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.

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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!