Understanding the startup ecosystem
Startups are often misjudged but play a crucial role in any country’s economy. Though startups are considered small or new businesses, their contribution to the overall economic growth of a country is quite significant. How the startup ecosystem in a country works is directly proportional to the rise and fall of the GDP of a country as it renders mass employment to the youth of the nation. According to reports, the total number of startups in India rose to around 9,000 in 2019, making it the third-largest startup ecosystem in the world, only behind the US and China. Given that startups have single-handedly raked in about $50 billion revenue since 2014, it is important to understand the usage of payment gateways and payment gateway benefits for startups to flourish alongside established tech-giants.
Fintech, logistics, healthcare, e-commerce, and online gaming are some of the popular startup sectors in India currently and are also the ones expected to flourish in the post-COVID era. During the pandemic, we saw the surge of delivery related apps and many retailers switching to online/delivery business right from groceries and clothes to food and medicines. Payment gateways are essential elements in this crossover to digital payments by most local entrepreneurs and retailers.
Payment gateway benefits for startups
Before listing the payment gateway benefits for startups, it is important to understand what is a payment gateway first. Payment gateways are facilitators for digital payments that act as a medium between the merchant’s website or payment portal and the customer’s bank by verifying the bank details. Post verification, the payment gateway processes the transaction by debiting the amount from the customer’s bank account and crediting the same in the merchant’s account for the purchased product.
You may wonder why one would need a payment gateway to do so. A merchant would ideally require a convenient medium to collect payments from customers, and payment gateways enable them to do so without the trouble of processing each transaction by reaching out to the respective banking partner. The payment gateway ideally enables accepting customer payments via your website or app. Some of the top payment gateway benefits for startups are:
- Fast and secure payment collection
- Simple payment methods
- Multiple payment options
- Cuts digital payments costs
- Expand customer base
How does Paytm for startups help new businesses?
Paytm for startups is an exclusive program by Paytm to help bootstrapped startups kick off their business. The program enables startups to collect digital payments on their website by giving access to all of Paytm’s best business products and solutions, insights into user flow-related APIs, etc., to help new businesses grow faster.
Simple set up and onboarding
The key to choosing your payment gateway service provider is the simplicity in the onboarding process for your website. Most service providers consume a lot of time in formal paperwork, getting approvals from partner banks, etc., which takes at least 10–15 days on average. The last thing you want for your startup is to be dragged down by service provider delays. Paytm for Startups cuts down the onboarding time drastically and lets you go live within minutes! Moreover, the API integration of Paytm for Startups with your website is quite simple, enabling the merchant to create and send payment links to your target customers in a jiffy.
No charges with the benefit of startup booster
Setting-up fees, maintenance fees, transaction fees, monthly fees are some of the payment gateway charges that discourage a merchant from setting up a digital payment system. Paytm for Startups allows you to set up at zero cost, and there is no maintenance fee. There are no other hidden charges to worry about and enables the merchant to reap the full payment gateway benefits. Furthermore, Paytm provides Startup Booster that offers a 100% commission waiver on the first 1 lakh rupees payment collection every month. This scheme truly gives the boost your startup needs.
Access to complete payments suite
Online payments can be quite tricky as each payment can be different from another. Digital payments systems need to be tailored according to your specific needs and offer unique solutions. To solve this Paytm provides businesses access to its entire payments suite consisting of payment gateway and business products offering solutions to all types of payments. Be it collecting payments through Android or iOS apps with All-in-one-SDK, or automating payments to vendors and workers with Paytm Payouts, or even just an amazingly fast, minimal coding checkout solution with Java Script Checkout, Paytm for startups has got you all covered. There are no additional payment gateway charges for the suite.
Expand customer base with increased uptime and mini apps
Surveys indicate that failed transactions on a website discourage customers from revisiting the same website for any further purchases. It might risk a merchant losing his valuable customer base. With 99.9% uptime, Paytm for Startups offers maximum availability, thereby accommodating all the transactions on your website/webpage without a glitch. Additionally, you can integrate your website with Paytm’s Mini Apps and target specific, potential users by getting top listings to reach a 200 million+ customer base.
Paytm for startups is a beneficial and exclusive program by Paytm that bolsters startups into an upscale income trend through all its features and perks, thereby exhibiting payment gateway benefits at its best.