In the fast-paced world of online shopping, offering convenient payment options to customers has become a crucial requirement for the success of any e-commerce business. Card EMI has become a popular payment option among consumers due to its flexibility and ease of use.
In this blog, we will discuss why your online store should support Paytm Card EMI and the benefits it brings to merchants and their valued customers. However, let us first understand –
What is Card EMI?
Card EMI (Equated Monthly Instalment) is a payment option that allows consumers to make purchases with their credit cards and return the amount in set monthly instalments over a predetermined time. It gives clients greater freedom by enabling them to repay the expense over some months, making it more accessible and manageable.
Card EMI alternatives are often given by financial institutions in partnership with retailers, allowing customers to make significant purchases without stressing their finances. The total amount payable is split into equal instalments that comprise the principal amount and the interest levied by the credit card company. This payment option has gained popularity due to its ease and capacity to help consumer budget their spending.
Customers may choose the appropriate repayment term, allowing them to match their monthly payments to their financial capacities. Card EMI alternatives are extensively utilised in various industries, including online shopping, electronics, travel, and others since they allow customers to pay for their goods over time.
Why Offering EMI on Card Transactions as Payment Method is Important for Online Stores?
Offering EMI (Equated Monthly Instalment) on card transactions as a payment method benefits customers and merchants. Let’s explore the reasons why supporting EMI on card transactions is crucial for online stores:
- Increased Affordability: Customers may make large purchases more affordable through EMI options. Many people may not have the immediate financial capabilities to make big purchases outright. By offering EMI, online retailers allow customers to spread the cost over time, lessening the financial load.
- Enhanced Purchasing Power: Customers with EMI alternatives have more purchasing power. Customers may buy purchases they would otherwise have to postpone or abandon by breaking the total cost into manageable monthly instalments. It leads to greater sales volume and income for online retailers.
- Improved Conversion Rates: Conversion rates benefit from EMI choices. Customers are more likely to complete a transaction when they are given the option to pay for their big-ticket purchases in instalments. It minimises cart abandonment rates, considerably increases conversion rates, and maximises the revenue potential of online retailers.
- Customer Loyalty and Retention: EMI alternatives enhance consumer loyalty and repeat purchases. Customers are more likely to return to the same online business for future purchases if they have a pleasant experience with the ease and flexibility of EMI. It fosters long-term connections, increases client retention rates, and helps the online store’s overall development and success.
Paytm Card EMI – The Most Convenient Way to Accept Card EMI Payments in India
Paytm Card EMI is the most convenient way to accept card EMI payments on your online store. It allows customers to make purchases on your online store and pay for them in easy monthly instalments using their credit cards. It provides a convenient way for customers to manage their expenses while enjoying the flexibility of spreading payments over time.
Paytm, a leading digital payments platform in India, has partnered with various banks to offer this feature, ensuring widespread accessibility and adoption.
3 Reasons Why Paytm Card EMI is a Must for Your Online Store
With its robust features and extensive network, Paytm Card EMI offers a compelling proposition for merchants looking to enhance their customer experience. Here are a few reasons why Paytm EMI Card is the best EMI payments solution out there:
1. Curate Irresistible EMI Plans for Your Customers
When it comes to EMI payment choices, flexibility is essential. Paytm Card EMI enables businesses to create enticing EMI plans for their clients, responding to their various demands and preferences. With Paytm Card EMI, you can select the perfect offers and run them concurrently, guaranteeing maximum appeal and engagement. Here are some important aspects of Paytm Card EMI that allow you to design enticing EMI programmes:
- Flexible EMI programs: Paytm Card EMI enables you to provide both Brand and Bank EMI choices, broadening your reach and supporting a wide range of client preferences.
- Flexible Plans: Whether you want to provide no-cost, low-cost, or consumer interest-bearing EMI plans, Paytm Card EMI gives you the freedom to pick the best solution for your company and consumers.
- Choose between amount-based or item-based subvention: You can customize your EMI offerings based on either the total transaction amount or specific items, allowing you to optimise your promotions and maximize customer satisfaction.
- Flexible Gratification: You may tailor your EMI options depending on the overall transaction amount or individual goods, allowing you to optimise your discounts and maximise consumer happiness.
- Flexible tenures: With Paytm Card EMI, you can offer your consumers immediate savings or deferred rewards, improving their purchasing experience and motivating future purchases.
