5 Things to Look for While Selecting a Payment Gateway

A business owner has to make several decisions that sometimes can become a headache. Much of these decisions have nothing to do with your core business such as: selecting a payment gateway. It is very necessary to select the right payment gateway. A payment gateway can make or break an e-commerce business. This importance attributed to a payment gateway and the lack of knowledge on part of some of the entrepreneurs can lead to indecision.

So, what is it that you should look for while buying a payment gateway? We asked successful entrepreneurs about factors that make a payment gateway, the best payment gateway for e-commerce.

Here are 5 factors they said you should look out for when selecting a payment gateway.

Fees

Do not give in to marketing gimmicks. You must know all the factors of the fee structure before availing the service. Do not be influenced by the competitive fees that are on display. Sometimes, a few payment gateways may charge extra for certain services or the low fees are applicable only if certain conditions are met. Make sure the pricing policy is transparent and there are no hidden fees. Have a thorough understanding of the fee structure.

Flexibility

This is a very important factor to look out for. Every business is different and it operates in its unique way. Will the payment gateway adjust to the needs of your business? Can it adjust according to payment scenarios that emerge according to your business? You also have to pay attention to the technical integrations it offers. Do you have to wait days for a certain change or can you do it in a few clicks? Do you need a developer to make the changes or a simple business owner can perform it with a few clicks?

Safety

This is an absolute must in your payment gateway. It is imperative that you make sure your the payment gateway you are about to choose has security factors such as SSL Certification, PCI DSS Compliance & Certification, 128-bit encryption, and Two-factor authentication.

Metrics to check

There are a few metrics that you should look for before you make a choice. They are Transaction Success Rate, Time taken to set up a payment gateway, Time taken for settlement.

The transaction success rate is the percent of success in processing transactions. A transaction can fail due to several reasons but what matters at the end is what is the transaction success rate of the particular payment gateway.

Time taken to set up a payment gateway is a self-explanatory term. It can take a few minutes to days.

Time taken for settlement. This is the amount of time it requires for the payment gateway to send the money in your bank account. It could take around 2 to 5 business days.

Customer experience

A payment gateway should provide a seamless experience. Does it take the customer away from your website to another website for payment? In such a case, the customer might lose faith and might not make the payment. It is very necessary that the customer feels safe. Can the user pay the amount with minimal effort? Make sure the customer feels safe and you will see your business thrive.

These are the factors that you should look for while selecting an e-commerce payment gateway. We hope you make the choice that helps your business thrive.

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Benefits of having an online payment gateway with UPI

Unified Payment Interface (UPI) is among the most advanced method of payment among all the options available for digital commerce.

This payment mechanism allows instant money transfers without bank details. It does so using a virtual payment address.  In this article we look at the benefits of UPI:

1. Cheapest Way of Money Transfer

UPI is the most economical method for fund transfer. The nominal charges make UPI a strong way to promote non-cash transactions of small amounts.

2. Secure

UPI minimises and mitigates cyber security concerns. Since bank details and information isn’t requires for payments using UPI the risk of them being hacked is eliminated. Also the authentication takes place at your smartphone. The level of security is increased by using two different PINs. You can easily make it discrete while typing at your smartphone.

3. One UPI App Many Accounts

When you use an online payment gateway that has UPI as a feature, you no longer need multiple apps for different bank accounts. A single UPI can be used to access many bank accounts.

4. COD Without Paying Cash

About 80% people choose the option of cash on delivery while shopping online. Behind this choice lies a simple apprehension about being delivered the wrong product. Also for expensive purchases you may not always have cash on hand or an ATM nearby. UPI puts an ends to this hassle. With UPI you can choose the COD option without actually paying in cash and using the instantly UPI fund transfer. Of course the merchant should be using the UPI fund collection facility as well.

5. Immediate Payee Registration

Usually a waiting period is required before you can make transfers to a new payee online. This time could be from half an hour to up to 48 hours. UPI requires no waiting time, so an online payment gateway with this feature is the most preferred choice for e-commerce businesses.

Owing to the many advantages relating to cost, efficiency, ease for customers, and highly secure nature of transactions that UPI brings, it is the most coveted feature eCommerce owners look for while choosing an online payment gateway. If you are in search of a payment provider for your online business or are looking to change from your existing one, take care to check for the UPI feature before you finalise your decision.

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.

