India, in its way for globalization and to give a boost to e-commerce and e-payments, has got more payment processing options than ever. It also implies that more and more people opt for these payment methods, especially the ones that allow cashless transactions. It creates a lot of confusion for businesses looking for a reliable, easy to use, and seamless payment solution. While opting for a payment gateway, you need to keep in mind your product, your client, and how you want your business to evolve in the coming years. It is essential to consider security, processing fees, frequency of using the payment portal, following up, regulating the app from time to time, support team, etc.
What is a payment solution?
Payment gateways are, in simple terms, service providers that receive a payment request for your product. The provider makes sure that the customer is a genuine party with sufficient funds in his/her account to make the purchase and then allows the transaction from the individual’s account to your merchant account in a short time frame. More and more merchants are now providing different ways to make a payment to their customers. Today’s consumer is at ease paying online for as many services as possible because cash is a hassle for them.
Things to keep in mind while choosing the right payment solution for your business
There are several aspects of the payment gateway that you should keep in mind while finalizing the best option for your business.
- Ease of integration
The first thing you need to keep in mind that the payment solution should be easy to integrate into your website and mobile app. A PCI compliant application such as Paytm Payment Gateway that can be integrated right into the website or app would be the best choice.
- Payment option should make it easier for the customers
Try to pick a gateway that minimizes the time of the transaction for the purchase. Ideally, the concentration should be on reducing the time from the moment the customer clicks on the payment link to the final order confirmation page. It will not only save the customer’s time but also reduce the load on the servers. A system that can collect OTP on the native page without redirecting the user to the bank URL and supporting the auto read of OTP will substantially reduce transaction time.
- Look out for the essential features
- As UPI is one of the most popular payment systems in today’s time, the payment solution must have the option to link the UPI payment ID to the app and the account. It will encourage a seamless transaction with high security.
- Make sure to keep the user interface as simple as possible. The transaction process should not confuse the customer. The system should be able to check account balance, as well as requests and track refunds too.
- If your business requires it or if you have plans to expand your business in foreign countries, you must opt for a payment gateway that accepts foreign currency in your country’s base currency and vice versa. It will help you explore local and global markets for yourself without worrying about payment processing.
- The app must accept various payment modes of all the major and minor banks, credit and debit cards, UPI, QR codes, etc., to skip the trouble of repeating their and your bank details every time.
- It will be a great plus if the payment solution supports all the major languages so that there is no barrier between the customers and merchants. Solutions provided by Paytm for business have several such options.
- The app must give credit and debit notifications to both customers and merchants via SMS to keep track of their transactions.
Choosing the right payment solution is essential for substantial and long-lasting growth. Payment gateways like Paytm Payment Gateway do not need you to have an app or website of your own too. To know more about offers in Paytm for business, please contact us.