The last two years have been depressing given the pandemic and its continuing effects. However, as the larger section of the population has now been vaccinated, events are becoming increasingly common.
Besides offline events, a wide variety of online events have grown in popularity. Even organizations now host events virtually for festivals, carnivals, conferences, convocations, or others to bring together people.
Every event has a financial side. There are businesses, contractors, consumers, and other parties wherein money exchanges hands. While cash or cheque was a common payment mode earlier, today, payments have gone digital.
As the digital payment revolution is sweeping the nation, your business needs to adapt to the same. If you have several events in mind, choose a trusted payment gateway to accept and process payments.
What is a payment gateway?
A payment gateway is a platform that facilitates payments from customers or vendors to the merchant. It acts as a bridge between the payer and the payee in the case of digital payments.
Why choose a payment gateway for event payments?
Here are some reasons which highlight why payment gateways are the next big thing when it comes to online payment processing for events:
- It allows payment processing in real-time
- Since it supports digital payments, your event can get a wider reach
- It helps in streamlining accounting by providing you with the data and summary of all the payments received through it
- You can receive payments 24 x 7
- The possibility of accounting errors and fraud is eliminated
How to choose a payment gateway for event payments?
Given the popularity of digital payments, there are many payment gateways available in the Indian market. You, however, need to choose the right gateway for smoother payment processing.
How do you do that?
Here are is a 7-point checklist that you can use to pick the right payment gateway:
One of the main factors to consider when choosing a payment gateway is the onboarding process. The ideal gateway has a quick onboarding so that your event bookings and payments do not get delayed. On the other hand, a long onboarding process would affect your working capital management and is not recommended.
Your clients and vendors trust you to provide them with secured payment gateways so that they do not fall victims to cyber fraud. Moreover, high security is imperative to ensure that the payments reach your business and are not lost in transit.
That is why it is recommended to choose a suitable payment gateway for event payments that offers the best-in-class encryption and security features. It will also ensure the security of online payments and their settlements against cyber crimes.
If your event is a hit, you would see a large footfall (offline) or attendance (online). While it is good for business, you need to ensure that the payment gateway is capable of handling high transaction volumes.
The ideal gateway should be scalable. When your event scales up, the payment gateway processes bulk payments without hassles or downtime errors.
Support for different payment modes
Digital payments have become diversified and can be made via credit cards, debit cards, UPI, QR codes, mobile wallets, BNPL services, and whatnot.
In such a scenario, the gateway should be equipped with the necessary technology to accept payments from multiple channels. This will give your customers and vendors the flexibility to pay per their suitability and boost your event’s popularity.
There is no such thing as a free lunch. Neither is there a free payment gateway. Payment gateways charge a fee for their services and platform. What you need to check is their pricing.
Compare the pricing across different gateways and choose one whose pricing is the lowest without compromising on the service quality. After all, low pricing helps you save on business expenses and, indirectly, gives a boost to your profits.
Ease of integration with your system
Every payment gateway has its unique features that can be integrated with your business website or app. An ideal gateway is one which can be easily integrated with your portal.
Acceptance of international payments
Does your event have an international appeal? If it does, you need a gateway that is capable of accepting international payments too. Opt for a gateway that supports multi-currency payments and converts the payments into INR when crediting them to your bank account.
Paytm Payment Gateway – a one-stop solution for event payments online
Paytm has designed a convenient and feature-laden payment gateway that can prove to be the right fit for event payments online. Here are some aspects which set Paytm Payment Gateway apart from other available gateways:
- It supports a wide range of payment modes, including Paytm Postpaid and Paytm Wallet
- T+1 payment settlements without holiday delays
- No cost UPI payment acceptance
- 250+ million saved cards, 100+ million saved bank accounts, and 15 million UPI IDs
- Scalable to 2500 transactions per second
- 100% customer support for all queries and complaints
How to accept event payments online without a website or app?
If you have plans to sell event tickets via social media platforms, you need not invest in a payment gateway. There is an alternative available to simplify the hassles of accepting payments remotely – Paytm Payment Links.
You can avail of various benefits of using payment links for event payment collection, such as:
- Ease of creating and sharing payment links
- Safety of remote online payments
- Facility to create up to 100 payment links at once
- Easy to accept international payments, and more
Recommended Read: Paytm Payment Links – A Faster Way to Collect Online Payments
Go digital with payment processing and get a hassle-free way to collect, process, and manage your payments. Choose Paytm Payment Gateway and give your customers/vendors the facility to make quick and easy online payments.