Future Of Digital Payments

About a generation back, a consumer could think of no way other than making payments in cash for his/her shopping needs. The arrival of personal computers, launch of companies and mass digitalization has familiarized customers with the concept of online shopping. This change has been accelerated with the wide adoption of the smartphone, which has made commerce available to consumers, anyplace and anytime.

Technology has a huge role to play in reinventing commerce. It has changed customer experiences in physical retail outlets. It has changed the face of online payment gateway industry.

Let us take a look at the trends in technology that have made the biggest impact in shaping payment gateways online:

  1. Emergence of new forms of payment:

Initially ecommerce could be operated only from computers or smartphones. With the coming of several new devices, such as connected devices, fashion accessories and sensors, clothing and appliances there is a created potential for disruption of existing ecommerce and prospective new payment forms.

Another shift that has been witnessed is consumers moving from the type interface to voice interfaces with personal interfaces. This has resulted in payments becoming more commodities than experiences. There is an expectation among consumers that checkout experiences be seamless across all devices, as the number of established payment platforms have increased. Companies like MasterCard have taken an initiative to increase security in the digital era, by making a provision where card issuers can see where all their cards are stored across all digital devices. This puts customers more in control of how, when and where their card is being used.

  1. Machine learning to take center stage:

Companies have been able to source large amounts of data but are now in a fix as to how to make sense of it. Artificial intelligence (AI), helps companies better synthesize data and improve the ecommerce experience for their customers. With the growth in data, sophistication of networks and smarter algorithms coming together, artificial intelligence is going to transform several industries including the payment gateway industry.

With companies beginning to invest in machine learning, information is becoming smarter over time and this is resulting in fraud risk prevention as well as increased efficiency with respect to online orders, status of balances and transfers between accounts.

We hope this article helped you get an insight into what to expect in the near future of payments online, and that you keep yourself tuned to this upcoming, exciting digital transformation!

About a generation back, a consumer could think of no way other than making payments in cash for his/her shopping needs. The arrival of personal computers, launch of companies and mass digitalization has familiarized customers with the concept of online shopping. This change has been accelerated with the wide adoption of the smartphone, which has made commerce available to consumers, anyplace and anytime.

Technology has a huge role to play in reinventing commerce. It has changed customer experiences in physical retail outlets. It has changed the face of online payment gateway industry.

Let us take a look at the trends in technology that have made the biggest impact in shaping payment gateways online:

  1. Emergence of new forms of payment:

Initially ecommerce could be operated only from computers or smartphones. With the coming of several new devices, such as connected devices, fashion accessories and sensors, clothing and appliances there is a created potential for disruption of existing ecommerce and prospective new payment forms.

Another shift that has been witnessed is consumers moving from the type interface to voice interfaces with personal interfaces. This has resulted in payments becoming more commodities than experiences. There is an expectation among consumers that checkout experiences be seamless across all devices, as the number of established payment platforms have increased. Companies like MasterCard have taken an initiative to increase security in the digital era, by making a provision where card issuers can see where all their cards are stored across all digital devices. This puts customers more in control of how, when and where their card is being used.

  1. Machine learning to take center stage:

Companies have been able to source large amounts of data but are now in a fix as to how to make sense of it. Artificial intelligence (AI), helps companies better synthesize data and improve the ecommerce experience for their customers. With the growth in data, sophistication of networks and smarter algorithms coming together, artificial intelligence is going to transform several industries including the payment gateway industry.

With companies beginning to invest in machine learning, information is becoming smarter over time and this is resulting in fraud risk prevention as well as increased efficiency with respect to online orders, status of balances and transfers between accounts.

We hope this article helped you get an insight into what to expect in the near future of payments online, and that you keep yourself tuned to this upcoming, exciting digital transformation!

The Players of the Payments Industry!

The payments industry is one of the toughest industries. The competition level is very high with a plenty of payment solutions providers. It doesn’t take much time to overrun others. To survive and succeed in this world, you need to provide the best services to your merchants and customers. From quick payouts and great transaction rates to an excellent after sales support – the payment solutions need to be adept at every single service in this rat race to the top. When it comes to online payment gateway, the list is never ending. There are a multiple players in the market of payment gateways in India. Let’s have a look at them.

1. CCAvenue – One of the oldest card payment gateways. Launched in 2001, it is very popular in the ecommerce market. With a free startup plan to a paid privilege plan, CCAvenue charges a transaction fee which can vary anywhere between 1.99% to 2.99% and a flat fee of INR 3. It also charges an annual maintenance fee. Providing its customers with multiple payment options including cards, netbanking and a few wallets, CCAvenue has been revamping its UI of the merchant dashboard and the website to improve its services.

