Paytm has been one of the leading fintech players in India for more than half a decade now. One of Paytm’s products which is important from a small and medium business perspective is the Paytm Payment Gateway. Whether you are a small mom and pop store or a medium-sized establishment, Paytm Payment Gateway has features that cover the entire spectrum. In this post-COVID world we are living in, not having an online presence is not an option for any small and medium business.
Paytm not only makes the onboarding process of its payment gateway easier but offers a range of benefits. We shall take a look at the six immediate advantages of using a Paytm Payment Gateway.
- Paytm accepts every mode of payment
Using a Paytm Payment Gateway does not force your customers to only use Paytm or its related products for making payments. In fact, Paytm offers 6 ways in which customers can pay. These ten modes include:
- Paytm Wallet
- Bank account via UPI
- Debit or Credit cards
- Net Banking
- EMI Option on cards
- Paytm Postpaid
Having a familiar mode of payment for the customer ensures that there is no anxiety on the customer’s end to go for a new mode of payment when presented with a Paytm Payment Gateway front-end.
- Secure Payments
Security of payments is pertinent in any online transactions. Paytm uses the latest anti-fraud technology to keep things safe for you and your customers. Paytm has a dedicated team of 200 cybersecurity experts to ensure every user transaction is secure. Paytm is also certified by the Payment Card Industry – Data Security Standards (PCI-DSS) with 128-bit encryption. Artificial intelligence is routinely used to detect and block suspicious-looking transactions – by analysing the behaviour of fraudsters. In fact, Paytm’s security feature will also scan the other apps on user devices to let users know if there are any dangerous apps installed which may put user accounts at risk. If such apps are found, unless they are uninstalled, Paytm will not allow any transactions to keep users safe.
- Industry high success rate
Paytm has direct integration with the top six banks in India, 15 Bank Gateways and networks. This results in reduced transaction times, manual inputs as well as dependency on mobile networks. Paytm monitors the health of the Payment Gateway six times per minute and re-routes traffic to healthy gateways. If you have multiple payment gateways, Paytm’s AI-Powered Router helps in routing transaction traffic between the multiple payment providers so that customers achieve a higher payment success rate.
This paired with the fact that Paytm is the acquiring payment service provider (PSP), issuing PSP as well as owns the payment gateway leads to higher success rates in transactions. Paytm Payment Gateway has some impressive numbers to show, such as:
- 400 million monthly transactions
- 99.99% payment gateway uptime
- 2500 transactions per second
- Largest card payment gateway and UPI payment gateway in India
Customers can expect a payment completion time of a mere 20 seconds on any platform provided all the customer details are in
- Checkout with saved cards
Customers have the option to checkout with saved cards which assists not only with reduced transaction times, but also has the possibility to help a customer become a regular. Paytm has a global vault for saving users’ debit and credit card details stored on a secure cloud which are audited regularly by authorities such as the National Payments Corporation of India (NPCI), PCI-DSS from time to time. Along with cards, Paytm offers saving details for wallet, postpaid, saved UPIs, merchant gift vouchers, Paytm Payments Bank details.
Saved cards or other payment instruments increase the success rate of the transaction by 6-8 percent. It also makes it easier for the customer to manage all their payment instruments and switch between different saved cards for certain transactions. With save card details, customers also get access to 1-click checkout experience. Some well-known merchants who use saved cards include Dominos, Nearbuy, Swiggy, Zomato, Hotstar, Uber, among others.
- Real-time bank settlements
As a merchant, you naturally expect faster settlements at your end for a transaction to be deemed truly complete. Depending on the merchant industry and market practices followed, the payment experiences can be customised. Merchants can select from a range of options when it comes to settlement of the transactions and how soon they want the funds transferred to their accounts. You can go about it in two ways:
Settlement from the Paytm Nodal account can be done on the same day or in batches at a frequency decided by the merchant. For instance, a merchant can have funds settled once every day or once in seven days, and so on
Settlement can happen even by a direct transfer to the bank account of the merchant if he or she does not want to go via the Paytm Nodal account route. Settlement destinations can include a merchant’s bank account, Paytm Wallet or a UPI virtual private address. Paytm also offers direct real time settlement in merchant bank account by the issuer bank.
- Business growth insights on Paytm Merchant Dashboard
Paytm Payment Gateway also gives every merchant access to a visually rich dashboard which gives a lot of insights at just a glance. You can track sale conversions, success rates as well as analyse customer spends and understand when, how and how much customers buy. Things you can do with the dashboard include:
- Creating payment links to be shared via SMS or social media to reach your consumer
- Disbursing funds
- Viewing transactions
- Generating invoices
- Settlement reports
- Issuing refunds
Paytm dashboard for merchants also provides real-time analytics that can be used to measure business performance and make decisions on the fly to improve growth. Even changing settings such as new bank accounts, display names, or a new QR code can be easily done from the Dashboard’s Setting menu. Manage Users lets you define roles and grant permissions to your employees using the Paytm for Business Dashboard.
If you are still on the fence regarding integrating the Paytm Payments Gateway, we have just given you six reasons to consider it.
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