Advantages Of Using Payment Gateways In India

Payment gateways authorize payments for retailers in several categories of business. Payment gateways safeguard sensitive information such as credit card details, entered into an e-commerce website and are passed between the customer and merchant and from the merchant to the payment processor by using encryption.

Initially merchant accounts providers and payment gateways operated separately, but with increasing adoption of e-commerce by businesses of all kinds, many processors have started offering an all-in-one solution for merchant processing and gateway services.

Payment gateways offer several benefits for merchants that include the following:

  • Secure transactions:

Payment gateways use industry-standard encryption and effectively protect sensitive information, safeguarding both merchants and customers against fraud.

  • Larger customer base:

Payment gateways make it possible for customers all over the world to access your business from your online store which in turn works towards expanding and increasing your customer base.

  • Bundled with shopping cart:

Gateways club shopping cart software with their own programs. This software makes it possible for customers to choose products with a simple, easy click of the mouse, add them to his/her shopping cart, and complete their purchase at the checkout stage. The shopping cart calculates the cost of the items, sales tax, and shipping charges without you or an employee being present to carry out the sale.

  • Faster transactions:

Using a payment gateway is much faster than manual processing which allows customers to make faster purchases without the inconvenience of waiting in long, rushed lines.

  • Convenience:

Payment gateways allow you to keep your e-business open 24/7. Your customers can shop at any time of the day, from the comfort of their devices, at the comfort of their homes.

  • Customization and user experience:

Payment gateways can be customized to suit the look and feel of a website. Customers need not be directed to an external website to make payments, which helps create a seamless experience for the user and enhances their user experience.

Choosing the right payment gateway for your business helps increase transparency, security, and other features that will make your business flourish.

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Expectations from the payment gateways partners

The online payment gateway has now become mainstream for most of the businesses – from chat support, surveys, movie tickets to food catering, e-commerce and many more. According to the report by Google and Boston Consulting Group, the digital payments industry in India is projected to reach $500 Bn by 2020, contributing 15% to India’s GDP.

The main objective of any payment gateway is to authenticate the customer’s credit card, debit card, net-banking details and wallet details securely, and enable the transfer of the funds to pay to the other party online.

This process involves four key steps – collection of the purchased item, authentication of the bank account, an authorization that the payment has been approved, and settlement and validation of the transaction amount in your bank account. Any incorrect process or manual error can create chaos for the buyer as well as for seller.

Online payment gateway should ensure simplicity, security, reliability, availability, and dependability. Merchants need a single solution that enables them to extend reach, allow seamless and timely transaction ensuring safety and security, and the one that build trust. Additionally, the merchant is also concerned about the speed of the transactions during sale or peak hours.

The key barriers to the adoption of payment gateways include the complexity of use, safety and security concerns, fraud or hidden charges involved in the payments process, among others.

The research from Google and BCG also shows that 1 out of 2 non-users haven’t used digital payments because they found the product too complicated to understand and 61% of non-user merchants find it complex to use.

The payment gateway providers need to ensure the ease of use, security and speed are the main features provided to delight the users. Other feature that drives adoption is ease of reaching the customer care for help or support. Customers should not be kept waiting for 24 or 48 hours to get a response to their query.

In Indian market the regulations and laws around payment gateway are still shaping up. It is important for payment gateway India providers to build simplified payments solutions with inevitable features for both buyers as well as purchasers.

The final goal of merchants is to find a cool gateway that backs their business model, product or service by letting them create any payment scenario they want to in the most simple and friendly way. Payment gateway provider in India like EaseBuzz, exceeds customer’s expectations by providing high standards of convenience and security.

How to choose an online payment gateway –questions you should ask

Choosing the right online payment gateway for your business is like choosing a partner for life. It crucial, and it gets difficult to select the one that matches your criteria.

Whether you are selecting a new online payment gateway provider or looking to replace your existing one, there are many questions that you would want to ask for an efficient, flexible product that fits your budget. Let’s look at what are the major concerns that you should raise when finalizing on an online payment gateway.

How easy is the onboarding process? 

