Circa 2006, It was during a rainy day when my dad called on the landline phone. He asked me or to put it correctly, ordered me to go & pay the electricity & landline phone bills. I profoundly remember it was quite a hassle traveling to both the bill payment centers, standing in ques, waiting through the lunch hour and the sense of accomplishment after finishing the payment.
Cut to 2016, it does not take more than 3-4 minutes to pay my utility bills. Same has been the case with mobile recharges. I don’t even remember the last time when I went to a mobile recharge center (haven’t seen many off late). The drastic change has been made possible because of the rapid adoption of digital payments. Prepaid mobile recharges and bill payments still remain the most popular use-cases.
Why consider online payments?
There has been a tectonic shift to online selling across various businesses. The expected number of Internet users is expected to see a 120% increase from 300mn in 2015 to 650mn in 2020 out of which 530mn will be accessing the internet through their smartphones. As the internet continues to grow, digital presence will be of paramount important for online businesses. If you’re like many of the organizations who collect payments mainly through cash, cheque, bank transfers etc. then here’s a statistic from the BCG-Google Digital Payments 2020 report that you should know:
81% of users of a digital payment instrument prefer it to any other non-cash payment method.
While non-digital payments might be working for you at the moment, adding online payments provides a number of advantages to you and your customers. Convenience, one tap payments, option to pay anytime anywhere, ease of tracking expenses and no hassles of maintaining cash are some of the advantages. Here are some more reasons why you need to give online payment option to your customers:
- Cater to the expectations – Customers are increasingly getting comfortable paying online. Sharing your bank A/C number, IFSC code details and asking customers to pay add ups to the anxiety. Chances of the customer not completing the transaction also increases in such cases. Moreover, you don’t want to be viewed as being out of step by not having an online payment option.
- Fasten up the process – Online payments are faster than other forms of payments. You get transaction confirmation within minutes as opposed to bank transfer or cheque transfer where you have to wait for the cheque to be cleared. The end result is better cash flow, immediate detail of transaction success/failure and lesser time to complete the end-to-end purchase for the customer.
- Hassle free – Online payments are hassle free for both you and your customers. Apart from the integration effort (which is minimal in most of the cases) you don’t have to worry about each & every transaction processed on your website/app/portal.
What is a payment gateway and how do you choose one?
In simple words, a payment gateway is a service that processes, verifies and accepts or declines online transactions on a merchant’s (online business owner) behalf through secure Internet connections. To help, we’ve created another article about How Payments work at the back-end
Now that you know the benefits & working of payments, comes the difficult task of choosing the best payment gateway for your business. Here’s a list some of the factors that you should take into consideration as you begin comparing payment service providers:
- Do they support seamless (payment processed on your website), non-seamless, mobile SDK integrations?
- Do they have an advanced product stack?
- What if transactions fail? Retry framework? Backup PG?
- What kind of payments do they accept – credit card, debit card, net banking, wallet?
- Do they support the currencies you want to use in your transactions?
You can GET STARTED with one tap payments, saved cards, link based payments, business model specific solution like SplitPay for marketplaces, recurring payments, dynamic & multi-currency processing, transaction booster, analytics and much more with the easiest documentation & settlement process powered by CitrusPay.