2. Citrus Pay – Launched in 2011, Citrus has been aggressive in its market capture. In very less time it has acquired a good share of the market of payment gateways in india. With zero setup fees and INR 1200 maintenance fee, it charges a transaction rate of 1.99% plus INR 3. Despite its quick rise to fame, merchants have faced issues when it comes to support team response. The entire documentation process commence the services is also a lengthy one. Seeing all the loopholes in responsiveness and customer support, Citrus has been acquired by PayU. Its customers now can only hope for better services and leave it to their experience.

3. PayU – PayU has two versions one is specifically for large enterprises (PayuBiz). This card payment gateway provides different plans based on the needs of the enterprises ranging from INR 4900 to INR 29000 in addition to the annual maintenance fee of INR 2400. It charges a transaction fee ranging between 2.20% to 3.90%. Another version is PayUMoney. It is specifically built for SMBs (small and medium businesses). With zero setup and annual maintenance fees, the transaction rate is also as low as 2%.

4. EBS – The child of a France based global leader in payment processing services, EBS is apt for small and medium sized businesses. Though it has a mixed review form its customers, it has tried to remain competitive and not lose out on the opportunities. With plans varying from INR 4799 to INR 23999, it also charges an annual maintenance fee of INR 2400. The transaction rate varies from 1.25% to 3.75% based on the plan. It provides good service when it comes to multi currency processing and has a good UI.

5. Instamojo – Started in 2012, Instamojo gained the trust of many customers by offering services at a lower cost and quick on boarding. With zero setup and maintenance fees, its transaction rate was fixed at 2% plus Rs 3 per transaction. Started as a platform to sell digital goods, it slowly expanded into a multitude of products and services selling. It is well recommended for small business, thanks to its rates and smooth transition phases.

6. Easebuzz – Started in 2016, Easebuzz is paltform which provides integrated payment solutions to all types of businesses. Large enterprises, small and medium businesses or freelancers – there is something for everybody. With differential transaction rates, zero setup and maintenance fees; Easebuzz has gained the trust of 15,000+ merchants over the last 1.5 years. It provides varied services ranging from payment links, web stores to online payment gateway. It also gives multiple payment options including the latest UPI feature to make payments. In addition to this, it provides 24*7 support and a dedicated relationship manager to handle your account. Any problem, anytime anywhere, and Easebuzz is ready to solve it.

Some other payment solutions that are slowly entering the market and trying to make their space include – Zaapakpay, DirecPay, payment gateways in india by HDFC and ICICI etc. In addition to this there are multiple wallets that have come into play especially after the demonetisation in the country.

Every now and then you see, many enter this industry and many are unfortunate enough to leave either by shutting down or through acquisition/merger. A small mistake and there would be others to replace you. Hence it is advised to be at your best game in this industry and provide the best service for customer satisfaction. A Happy customer after all is a sign of a growing business!

Before we end, let’s have a look at the summarised table for your ease of understanding and comparison. For any queries you can also write to us at sales@easebuzz.in

S. No.

Features

Easebuzz

CCAvenue

PayUBiz

Instamojo

1.

Days to start a transaction

Immediately

6-7 days

Immediately

Immediately

2.

24*7 support

Yes

Yes

No

Yes

3.

Annual Maintenance charges

No

Yes

Yes

No

4.

Differential TDR

Yes

No

No

No

5.

UPI as payment option

Yes

No

No

No

6.

Relationship Manager for a healthy support

Yes

No

No

No

7.

Enhanced Analytics

Yes

No

Yes

No

8.

Server to Server coupling for lesser dropout rate

Yes

No

No

No

9.

Multiple payment solutions like link, payment gateway, web stores etc.

Yes

No

No

Yes

10.

Marketplace Aggregator Model

Yes

No

No

No

*To understand the marketplace aggregator model, check out our previous blog @ https://easebuzz.in/blog/

The online marketplace boom

With the digital transformation happening rapidly in today’s world, it has affected the way businesses work. No longer can they be satisfied by a pure brick and mortar system. Rather, their revenues increase manifold if they go online. And to support these business have emerged multiple online payment solutions. According to Business Insider, while the number of online shoppers has increased by nearly 20 million from 2015 to 2016 (224 million), these shoppers account for about $68 billion of total amount spent online in 2016 (an increase of 11.48%). The number of online transactions has also increased by 115 million in the same time span.