Making business go fast is the aim of all entrepreneurs. The valuable time of an entrepreneur should be focused on their products or services, rather than staying busy in the gateway setting up process. For instance, Easebuzz, a payment gateway, provides complete online KYC process where the business can get started with handy PAN card and bank details. Find out a partner that provides quick onboarding.

Are there any value added features other than regular payment options?

Besides ensuring smooth transactions, payment gateways should provide other value-added services. From attracting customers to managing reports, event tracking, email and SMS marketing, referral schemes, quick pay options even without a website – there are numerous services that your provider can offer you and make your online operations easier.

How secure is the payment gateway?

Today, online businesses who accept digital payments face the risk of frauds, which can hurt the business badly. It’s important to go with a payment provider that offers secure transactions. This means it should at least conform to the PCI Data Security Standard (DSS) and has an end-to-end SSL encryption for all transactions.

How good is their customer support?

You’re dealing with monetary transactions and daily setting of funds, and so your solution provider should be accessible 24/7. You definitely need to know where to ask for support, and that you should not be waiting 24 or 48 hours to get their reply. Good payment gateways like Easebuzz will assign you an account manager that will be there for you when you need him.

Is the pricing transparent?  

Ask the provider to list down all the costs you might come across whilst using their service to avoid horrid surprises of paying double the actual price.

Your choice of online payment gateways in India can impact the overall experience that you promise your customers on the website, so think through consciously before choosing one. 

Blockchain And Its Impact On The Payment Industry

Today everyone is talking about blockchain technology and a number of organisations are racing to harness the power of its many applications. Let us understand what this means.

A blockchain is a distributed ledger of transactions that are recorded chronologically. Blocks that make up a blockchain contain data related to the most recent transaction and a hashed reference to the previous block.

This hashed reference creates a link between all the blocks in the chain, and as no one technically ‘owns’ a blockchain, it makes it impossible for any single participant to corrupt it. This data is stored across the blockchain network which gives it its inherent security.

Block chains can benefit international payments majorly due to the positive impact on speed, cost and security.

A payment gateway based on block-chain would enable payments to be sent anywhere in a period of 15 to 20 seconds. This is notably faster than routing payments through traditional banking routes which could take up to 3 days.

Using block-chain ecosystems as a base, payments are made more secure and less prone to attack compared to a traditional online payment gateway.

Security is a fundamental element that will drive mainstream acceptance of block chain into the online payment industry.

Incorporating block-chain into a traditional payment gateway is not only beneficial to merchants with respect to decentralisation but also for consumers as their confidence in online platforms will be imbued by this core security association with block-chains.

As of now, this ability to make business payments is an option restricted only to a few technology firms. Currently it is the financial service sector that has tapped into the potential of block-chain to change the way it functions.

Ultimately, businesses that want to streamline processes and make payments easy, secure and quicker should look to adopt block-chain technology.

Payment gateways in India are also looking into block-chain technology to further enhance the services they offer to their merchants.

The future of online payments demands adoption of block-chain in all businesses by seeking out payment service providers that will be able to help with access to block-chain.
This would be true for high-impact sectors such as multi currency payments or international settlements where fewer traditional online payment gateways are present.

Easebuzz – The Easy solution to payments!

What comes to your mind when you think of “Payments”?

– Is it cash or Plastic money?

– Is it the expenditure or the earnings?

Do you think of a hassle-free experience when it comes to payments or do you consider it as a tedious task?

No matter what your thoughts are, payments will always be an integral part of your life. Right from the very beginning of time, people have found ways to make payments. Starting with the Barter system, going on to paying in livestock to crude metal coins and gold, the evolution of payments does seem to amaze one and all. From cash to plastic money, and now mobile payments, this industry seems to be adapting to the technology really quickly. The first ever documented online purchase was made in 1994 to purchase a pepperoni pizza with mushrooms and extra cheese from Pizza Hut. Following this, online payment took the world by storm, providing a smooth experience to the users.

