The online payment solution offered by Easebuzz for online customers, freelancers, and small businesses is the most popular one when it comes to receiving and accepting payments in India.
Although online payment systems may appear complex, they all are designed to facilitate the process of donating, supporting, or subscribing to your organization.
Online payment services have changed the way people behave rapidly, so it is now vital that you offer an online payment option if you want to reach all your potential donors, members, or customers.
We live in a rapidly changing world of payments, which may become more complex and difficult for the existing systems to handle. Is your current payment infrastructure equipped to deal with these changes and integrate with new payment types? let’s take a closer look.
Online Payment Services in India
Growing access to data, deeper penetration of UPIs, and embedded finance are a few factors that are shaping the future of India’s fintech sector, which also estimated to be worth $150billion by 2025.
In India, digital payments such as UPI and mobile wallets have overtaken credit cards in terms of popularity, with 91% preferring online payments over credit cards, according to Experian Global Insights Report.
Business needs to meet the ever-changing demands of consumers while embracing technology and innovation at scale. As India moves towards a strong digital ecosystem, consumers will have access to digital tools and services that helps them manage their finances effectively.
Developing policies and regulatory frameworks that bring benefits to consumers while making it easier for organizations to do business remains the most crucial role of government in improving payment service providers inclusion in India.
Financial literacy, system transparency, grievance redress, and wider adoption and availability of services will be the outcomes of online payment services being widely accepted across the country.
Online Payment Services in India – Benefits
Adding online payments providers, a number of benefits both to you and your supporters if you collect payments mostly through cash or checks. While cash and checks might be working well for you for now, online payments provide a number of advantages.
Secure Payment Methods:
Compared to traditional methods, accepting online payments provides merchants with a lower level of financial risk, since they do not need to verify the integrity of cash payments or pay fees when checks bounces.
Online transaction processing has the advantage that money is immediately put into the acquiring account once the transaction is completed. In Addition, online payments, which tend to be more tightly regulated, give merchants extra peace of mind. Payments can clear within two or three days, giving merchants more control over the finances.
Reduce the Carbon Footprint:
You can offer clients the option to receive their statements online so that you can go completely paperless with billing as more people switch to digital options. You will no longer need any return envelopes since your customers won’t have to send you money.
You’ll have saved 1,500 sheets of paper by sending online invoices. This saves an amount of fuel equivalent to travelling 44 kilometers. If you send other mailing inserts, you’ll have saved even more. Patients no longer have to pay with cash or checks, which means even more savings.
The benefits go beyond savings on goods; your team can spend less time on mailings, printing and answering phones, which leads to productivity gains. Physicians already suffer from burnout due to administrative duties, so by decreasing administrative tasks, your practice will also be less stressed.
Transaction Costs Reduced:
The online payment process is much more automated than classic payment offerings, where the shopper would write a check or visit a physical ATM for cash withdrawals.
A merchant can set up a payment system without spending a single rupee up front, and then pay a low transaction fee for each sale that is recorded on their site, instead of having to employ a cashier or issue payment slips.
Merchants benefit from cost affordability in this case.
Builds Customer Trust:
The level of trust you build with your users depends on a wide range of factors and how you treat them. You should pay close attention to website design, SSL security, payment service providers, and information collection when building your ecommerce website.
Making a payment is easier when your user experience is good. You make the payment process easier when you reduce friction so that making a payment is easier.
Allow them to pay the way they prefer, whether that’s through a debit or credit card, account reminders, payment links, InstaCollect, UPI, or storing a preferred payment method for faster checkout. Giving customers control over the payment experience is key to building trust.
Journey Optimization for Customers:
It is the convenience factor that makes users prefer to make purchases online, so a merchant, you must cater to this preference. Shopping online is becoming increasingly popular as a means of making purchases in every global market.
The convenience of online payments would be lost if the option to pay online was not available to prospects – In the case of digital goods, customers are accustomed to receiving instant confirmation of their purchase, and they can even access them immediately after making the purchase.
Acceptance of Payment Methods:
An online setup has almost limitless payment options when compared to a traditional brick-and-mortar store. There are various types of payment service providers available to your consumers depending on which partner you select.
Some providers even facilitate entry into new markets by accepting local payment methods, such as InstaCollect, Payment Links, Slices, and UPI. It will positively affect your bottom line to accept payments through UPI in India, for example – Users there are accustomed to paying online with UPI payment method.
Payments in Real-time:
Payment providers are facing higher pressure as digital payments affect how consumers transact, consume, and pay bills. Payment infrastructure challenges and the demand for real-time payments are causing the industry to experience rapid growth.
Increasingly, financial institutions and businesses are looking to reduce the costs associated with payments infrastructure and platforms. The Easebuzz has a product that delivers the latest cognitive and AI technologies to make payments more efficient and valuable.
Channels for Marketing and Distribution are more plentiful:
Your distribution channels will benefit from online payment processing as well, which is no small thing. Payments can be accepted online, which will allow you to expand into the affiliate space and have other websites and online option leaders feature your products and services with full security.
It’s possible for merchants to generate up to 15% of their online sales through affiliates, which represents a significant uplift in revenue. Discover the differences and join an Easebuzz referral network to discover this potential.
Providing online payment options attracts impulse shoppers:
The advantages of offering online payment features for your store is the range of impulse buyers it attracts. Different products and goods will appeal to different types of users, based on the category they fall into. Easebuzz Payment gateway comes with the added advantage of facilitating payment directly, so this is yet another payment gateway advantage.
Ability to Recurring Payments:
Payments are generally accepted from clients at regular intervals in subscription or SAAS businesses, so they are recurring process. Nowadays, few buyers are considering this payment option, especially when ordering digital goods, even though cash and checks were also available in the past.
Using payment gateway is advantageous in subscription markets due to the automation potential they offer merchants. These partners can enable recurring billing features, which means fewer steps for both the seller and the buyer and the buyer when making or accepting a payment. Businesses looking to retain customers can also benefit from subscription management features provided by the Easebuzz Payment Gateway.
Payments by online means have clearly demonstrated that the advantages outweigh the disadvantages. Online payment providers can help companies of all sizes, from micro companies to enterprises, access extra business capabilities and increase efficiency.
Adding the option to accept online payments to your business will ensure you stay current in the coming years. Your business will reap the additional benefits that come with accepting online payments.