The increase in total spends means the online payment solutions have to keep adapting themselves to provide the best services possible. They can simply not work with card payment gateways anymore while the market is moving towards mobile transactions and wallets. A well integrated system will not only provide options to the customers to pay through card payment gateways or net banking but also through a variety of other modes like wallets and UPI (recently launched in India). Businesses need to remember that a customer with more choices of his/her liking is always a happy customer.

Since there is a huge potential in the online transactional world, it becomes mandatory for the businesses to work alongside the payment solutions and provide the best results to the online shoppers. The era of the card payment gateway is far gone. With the proportion of non cash transaction expected to cross the cash transactions by 2023, any person who does not avail the features of an online payment solution, will see his/her business move towards failure. Don’t be a part of the declining industry. Accept the new market trends readily and see your business boom!

Let’s Drive a Cashless Economy!

Cashless economy is the in-thing. With the digital India campaign and demonetization that followed, online payment has seen an extensive growth. With companies like Pay-TM registering up to 200% growth in the average transaction value post demonetization, a major concern that arises is whether these apps are secure.

For some apps, there is an automatic linkage with third party vendors. This enables them to automatically deduct amounts without the explicit consent of the user. On the other hand, there is a security concern with respect to user log in. The payment apps do not automatically log the users out and anyone having access to your phone can easily make financial transactions. The risk increases in case you lose your phone. Locked or protected – it doesn’t matter. There is always a way around to gain access. Another concern is inadequate management of transactions and poor transaction analysis (based on the research done by CSITM)

Reading this does raise concerns in one’s mind and apprehensions about payment platforms and hence come a bump in the path of a cashless economy. But where there is a problem, there is also a solution! In comes Easebuzz.

With 128-bit SSL, and PCI-DSS compliance, Easebuzz provides the best and the quickest way to collect payments, either through links or QR codes.

We do not ask our customers to login or create an account before making a payment. They can simply enter the payment details; make the payment and rest assured about their confidential data. We also provide a complete track of all the transactions of a merchant on their dashboard. This list is easily downloadable and can be used for further processing.

We still are on the right track for a cashless economy. One just needs to find the correct platform. We at Easebuzz are enthusiastically driving this campaign, along with 10000+ merchants in our team. What are you waiting for?Pay With Easebuzz | HomeEasebuzz: The Easy Way of Selling Products Online

 

Easebuzz: The Easy Way of Selling Products Online

 

easebuzz

Easebuzz, a simple platform dedicated to helping your business create the right kind of buzz and reap rich profits. Today the world is going online and if you want your business to be a part of the winning league, Easebuzz is the platform to be! Integrating multiple ecommerce platforms, Easebuzz gives you a chance to create free web stores, accept as well as manage online payments and make big sales easily. Through this platform, you can create a digital shop in seconds and just share the payment link to be paid directly.

The best part is that the platform allows you to promote your business through its transparent procedures. In fact, the very comfort of taking your business digital gives you the ability to take your products and offerings to a wider pool of customers. This in turn allows you to make bigger profits. The payment solutions are also easy to use. Thanks to the transparency in processes, you can sell fast and easy.

How does it work?

Easebuzz is here to change the face of digital trade for the better. The working is really easy. Almost as easy as creating a profile for yourself on any of the popular social media networks. Log in and create a profile for your business. This is easy and barely takes a few seconds. You can then circulate the link of this store among friends and family to popularise your business and reach out to more customers.

In fact, use the link to promote your products and reap richer profits. Collecting payments is also easy through our integrated solutions.

Why is it easier and better?

Getting into e-commerce is not easy. You have to do everything, right from creating a portal to integrating payment solutions.This can be quite taxing, let alone the massive investment it demands. Easebuzz already has all these facilities and you get to use it without any prior investment.

What can you sell?

When the world is online, there is no limit on what you can sell. Popularise events or talk about the latest offerings of your eyewear collection, all types of businesses can be promoted through Easebuzz. Each time a sale is made, you will be notified and you have to start paying a small percentage of every sale that you make. Given the plethora of advantages that the platform offers, this amount is as good as peanuts. Plus the best part is that you don’t need to pay till you don’t make the sale.

So, why hold back? Get onto Easebuzz today and witness the evolution of your business like never before.  

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.