In today’s world, cash seems to be a vanishing commodity. This era is dominated by online payment solutions like online payment gateway, link solutions and online web stores which ease the life of the people and provide them with the freedom of not having to carry the cash around and worrying about the same. Today, everything is a just a click away, thanks to online payments! The petty bickering over change is now a long foregone thing; a simple swipe of the card or entering the OTP serves the purpose.

India, being on the verge of transition to a cashless and digital economy, has seen the growth of many payment gateways over the years. These online payment gateways are now the rulers in the payment industry. With the best possible features, they also provide 24*7 support, quick and on-the-go payment options. Easebuzz is one such platform – the rising star of the payment gateways in India with over 15,000+ merchants on board.

With all the requisite security concerns in place (PCI-DSS Compliance, 128 bit SSL), Easebuzz does not require the customers to create an account to make the payment. Neither does it store any card details. For the merchants, it has a quick on-boarding process (2 minutes) with just the requirement of the KYC documents and the bank details. You will never find a simpler process for any Payment gateways in India.

Hoping to see you joining the Easebuzz family soon!

Unified Payment Interface- The Future of Indian Finance Ecosystem

30th December 2016, the day on which Indian Prime Minister Mr. Narendra Modi launched ‘BHIM’- Bharat Interface for Money. This was a prominent step the nation took in its agenda of becoming a completely cashless economy. BHIM is an app developed by National Payments Corporation of India (NPCI) which is built on the framework of UPI, Unified Payment Interface and it is the game-changer in the financial services sector. The brainchild of NPCI & RBI which is a part of cashless transaction & Digital India Initiative by PM Narendra Modi.UPI has taken the finance industry & nation’s economy by a swift move due to its amazing host of features. Let’s understand more about UPI.

  • UPI- A radical Change:

As mentioned above, UPI stands for Unified Payment Interface which allows users to transfer or receive money between any two bank accounts through a smart-phone. It facilitates direct payment from a bank account to merchants or perform basic banking activities. UPI is the revolutionary model in the payments ecosystem which will very well eliminate the horde of e-wallets we are witnessing & are struggling to thrive in the market. To sum it up in easily understandable terms, UPI is the next big thing in the money market.

  • Why UPI?

In the time which has a slew of e-wallets, payment gateways and online payment options available, why would we even need one more? Well, the answer to that is very simple- UPI is not like any of them. This initiative by National Payments Corporation of India which is powered by RBI & Indian Banks Association eliminates the need of e-wallets, the hassle of entering credit/ debit card details and the pesky passwords. Contrary to the current procedures we follow such as NEFT, IMPS or digital wallets which are still prone to hacking or malfunctioning, UPI transactions are highly secure. Reserve Bank of India has only allowed banks to be the Payment Service Providers of the UPI service, mobile wallets are currently out of the scope now. On the other hand, 30 banks have been included as UPI service providers which also offers interoperability for users who want to use a particular wallet.

  • Stepping into the Cashless Space:

Through the astonishingly robust UPI platform, users will be able to do all the transactions through a single identifier. Indian economy is on a mission to become a completely cashless economy and by the looks of the current scenario, we are still behind the schedule. As compared to other nations in the world, India witnesses 95% of the transactions in volume and 65% in terms of value through cash and UPI is all set to change these statistics.

  • I got mobile Wallet, why use UPI?

A burning question that has been floating around in people’s mind is that what would they do with their mobile wallets? The answer is simple- they are about to be rendered useless. The banking regulators are being hogged by all the mobile wallet providers to let them be the included as service providers, but the board hasn’t relented so far. Mobile wallets like PayTM can still survive up to some extent due to their cash back offers and people would still use them for quick transactions. However, since UPI offers transaction limit of Rs. 1 lakh and that also with ease, security and more bandwidth. So it boils down to the conclusion that unless the wallet companies innovate something new, its going to be a downhill road for them in the finance market. In addition to all that, UPI is free from the pesky money-eaters like Visa & Master Card.

Unified Payment Interface (UPI) is the fulcrum in the process of digitized & cashless India initiative. Considering the massive response it has gotten since its inception, UPI will act as a stepping stone for the economy to become stronger, purer and independent.

E Commerce: The big change to accept for your business!

