eCommerce sales have shown a phenomenal upward trend over the past decade. The eCommerce industry is the fastest-growing industry in India. The spurt in eCommerce sales prompted a spike in the use of electronic payment mediums in the country. After all, when the purchasing process moved online, why shouldn’t the payment process follow suit?

Businesses have rapidly moved on to accepting online payments via a wide selection of modes. From Net Banking being the only e-payment solution to Pay Later and UPI- electronic payments have transformed the way people make and accept payments.

The number of digital transactions in India was posted at 32 billion+ in the financial year 2019. The aggregate value of all these transactions was over 69 trillion Indian rupees. This shows the potential that the digital transaction market in India holds. Businesses that accept e-payments demonstrate a boost in sales over their competitors who still stick by conventional modes of payments. The pandemic gave the final push to the e-payments industry, with people reducing dependency on cash transactions fearing the spread of the virus. The right time is now for businesses that have yet to make the shift to the digital podium! They need to set up an online payment gateway to start accepting digital payments from their customers.

Prominent Electronic Payment Options in India

E-payment refers to electronic payments that are made digitally without the involvement of any physical medium. Making the shift to digital payments opens several transaction opportunities for businesses. The prominent payment options in India are:

• UPI: The acronym for Unified Payments Interface, UPI is a payment system that brings together multiple bank accounts under one umbrella. It makes transactions easy and quick without the need for any card.
• Credit Cards: Credit cards allow the customer to pay for a product or a service on credit. Users have to repay the amount to their credit card company within a fixed date.
• Debit Cards: A debit card enables a customer to pay from their bank account directly. The amount is directly debited from the account immediately.
• Mobile Wallets: These are digital wallets that connect to any credit and debit card. They then allow transactions without the need for a physical card.
• Net Banking: Also known as home banking, it enables customers to conduct financial transactions from their bank without physically visiting the bank.

An online payment gateway is a platform that brings all these modes together under one roof. Small businesses can accept payments using all these digital modes when integrating their website/app with a payment gateway.

How does E-payment support Businesses?

• Expand your customer base: Digital payments can be accepted from any part of India compared to traditional modes. This opens up a scope for the business to expand its target audience beyond the immediate geography. A bigger target audience leads to increased sales and more profits. Moreover, customers now prefer to purchase online. With more customers choosing online shopping, chances of being noticed are more for businesses that reach out to a broader geography. The best payment gateway for India will allow businesses to accept payments from anywhere in the country with a simple click.
• Automates processes: The online payment system automatically generates data about all the transactions in receipts and confirmations for the customer and transaction history for the merchant. It instantly communicates the status of the payment to both the customer and the merchant. Most gateways can also be linked to accounting and other management software, which directly analyses and generates all necessary information. This reduces expenditure on human capital by automation.
• Security: E-payments also come with an added layer of protection for both the customer and the merchant. Secure payments systems build trust in the customers. Merchants can directly connect with customer support to get updates on incomplete, suspicious or fraudulent transactions. It also makes it easy for the merchant to check for the transaction’s authenticity and accordingly process the product. The best payment gateway for India, Zaakpay, comes with PCI DSS compliance ensuring absolute security.
• Better Customer Satisfaction: Making transactions online is an easy process. Customer satisfaction depends on how easy the entire purchasing process is. Online transactions can be made instantly, and this leads to happier customers. Additionally, depending on the mode of payment, they may also get rewards, cashback, or discounts. Usually, credit cards give loyalty points based on usage. These points are an added value that the customers get for the purchase. An online payment gateway also accepts diverse payment modes. Customers can freely pay with whatever mode suits them the best.
• Stand Out Among Competition: The market is crowded with businesses selling the same products. In such a scenario, a business that invests in customer experience will get a competitive advantage. Setting up a trusted gateway that accepts payments in all modes can attract customers over a business that does not accept e-payments or accepts through an unreliable medium. The security seals of trust of the online payment gateway should be appropriately disclosed and displayed on the website.
• Makes the Business Trustworthy: Customers are used to making online payments. They recognize familiar, trusted modes. It is best to have a gateway that customers count on and know is secure. Any unknown method of payment can drive away customers.
• Payment Links: Even small businesses that do not have a website to integrate a payment gateway can accept e-payments. They can opt for a payment link, as provided by services Iike Zaakpay. It is a URL that can be shared with the customer over WhatsApp or other instant messaging services. The customer is finally redirected to a payment gateway from the URL for making the transaction.

Conclusion

The demand for online products is on a perpetual rise. Needless to say, so is the need for e-payments. For businesses aiming to scale up their profits, setting up an e-payments system is crucial now. With its user and merchant-friendly features, Zaakpay is the best payment gateway for India that can help businesses make the transition. Zaakpay hosts all electronic payment modes preferred by customers and can help enterprises revolutionize the way they accept payments.