With the number of businesses going online surging every month, the need to partner with the best online payment gateway has become more important than ever.
According to research, a majority of Indian consumers now prefer to shop online. Payment sources like cards, netbanking, UPI and Paytm Wallet have removed the friction of paying digitally. Hence, what businesses need today is a payment gateway that makes it quick, easy and convenient for their customers to pay online
What is a payment gateway?
A payment gateway is a software that provides a secure interface between your business’s website or app and your customer’s preferred payment mode.
An online payment gateway provides the infrastructure that a business requires to accept digital payments.
For many small businesses, a robust and secure payment gateway is the easiest way to take their business online and widen their customer base. An ideal payment gateway will ensure that a business is not limited by geographies or payment methods. Allow your customers to pay you from wherever they are, in a way they prefer.
Most businesses today understand the importance of integrating with a payment gateway, but choosing the one that’s right for your business is not as easy as it seems.
Here are a few questions you should ask before selecting a payment gateway:
- What is the cost of the service it provides?
- What specialties do they present that will keep my business and customers secure?
- How easy or difficult will it be for me to start accepting digital payments?
- Does the payment gateway support international transactions?
We recognize the importance of these questions, which is why we have listed the best payment gateway features to help you get the answers you need.
#1. Merchant Dashboard: For easy & powerful accessibility
One of the major pain-points for small business owners is reconciliation of payments. At the end of the day, you need to know where your payments are coming from and which ones are pending.
The Paytm Payment Gateway‘s robust business dashboard gives you complete command over your business’s inbound & outbound cash flows, bank accounts, and events. That too on a single platform.
- Transactions management: Handle your business transactions, initiate refunds, resolve disputes and receive same-day settlements through a single dashboard. You can also download reports and get valuable insights in real-time to make knowledgeable business decisions.
- Bank account management: The dashboard lets you conduct and maintain your account with ease. You can use it to edit your business details, bank details, notification settings and more.
- Notifications: With the dashboard, you will get notified of every event, guaranteeing that you stay informed and can take timely actions on the go.
#2. Saved Payment Instruments: For an effortless payment experience
Ensuring customers experience a high-quality website that runs on the most effortless payment options is paramount.
Asking your customers to enter their payment details again and again is giving them a poor experience, especially when you want them to keep coming back for more.
The Paytm All-In-One Payment Gateway, with its Saved Instruments feature, enhances the checkout experience for your customers by freeing them from the hassle of entering their payment details time and again.
This feature allows your customers to save their payment details for future use, hence reducing transaction time and increasing success rates.
#3. International Payments: Reach customers in 200+ countries
Accepting international payments is a common hassle for Indian businesses. How well you can sell abroad is usually based on the type of transactions, high security and trust, settlement time, the currencies a payment gateway supports and more.
It is important for a business to understand that the cost of accepting international payments should play a very small part in the expenses incurred in catering to customers abroad. On top of that, you need a payment gateway that is recognised and trusted by your international customers.
The antidote to these pain points is the Paytm All-In-One Payment Gateway that empowers you to accept international payments in all major currencies and unlock significant revenue streams for your business.
All this, with no API integrations required to grow your business beyond boundaries.
#4. Express Payments: Experience the fastest payment transactions
According to a survey, more than 25% of customers will abandon a cart if an e-commerce business compels them to register for an account to make the purchase.
What matters to them is the ability to check out quickly and seamlessly.
This is where a good payment gateway can enable retailers to boost conversions by up to 50% by eliminating redundancies, such as requiring them to enter both billing and shipping information, even if the postal addresses are the same.
The Paytm Payment Gateway allows you to activate its Express Payments feature by opting for OTP-less and CVV-less payments through a checkbox.
This feature allows you to change the way your customers pay and make Visa transactions swiftly on your website/app with no CVV & OTP authentication needed. Express Payments has been built for speed and ease to enable you to say yes to a smooth, quick, and no-risk payment option for your customers with just a one-time sign-up process.
#5. Instant Refunds: Enable zero waiting time on your transactions
Instant Refunds are the new standard and central to a great customer experience.
Many consumers prefer to not use online payment methods because getting refunds through an online platform is a very time-consuming task. Hence they prefer CoD as an easier alternative.
Given the technological advancements the fintech ecosystem is making, it’s fair for customers to expect refunds as fast as possible.
Marketers believe that approximately 15% of business sales grow if the business’s refund process is not tedious.
The Paytm Payment Gateway allows you to enable zero waiting time with instant refunds that can help enhance user experience and trust in your brand.
#6. Subscriptions: Seamless recurring payments solutions
Recurring payments enable you to set up an automated billing cycle for your consumers, making it ideal for businesses with monthly payment layouts.
According to a study, by 2022, 53% of all software revenue will be generated from a subscription model and 69% of households now subscribe to one or more video streaming subscription services.
63% of publishers say turning audiences into paying subscribers is a key challenge when creating subscription products.
With the Paytm All-In-One Payment Gateway‘s subscriptions feature, you can collect recurring payments effortlessly with the opportunity to offer free trials to your customers.
Additionally, you can also secure an upfront fee and automate recurring payments in a single step, and charge customers a fixed value or depending on their usage.
#7. Large Payment Collection: Collect & reconcile bank transfers efficiently
If you handle large payments on-site, every variable counts.