2. Leverage Paytm’s Partner Network
As a merchant, you must ensure that your consumers can access the most recent deals and promotions from prominent banks and companies. Paytm Card EMI facilitates this by utilising its wide partner network. Accepting EMI payments through Paytm allows you to access a wide choice of services from trusted institutions, ensuring that your clients never miss out on the greatest prices. Here are some highlights from Paytm’s partner network:
- Supports EMI plans from leading credit and debit card issuers: Paytm Card EMI supports EMI plans from over 17 credit card issuers and 4 debit card issuers. This extensive coverage means that clients with numerous card kinds may use EMI payment options on your online business.
- Brand-subvented schemes: Paytm collaborates with prominent companies to provide brand-subvented programmes. Accepting Paytm Card EMI allows you to join these programs, offering your clients special deals and promotions from their favourite companies.
- Supported on multiple e-commerce platforms: Paytm Card EMI is available on over 30 different e-commerce sites. This compatibility enables you to add EMI payments to your existing online business without requiring complicated technological interfaces.
3. All-Powerful Offer Engine
Managing EMI programmes efficiently necessitates a solid and user-friendly platform that allows you to easily set up, administer, and control your offerings. Paytm Card EMI provides an all-powerful Offer Engine that streamlines the whole process, delivering a flawless experience for both merchants and customers. Here are some significant characteristics of Paytm’s Offer Engine:
- Easy “Do-it-yourself” offer setup: Paytm’s Offer Engine is an easy-to-use interface that allows you to put up your EMI offers fast and easily. You may tailor the terms, tenures, and conditions to your company’s objectives and client preferences.
- Velocity checks for complete control: With Paytm Card EMI, you can create velocity checks to ensure that your offers are regulated and handled properly. This feature helps to avoid exploitation or abuse of the EMI programme while ensuring a great customer experience.
- Flexible configuration: The Offer Engine allows for the flexible creation of EMI plans, allowing you to fine-tune the parameters based on your company requirements and market conditions. This adaptability means that you can keep up with changing client expectations and stay ahead of the competition.
- Built-in budget control mechanism: Paytm Card EMI features a budget control mechanism that allows you to manage the financial effect of your EMI programmes. This function delivers significant insights and statistics, allowing you to measure performance, assess profitability, and make data-driven choices.
Things to consider when onboarding Card EMI partners for an Online Store
There are numerous elements to consider when enrolling Card EMI partners for an online company. Choosing the appropriate partners may make or break your EMI program. Here are some things to think about throughout the onboarding process:
1. Reputation and Credibility
It is critical to collaborate with renowned and professional Card EMI suppliers. Investigate their track record, financial soundness, and market reputation. Look for partners with a significant presence in the industry and a track record of successful cooperation. Partnering with renowned and reputable vendors boosts client trust and confidence in your EMI program.
Over the years, Paytm has emerged at the forefront of India’s digital payments revolution, continually bringing industry-first innovations and pioneering mobile payments, QR codes, and wallets. Paytm Card EMI solution also enjoys a good reputation among its competitors.
2. Range of Offerings
Evaluate the EMI alternatives provided by possible partners. Customers’ choices for payback terms, banking partner, interest rates, and tenure may differ. Choose a partner who offers varied EMI plans, allowing customers to choose the option that best meets their needs. Flexibility in payback periods helps attract a broader consumer base and accommodate diverse financial capacities.
Paytm Card EMI supports the following banks for enabling online businesses to offer Card EMI as a payment option:
|HDFC Bank||Bank of Baroda||IDBI Bank||Citi Bank|
|SBI Bank||HSBC Bank||Yes Bank||Kotak Bank|
|ICICI Bank||RBL Bank||Induslnd Bank||IDFC First Bank|
|Axis Bank||American Express||Standard Chartered Bank||AU Small Finance Bank|
Moreover, online businesses can choose from the following two EMI offerings to offer to their customer:
- Standard EMI on credit and/or debit cards: Allows customers to make payments in convenient equal monthly instalments at the best interest rates from a list of partner banks using this solution. For example:
- Product Price: Rs. 50,000/-
- EMI Plan: Interest rate @ 13% per annum for a tenure of 12 months
- EMI: Rs. 4,466/-
- Total Paid: Rs. 53,592/- (Principal amount = Rs. 50,000/- and Interest = Rs. 3,592/-)
- EMI Subvention / Zero Cost EMI: It allows you to offer customers the option of paying the total amount in convenient equal instalments at a 0% effective interest rate. For example:
- If a consumer purchases a product for Rs. 60,000/-, the EMI subvention product allows the merchant to charge the customer Rs. 10,000/- per month for six months.
