word. Given that the business will be operating online, it is also important to provide your customers with a way to make online payments.
Getting your payment method right at the beginning can ease a lot of hiccups along the way. The right payment gateway not only makes transactions efficient and smooth for your customers and your business but can also help your online business grow. Partnering with the right payment gateway will ensure you do not face cashflow crunches, payment delays, or get caught up in security issues.
Choosing the right and best payment gateway for your startup
Accepting an online payment may seem like an easy decision to make, but with the host of payment gateways available in the market, it is important to choose one that is easy, safe and fits your specific needs. A good payment gateway should:
- Offer seamless onboarding
Startups do not have time to waste. It’s go-go-go from the beginning. A payment gateway that supports startups should have quick and seamless onboarding. While the industry average for payment solutions is usually 10 to 15 days, certain providers can assist onboarding within a day. Paytm for Startups allows you to go live within minutes after onboarding.
- Leverage multiple features
A good payment gateway for startups should offer various payment options that suit the needs of different online businesses. Apart from accepting multiple payment sources, some of the features that could enhance the payment methods and functionality for startups include integration with the website, social media, or email, payment links, a powerful dashboard, smart API solutions, and easy use for developers.
- Provide a smooth checkout experience
Apart from business benefits, payment gateways also need to provide a seamless interface for customers. A slow checkout process or multiple failed attempts can put off customers. Many times, a poor payment experience can cause customers to abandon purchases and never return. For startups, every customer counts. That is why picking the best payment gateway that assures a smooth experience for customers is imperative.
- Assured safety & security
A robust safety network is non-negotiable in a payment gateway for both business and customers. Customers share sensitive payment information while making purchases. While choosing a payment gateway for your online business, you must ensure that it comes equipped with a set of tools to prevent fraud and theft.
- Cost-effective solutions
Cost-effectiveness is crucial for startups that are bootstrapped and trying to make ends meet. Some payment gateways charge upfront setup costs and annual maintenance charges in addition to commissions. In the long run, such processing fees and hidden charges can take a steep hit to your bottom line. While multiple features, safety, and easy onboarding are important, cost consideration is also a vital aspect of choosing a payment gateway.
Kickstart your business with Paytm
Paytm understands the needs of startups and provides the best business solutions for them. Our journey began similarly! We understand that startups have big dreams that start small and offer the right support to startups so that can achieve unimaginable heights. Paytm for Startups is designed to be a partner in the growth journey of your business.
Paytm for Startups have your different needs covered. Accept customer payments via your website or app using any of the following methods, depending on what suits your startup:
- All-in-One SDK — Collect payments from customers by invoking the Paytm app on their Android or iOS systems. The All-In-One SDK will ensure fast checkout and allow your customers to pay using credit or debit cards saved on the app, net banking, UPI, Paytm payments bank, Paytm wallet, among others.
- Payment links — For startups that do not have a website or app to integrate a payment gateway with, Paytm provides payment links to start accepting payments immediately. This is a great option for startups like reselling businesses that function exclusively via platforms like WhatsApp.
- Miniapps — Paytm provides startups like yours the opportunity to integrate using open source technologies like HTML and Java with the Android Mini App store that will allow you to reach as many as 150 million active users monthly on our app.
- Payouts — In addition to accepting payments from customers, our Payouts option also allows you to send money and incentives to employees, associates, or vendors.
- Bank account — For more traditional services, Paytm’s Payments bank offers you all the services of a bank account, from savings to debit card services without any opening charges or minimum balance requirements.
Why choose Paytm for your startup?
- Built to support bootstrapped and growth-stage startups
- Developer-friendly layout to help app developers integrate with ease
- Go live within minutes of integration
- Lightning-fast checkout process for customers
- High transaction success rates
- 0% commission charges on the first Rs.1 lakh payment collection every month
- Simple workflows
The startup ecosystem can be competitive and complex. In such an environment, make payments work for you with Paytm for Startups. From multiple solutions to fit your specific needs to seamless and safe payments, never worry about payments. With Paytm for Startups, you can focus on your business and leave the payments to us. Get started now!