E commerce is emerging as the latest trend. Gone are the days when a business owner or a service provider could actually wait for the customer to walk in with a requirement. You need to be there for your customer as soon as the requirement arises. And with Easebuzz, you get the opportunity to do exactly this. Sell products online, advertise your services, and basically reach out to your customers at practically no extra investment!

Do I need to rely on E commerce integration?

With Ecommerce integrations like the ones provided by Easebuzz, you get to be closer to your customers. Additionally, in a time when shoestring budgets are a norm for entrepreneurs, platforms like Easebuzz actually give you the comfort of being able to do so. Yes! For all those who have hesitated to take their business online fearing massive investments, this platform changes perceptions.

Here is a look at why your business needs to rely on E commerce integration

-It is easy

-There is no extra investment required so do you have a reason to complaint

-The world is going digital and if you are keen to be better than your competitors, this is the place to be

-There is a big customer pool waiting to be explored in the virtual world and a well planned online shop through the portal of Easebuzz can actually help you reach out to those prospects. Now, just imagine the amount of profits this can earn for your business?

Why choose Easebuzz?

I am sure we have got your attention so now let’s talk about how Easebuzz can help your business.First things first, let’s understand the functionality of the platform. It all starts with a simple sign up procedure. Fill in a few basic details and in no time, you can create a digital ship on Easebuzz.

Do more than just create free webstore because with Easebuzz you can create product links, share it with people, use it to advertise the services you provide and clearly reach out to more customers. The profile is personalised so you don’t need to worry about the brand identity being diluted. Since the entire set up is online, you can keep track of the customer enquiries generated.

Only when you make a sale through Easebuzz, the platform charges a nominal fee as a commission. Now, given the modern day competitive scenario where the need to differentiate your services is urgent without overshooting your budget, this portal is indeed a boon.

The Easy Way to Take Your Business Online: Easebuzz

easebuzz

The digital era is here knocking the door and for business owners who are not willing to take the plunge are sure to perish. Easebuzz is a unique platform dedicated to helping you and many business owners like you to take your business online in the most simple way possible. No more developing websites or struggling to gather the investment required to develop an online presence. Because Easebuzz makes things a lot simpler.

What is Easebuzz?

Easebuzz is a simplified platform for you to sell anything online.Create a Digital shop for your Events, Physical items,Digital goods & services, all at one go. It’s not just easy, it’s really fast as well. So, for those who have been aspiring to take their business online, this is a preferred choice.

Here are few simple steps to follow to start your business with Easebuzz:

  • Log in to https://easebuzz.in/. Now, create a profile and upload the relevant details. This is easy and barely takes a few minutes.

  • Now the portal will create links for the products / services that you are offering.

  • Next stage is using these links to do your business. This is easy. The links are in place, now just start with sharing these links amongst your friends and patrons inviting them to buy and do business.

  • The upload of product profile is free. So, you get to create a product link without investing any extra money.

  • You have to pay only a small percentage on every sale that has happens. Truly cost effective and superbly easy, isn’t it?

How does the platform help you?

First of all, you can register for free, you have to pay only when a purchase is made for your products and services. Plus, each registered user on Easebuzz gets access to a customised dashboard. Now, a smart business owner can actually use this dashboard to indulge in customer relationship management. If you are wondering how, the answer is simple.

For starters, you are notified each time a sale is processed for the products or services that you are offering. This way, you can keep track of your customers. Additionally, know where your inventory stands because the sales records is now available on your fingertips. Even the short links can be customised to gain better visibility.

A better visibility

Easebuzz offers the social pay feature that allows you to upload your product profile for free and gain visibility through social media platforms. But, that’s not all. You can also opt for a paid version where we give more visibility through our channels as well. Don’t forget to enquire about the marketing services that we offer. This may just be the opportunity to give your business the much needed boost.

How do I earn?

Earning money through Easebuzz is easy. Each time a transaction is done on your product, you get to know through a notification. We will process the amount to your bank in 3 to 4 working days. So, just encourage people to buy your products by sharing your links and you can earn!

Who can join Easebuzz?