3. Integration and Technical Capabilities
Ascertain that the Card EMI partner has smooth integration capabilities with your online store’s payment processor. The integration procedure should be quick and simple, with no disturbances to your current checkout process. Technical help and documentation offered by the partner are also essential in ensuring a successful integration experience.
Online businesses can integrate Paytm Card EMI via a variety of options:
- JS Checkout, All-in-One SDK & Standard Checkout: Existing online merchants can enable the EMI payment mode on their MIDs by contacting their account manager. New merchants can drop their queries on the contact us page.
- Plugins: Listed below are the plugins that support Debit Card EMI. Merchants need to enable it in the configuration setting panel.
- CS Cart
- Custom Checkout: You can refer to the integration steps mentioned on the EMI Integration page.
4. Customer Experience and Support
Consider the customer experience and assistance given by the Card EMI partner. Assess their responsiveness, availability, and customer service excellence. Customers may have questions or need help during the EMI process. Hence, selecting a partner that prioritises outstanding customer service is crucial. A specialised support team that can handle consumer complaints adds value to your EMI program.
Paytm is known for delivering exceptional merchant support. If you are an existing Paytm for Business customer, you can reach us on 0120-4440440. If you are not using any of our solutions, you can also send us a query by filling out the form here.
5. Competitive Interest Rates
The interest rates imposed on EMI transactions can considerably influence customer perception and adoption. Compare the interest rates offered by different partners to verify whether or not they are competitive and in line with market norms. High interest rates may discourage clients from choosing the EMI option, whilst low rates may attract more customers and promote better conversion rates.
As explained in the 2nd point of this section, Paytm has partnered with 16 banks to offer card EMI as a payment option at the best interest rates.
6. Partner’s Network and Accessibility
Examine the partner’s network and accessibility concerning their partnerships with banks and financial institutions. A partner with a huge network will ensure access to clients from various locations and demographics. It will broaden the scope of your EMI program and allow more customers to use the payment option.
Over 330 million Indians prefer the Paytm Checkout, and the platform has 250mn+ saved payment instruments. As a result, enabling Paytm Card EMIs can help you tap into the vast pool of Paytm app users.
7. Transparent Terms and Conditions
Examine the partner’s terms and conditions for EMI transactions. Ensure the conditions are clear, intelligible, and as per applicable rules. Transparent terms and conditions foster consumer trust while reducing possible confusion or complaints.
Paytm has partnered with some of the best and most trusted banks to offer the card EMI payment options to ensure that end customers get the best deal with fair terms and conditions.
8. Reporting and Analytics
Consider the reporting and analytics skills of the partner. Access to extensive transaction data, insights, and analytics can aid in evaluating your EMI program’s performance. Look for partners who offer thorough reporting, transaction monitoring, and analytics tools, allowing you to track the effectiveness and profitability of your EMI offers.
Paytm offers a robust business dashboard to help merchants stay on top of their business. With Paytm’s business dashboards, merchants can:
- Get real-time analytics and customisable reports
- Create offers and no-cost EMI options
- View and manage payment settlements
- Manage and initiate refunds to customers
Frequently Asked Questions
Q1. What are plugins?
A plugin is a software add-on that can be loaded on an existing program to improve the base software’s functionality. For example, you have created an online e-commerce store on the Magento platform. Now, you want to enable card EMIs as a payment option for your customers. You can search the Paytm Card EMI plugin from the library and integrate it into your Magento-based e-commerce store.
Q2. What is JS Checkout?
JS Checkout is a payment gateway service that enables online businesses with web traffic to receive customer payments. It requires little coding and is straightforward to implement, using only a few code lines.
Q3. What is All-in-One SDK?
The Paytm All-in-One SDK (if installed on your user’s smartphone), the Paytm All-in-One SDK provides your users with a quick, safe, and seamless payment experience.
Q4. What is Custom Checkout?
Paytm Custom Checkout is a perfect checkout option for entrepreneurs and large companies that wish to collect payments via a personalised checkout page on their website/mobile app.
Using this solution, you may customise your checkout form and appearance to match your brand’s theme and business requirements. Regardless of the payment method, you may fine-tune the checkout experience.
On a Concluding Note
Supporting Paytm Card EMI on your online store is a strategic move that offers numerous benefits to merchants and their customers. It expands your customer base, improves customer satisfaction, boosts average order value, provides a competitive advantage, and seamlessly integrates into your existing payment infrastructure.
By embracing this payment option, you position your online store for success in the dynamic world of e-commerce. So, leverage the opportunity to enhance your business and offer your customers greater convenience and flexibility through Paytm Card EMI.