People have been urged to use contactless payments as a result of the worldwide epidemic. To accommodate client demand, various sorts of organisations are implementing online payment processing systems in their operations.
Aside from that, the government has promoted digital payments under the ‘Digital India initiative.’ The Finance Minister suggested an INR 1,500 Cr initiative to boost digital transactions in the country in the Union Budget 2021. The measure is intended to increase the use of digital payment methods.
There are still various sorts of payment gateways accessible for eCommerce enterprises. Different types of gates may have their own set of advantages and disadvantages. Choose one that is most suited to the demands of your site to ensure a seamless eCommerce operation. It is strongly advised to use an online payment gateway that supports several currencies, as well as fraud prevention and safe transactions. Check the company’s technological concerns as well, and ensure that it is suitable with your website technology.
Adopting online payments:
There are several small company payment processing solutions available, each with its own set of advantages:
- Customer happiness leads to increased sales, and today’s customers prefer digital payment methods.
- There are no cash management issues because payments are received immediately into the bank account.
- This also allows for faster payment processing in the bank account, making transactions easier.
- Secured transactions as a result of the payment processing techniques’ and the company’s built-in security.
- Transaction records, reporting, and their administration are generally supported by all sorts of digital processing technologies.
- The Indian government has taken a number of initiatives to promote digital payments.
- Owners may expand their business since there are no geographical boundaries and they can collect money from anywhere in the world.
Small business payment processing options:
Customers can make online payments using a variety of online payment modes that have been established. The most significant and practical approach for small firms to accept online payments is discussed towards the end of this blog. Before we get there, let’s have a look at the various possibilities.
Smartphones have become an indispensable element of people’s lives. They use their phones for everything, including searching, buying, and, most significantly, making payments. People’s physical wallets have been replaced with mobile wallets. They may use their phone to make payments in a variety of ways.
E-wallets are similar to physical wallets. It contains the wallet balance and may be used to make various forms of online payments such as bill payments, recharges, eCommerce purchases, in-store payments, and so on. You don’t need to install a card reader if you accept payments using mobile wallets.
BHIM / UPI
This is a preferred way of payment. It is both quick and safe. Small firms may make this bank-to-bank transfer possible by using a UPI ID or even a QR code.
Mobile Banking Apps
Banking apps can support bank transfers, UPI payments, QR code scanning, and other features. The mobile banking apps cover all of the basic banking tasks. This is something that small businesses may recommend to their clients.
QR (Quick Response) code
This is one of the easiest ways for small companies to take payments. Customers may simply scan the QR code and pay using their wallet or UPI.
Customers can use NEFT, RTGS, or IMPS to conduct a quick fund transfer at any time. These are bank transfers that are done utilising account information.
Different types of payment getaways:
Payment gateways of many types are still available to eCommerce businesses. Different kinds of gateways each have their own set of benefits and drawbacks. To guarantee a smooth eCommerce operation, select one that is most appropriate to the needs of your site. It is strongly recommended that you utilise a digital payment gateway that enables several currencies, as well as fraud protection and secure transactions.
1) Razorpay: Harshil Mathur has been the CEO and co-founder of Razorpay since December of 2014. Razorpay has risen to prominence as one of India’s leading payment gateways. This internet payment gateway receives consumer payments and automates payouts to vendors and workers. Razorpay supports debit cards, credit cards, online payments, UPI, and wallets such as JioMoney and Mobikwik. Razorpay is one of India’s most popular payment gateways, with end-to-end online transactions.
In Razorpay, you may manage your companies as well as automate them. Razorpay also provides a Razorpay router API, which you can connect with Magento 2 and use to control money flow and distribute payments among partners or individuals.
2) Insta mojo: Instamojo is one of the most comprehensive full-stack SME platforms. Instamojo is the simplest way to start an online business, with functioning online storefronts, built-in payments, marketing techniques, and more. Instamojo provides online storefronts and digital payment options to over 15 million Indian small companies.
Instamojo is an online setting where you may create your own business with a simple payment gateway linked. Instamojo also manages your CRM, analytics, and logistics. You may begin your trip with a free plan from Instamojo and then upgrade your plan.
3) Paypal: Paypal is a global financial services firm. It is also one of the most widely used online payment gateways in India 2021. In India, freelancers have additional options for being paid via PayPal.
Paypal offers online security, fraud protection, PCI compliance, phishing and live customer service, as well as the ability to invoice and monitor transactions. Paypal is safe and protected, with 128-bit SLL encryption and no yearly setup fees. PayPal has an iOS app as well as an SDK for Android. It allows for simple collaboration with websites and accepts a variety of payment ways. PayPal also accepts payments using QR codes. It is a safe and quick payment gateway.
Until lately, small businesses have preferred cash transactions. However, in order for the firm to flourish, it must change. It is critical that they make use of these modern technologies in order to stay up with the changing environment.