Because online retail has a cart abandonment rate of about 75%, any improvement you can make to the shopping experience can create dramatic changes in your bottom line.
This fact is especially true for any retailer working with a high volume of sales. When you handle your payments on-site, it’s essential to choose a payment gateway that helps you understand your options and responsibilities.
Paytm’s large payment collection enables you to collect and reconcile bank transfers while managing your collections and letting you concentrate on your business growth.
This feature allows you to generate custom virtual account numbers and start collecting payments from your customers through NEFT, RTGS, or IMPS, thus enhancing your business’s productivity and shifting your massive workload to drive growth.
#8. International Merchants: Reach out to your customers worldwide
The best online payment gateway service providers extend numerous features, depending on your business needs.
Let’s say you need to provide your products and services to customers around the world. In that case, your payment gateway should provide a global solution and allow you to accept payments in several international credit cards, debit cards, and currencies.
The Paytm Payment Gateway’s International Merchants feature allows you to access 450 million+ customers worldwide. You can also accept payments from them through all sources like credit or debit cards, netbanking, UPI, Paytm Wallet & Paytm Postpaid.
#9. Settlements: Say goodbye to liquidity crunches
It is essential to have a merchant account to receive funds through an online payment gateway.
What is a merchant account? When customers perform an online payment through a payment gateway, it transfers the money temporarily to a separate retailer account. This account is different from your actual bank account.
Usually, the cash stored in a merchant account has to wait until it gets approved by the customer’s processing bank.
The Paytm Payment Gateway eliminates this waiting period by upgrading the way you get customer payments settled with Paytm Settlements. With this feature, you can get payments settled instantly, 24/7 round the year on the same day, and ensure you never run out of cash.
#10. UPI Payments: Enable the easiest transactional experience
Several payment gateway services limit their payment options to Debit/Credit Cards or NetBanking.
In this situation, the business needs to wait to receive payments in their merchant account through a relatively slower transactional process.
Having a familiar mode of payment for the customer ensures that there is no anxiety on the customer’s end to feel like they have landed somewhere else when presented with the Payment Gateway front-end.
Using the Paytm All-In-One Payment Gateway does not force your customers to only use Paytm or its related products for making payments. It offers 6 ways in which customers can pay. These include:
- Paytm Wallet
- Bank account via UPI
- Debit or Credit cards
- Net Banking
- EMI Option on cards
- Paytm Postpaid
With the Paytm Payment Gateway, you get to leverage an already existing consumer base of 450 Mn+ users that trust the brand resolutely. Also, with its UPI Payments feature, you can be sure to accept payments directly into your bank account if you need to.
You can also be sure to receive 24×7 Priority Support via the Merchant Helpdesk along with a dedicated key accounts manager and migration assistance if you require it.
#11. Developer-friendly SDKs: Integrate a payment gateway swiftly & securely
Most app developers need to use SDKs at one point or another. SDKs or Software Development Kits are tools that help a developer create robust applications with great functionality that improve the overall experience for a user.
Having an easy and efficient way to integrate the process of collecting online payments on your online shop is a dealmaker for selecting an appropriate payment gateway for yourself.
This is especially important because different developers have different preferences.
Paytm Payment Gateway’s SDKs provide solutions that cater to all types of varying requirements. It is compatible with apps built under native as well as hybrid frameworks.
SDK or non-SDK integration is also possible for apps created on native frameworks. Apps developed on hybrid frameworks can utilize the relevant bridges provided under the All-In-One SDK solution.
#12. PCI-DSS level security: Establish a trustworthy relationship with your clients
The security of payments is pertinent in any online transaction.
Secure payment processing facilitates the transfer of online payments, client data, and other sensitive information and protects against fraud and other security issues.
The Paytm Payment Gateway uses the latest anti-fraud technology to keep things safe for you and your customers. It has a dedicated team of 200 cybersecurity experts to ensure every user transaction is secure. It is also certified by the Payment Card Industry — Data Security Standards (PCI-DSS) with 128-bit encryption.
#13. Competitive pricing: Be free of unnecessary hidden costs & expenditures
In this lucrative environment, pricing is one of the most critical factors for a business to consider.
While the term ‘free payment gateway’ can surely ring a bell in your head, can there ever really be a free payment gateway?
To evaluate if a ‘free payment gateway‘ exists, you need to have a thorough understanding of the charges that are incurred by the payment gateway service provider, which are inclusive of fees for setup, maintenance, transaction discount rates, and more.
The lesser you pay to your provider, the more you earn from your customers.
With the Paytm Payment Gateway, you can be sure to have a massive advantage of pricing over any other payment gateway in the market. With 0% fee on UPI transactions, 0 Setup & Maintenance Fee, and the option of creating a custom pricing plan as per your business needs, it runs on one of the most successful competitive pricing models in the industry.
Picking and integrating the right payment gateway provider isn’t that hard or cost-restrictive if you recognize your business needs.
You can have a pressing and concrete impact on your brand’s consumer experience and profitability by doing it right. All you need is to identify the factors discussed above before determining and implementing the right payment gateway provider.
So, what are you waiting for? Leverage these robust features and a lot more without any software installation or complex technicalities by signing up to the Paytm Payment Gateway now!