Very often small and medium business owners look at large businesses and wish they had the privilege and access to the tools they have. This is especially true when it comes to having access to sophisticated digital payment tools that don’t drain out the bank account.
With more and more businesses going digital, the demand for a safe and hassle free way to accept money online has shot up.
While the pandemic has adversely affected many sectors, it has fast-tracked the growth of e-commerce and digital payment sectors. E-commerce penetration in India is more than 76%, according to a report published by Statista in April this year.
The initial legwork to proliferate online shopping in the country was largely done by the first-movers in the e-commerce industry. However, in the last couple of years, hundreds of direct-to-consumer (D2C) brands and small and medium enterprises (SMEs) have further expanded India’s e-commerce market.
According to India Brand Equity Foundation, India is set to become the third-largest e-commerce market in the world as it is expected to be worth USD 350 billion by 2030.
Digital payments – the rising force
Since digital payments and e-commerce go hand-in-hand, payment gateways have become an intrinsic part of the e-commerce growth story.
A report by ResearchAndMarkets released in March this year said, “The Indian payment gateway market is expected to register a CAGR of 15% during the forecast period (2021 to 2026).”
With the proliferation of payment gateways in the country, the digital payment tools that were instrumental in the growth of large tech companies are now available for even small and medium businesses.
As offline and online companies look for sophisticated digital payment tools to offer their customers, Paytm Payment Gateway has been the torchbearer of democratising these tools for every company, irrespective of their size.
Interesting Read: Create Payment Link & Collect Payments Without Website
Digital companies in India comprise of top corporates, SMEs, startups, individuals, and freelancers. Every business is at a different point in its technology adoption curve. Paytm Payment Gateway has been at the forefront of India’s digitisation story as it enables small and medium businesses to adopt digital payments.
Right from B2C and B2B companies that experience a high number of transactions on their platforms, to freelancers and small retailers, everyone can ride on Paytm PG’s technology stack.
What are the benefits of Paytm Payment Gateway?
Whether you are a small mom-and-pop store or a medium-sized establishment, Paytm Payment Gateway covers the requirements of all types and sizes of business.
With Paytm Payment Gateway, online businesses will get access to the same tech infrastructure that powers some of the top Indian unicorn companies. With payment processing capabilities of 3,000 transactions per second, Paytm PG is responsible for millions of bill payments and recharges for India’s telecom giants.
Here are a few benefits of Paytm Payment Gateway:
- Industry-high success rate
Now small and medium businesses can confidently process all the payments made by their customers. With Paytm Payment Gateway there is zero to minimal dealing with failed payments.
Since Paytm Payment Gateway has direct integration with banks and card networks in India, it reduces the payment transaction time. These integrations ensure there is no need for manual inputs or dependency on mobile networks.
With Paytm Payment Gateway, businesses can enjoy 99.99% payment uptime and the opportunity to work with one of the largest payment gateways in India.
Paytm is also the acquiring payment service provider (PSP), issuing PSP as well as the owner of the payment gateway, which leads to higher success rates in transactions.
- Secure payments
Very often small businesses suffer from cart abandonment as customers don’t feel safe about entering their payment details. Partnering with Paytm Payment Gateway will fix this problem once and for all.
When customers realise that their payment is handled by Paytm PG, they feel confident about going through with the purchase.
Paytm Payment Gateway offers small and medium businesses the same security features that any well-known e-commerce company has access to. It is compliant with PCI-DSS rules, which is a globally recognized standard for payment security.
Our latest anti-fraud technology, which is updated regularly, ensures hackers don’t get their hands on any customer data. Since we tokenise users’ card details their information is safe and can’t be hacked.
- Better liquidity
Liquidity is a big issue for small and medium businesses. As a payment gateway, we ensure that merchants don’t suffer liquidity issues because of delayed settlements.
Paytm Payment Gateway settles payments in T+1 business days. This way, SMEs can expect their earnings to get reflected in their bank account on the next business day from the date of the transaction.
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Since their money is not in limbo merchants can start using the money as per their business requirements.
One-day settlement is the best in the industry as most of the payment gateways take three to five days to process settlements. Businesses looking for same-day settlements can get in touch with us and we will get it done for them.
- No website payment collection
True to its promise to support every small and medium business, Paytm Payment Gateway offers Payment Links that work without a website to collect money digitally.
Businesses can create a link from the Paytm dashboard and share it with their customers via message, email or WhatsApp. Customers can make the payment by clicking on the link and entering their payment details. Paytm Payment Links support all the payment modes including Paytm Wallet and Buy Now, Pay Later.
Paytm Payment Links are the easiest and the most sophisticated way to collect payments for small businesses that don’t have a website. This brings them at par with big digital companies as Paytm Payment Link has all the benefits of other ways to collect payments without having to invest in creating a web presence.
- Checkout with saved cards
Allowing customers to pay via their saved cards is one of the few advanced digital payment tools that small and medium businesses get to access with Paytm Payment Gateway.
Interesting Read: Can Tokenisation Reduce Cart Abandonment Problem For Businesses?
With the ability to tokenise users’ cards and save them for quick checkout, Paytm Payment Gateway has brought small D2C brands at par with big e-commerce platforms. Till now, Paytm PG has tokenised over 52 million cards.
- Payment analytics
Paytm Payment Gateway has gone one step further by allowing SMEs to track how their business is performing by receiving analysis of payment trends.
This product innovation, which is called Payment Analytics, has been exclusively designed to provide SMEs with ready-made reports about payment sources, payment flows, customer behaviour, user retention, and payment success rates. It also informs businesses of the reasons for payment failures.
This will allow business owners to effectively analyse the transaction patterns and preferences of customers on their website and app.
Conclusion
Paytm PG is not only the one-stop-shop for businesses’ all payment needs, but it’s also the most economical. This means small and medium businesses can enjoy the benefit of all digital payment tools without having to shell out a lot of money.