The platform is so designed to make it easy for anyone to sell products / services / events. So anyone who has any of these to sell, can make use of this platform.

Easebuzz- Easing The Task Of Selling Anything Online

If your business is not on the Internet, then your business will be out of business” – Bill Gates

easebuzz

The co-founder of Microsoft sure wasn’t joking when he quoted the above. When one speaks about bridging the gap between the manufacturer and consumer, the world of Internet is the first thing that pops into our minds. The common playground has brought products, services – digital and physical, to our doorstep; unlike anything we’ve seen since the beginning of humanity. Ease of access and transparency are just two of the advantages that we are listing among the mammoth that exist.

While it is not rocket science to understand the benefits of E-Commerce from the consumer’s point of view, the same cannot be said for the manufacturers. In the neck-tight competition in this domain, it becomes extremely difficult for manufacturers to reach out to the consumers, let alone garner profits. While many options do exist, none of them promise to be friendly to the poor retailer.

In short, setting up an E-retail business is like trying to hold a burning candle in the rain. However disheartening this might sound, we all are aware of how cruel the online world is. Just when you thought your dreams of being the next big thing were shattered, be aware of a platform that is for everyone who wishes to sell products online directly to his/her audiences.

Now that we’ve offered you shelter, allow us to tell you about Easebuzz. If you are a merchant or a freelancer who wishes to sell his/her product or service on the web, then Easebuzz is the platform you should look out for. For anything that you are willing to sell, you can set up an exclusive online shop that showcases all the products and services that are available. This online store will be in the form of a link that can be shared with anyone you wish. With a panel of technical experts, Easebuzz is bound to ease the task of doing business online.

Keeping in mind what Easebuzz is offering, we are confident of becoming India’s favorite platform for freelancers to sell anything easily & quickly. Everything from our effortless payment solutions to our dedicated support team has been created to bring a hassle-free ecosystem for anyone who wishes to rise in the world of E-Commerce.

Powered by a leading payment processor ‘BillDesk’, one can manage transactions to any bank in India. We are speaking about the market-leader in providing online payment solutions who is linked with over 112 banks and 6 payment options. Thanks to these features, it doesn’t come out as a surprise that over the course of last 18 months, Easebuzz has managed to attract over 1000 unique visitors daily which gives the website an Alexa ranking of 13,452. The platform already has 700 merchants on board with over 500 transactions taking place daily. While the market average dropout rate stands at 15%,Easebuzz manages with a dropout rate less of than 3%.

All these factors are governed by the three foundation stones that helped us build this platform – Visibility, Affordability & Simplicity. These three essential pillars are catered with our exclusive features that are second to none.

Your own shop

You can have your own store in the form of a link. You are entitled to customize your link which can further be shared among your friends and probable customers. This simple mechanism erases out the onerous task of worrying about approvals, visibility, and accessibility. Having your own shop assures you of transparency in every front with respect to the customer information, transaction details, sales information among other important details. With the aforementioned features, we promise you to have one of the best online shops one could ask for.

We get paid, if you get paid

Yes, you read that right! We will be accepting payments only when you sell your product or service. You get to market your product on our website free of cost, where all the hosting and maintenance costs are borne by us. You will be charged only 3 % once you complete a sale. In addition to this, it is noteworthy to highlight that all your customers can receive up to 50% cash back in the form of coupons.

Ease of access

Having a dedicated relationship manager has its own perks. One of them being the privilege of calling him/her when you wish, to clear out any hassles or problems. We also offer marketing solutions in the form of bulk email and SMS along with publishing the same on our page (upon request). Through our smart marketing options, you can reach your potential customers within no time. Furthermore, we have a support team that functions during every hour of the clock to make sure your satisfaction.

The only way to do great work is to love what you do, and Easebuzz is providing a platform for you to sell what you love. As merchants ourselves, we are aware of how important it is to have a secure solution that caters to your needs; which why we are PCI-DDS compliant and our web servers are handled by Amazon which makes the entire operation absolutely secure. As the name goes, Easebuzz is striving hard to make it easy for each and every one of you.