Online payment has become the new normal of the payments industry. Most transactions these days take place with the help of some digital payment system. These online payment solutions are quick, efficient, cost-effective, and automate the payment collection process to reduce manual and redundant work. This has created a need for all businesses to accept all major online payment solutions, and there is one platform spearheading this revolution in the payments industry.
How can Zaakpay’s Multiple Online Payment Modes Boost your Business Revenue?
Customers prefer the online ecosystem to shop for comfort and convenience. With a plethora of options that can be used to pay online, customers can choose the one that suits them the best. This makes them feel in control of the purchase process and leads to customer satisfaction.
Customers are known to abandon the purchase if the business doesn’t support their preferred payment option. This can result in a considerable loss for the business if many customers choose that specific mode. By using Zaakpay’s payment gateway or link that supports over 100 modes, businesses can significantly increase their revenues by reducing purchase abandonments due to a lack of support for preferred payment options.
Important Facts to Understand About Multiple Payment Options
- As per a report by J. P. Morgan 2019 Payments Trends, 29% of e-commerce payments in India were made using cards, 25% of the payments were executed using mobile wallets, 20% by bank transfers, and a mere 17% via cash. Providing multiple online payment modes gives an edge to the revenue of a business.
- Offering multiple internet payment options is quite affordable, even for small businesses. Contrary to popular belief, online payment collection is not expensive, given that one chooses the right payment gateway partner. Zaakpay, by default, supports more than 100 payment options in India. There is no additional cost for it.
- A research study conducted by Quartz India shows that cashless payments using a digital wallet platform are growing faster in India than in any other country.
- Providing multiple payment options can also lead to impulse shopping using the preferred payment option. Not being allowed to pay using popular payment options allows the customer to reconsider the purchase while they arrange a supported payment mode.
- It also introduces the business to new market segments. Different online payment options are popular in various market segments based on geography, income, and cultural background. All these segments can be tapped into by using an integrated payment gateway that supports all internet payment modes.
Types of Online Payment Modes Supported by Zaakpay
Card payments
Card payments can be initiated using either credit cards or debit cards. Credit cards allow a customer to pay online using credit offered by the issuing bank. Customers have to repay the borrowed amount to their bank within a stipulated time to avoid being penalized. A debit card, on the other hand, facilitates payment directly from the customer’s bank account. The money is instantly deducted from the customer’s bank account when a debit card is swiped at a PoS or used for online payments.
To make a card payment through Zaakpay’s gateway, customers have to enter card information like card number, CVV number, expiry date, and the card holder’s name. These payment solutions are secured as the payment is not validated until the customer successfully enters the OTP sent on the mobile number or email.
UPI
The acronym for Unified Payments Interface, UPI is an online payments service that brings together several bank accounts in the purview of one mobile application. It makes payments seamless by merging multiple banking features and facilities into the application.
When the customer chooses the UPI payment option in the gateway, they are automatically directed to their UPI app to authenticate the payment with a single click. This reduces any time that is wasted while waiting for an OTP to arrive. UPI transactions can also be made by the user using payment links or QR code payments. UPI offers more security than card payments by identifying the customer using a virtual address rather than sensitive payment information.
Bank Transfer/Net Banking
Zaakpay gateway accepts net banking payments from all major banks in India. It provides online payments service to transfer funds from one bank account to another. Upon selecting net banking as the payment mode in the gateway, the customer is redirected to the bank’s website. The customer is then required to log into the website using a username and password. From the banking dashboard, they can proceed with the payment.
This is ideally a secure payment process because the issuing bank appropriately verifies the customer’s identity before providing access.
Wallets
Wallets are an emerging online payment service that facilitates transactions after being linked to a bank account. Many e-commerce websites now have their wallets. This encourages more shopping and makes the payment secure and reliable for the customer. Businesses offer cashback to these wallets to enable users to sign up for them. The cashback can be used while making future purchases.
Prepaid wallets also have the functionality to store customers’ information, credit or debit card information. This saves the customer the effort to enter payment information every time they make a purchase. Few digital wallet platforms such as Mobikwik also support the feature to scan and pay.
Mobile payments
Mobile payments refer to transactions that are executed using a mobile phone. Zaakpay supports accepting payments from all major online payment services in India. It supports paying directly to a username or via a gateway. It also makes QR code payments easy for consumers. Customers generally prefer this option because it is easy to register for it. They just have to install the application on their phone and link it to a credit card.
The Takeaway
Accepting multiple payments opens a host of opportunities for any business. In fact, in the digital era, it is a mandatory requirement for scaling up the business. Businesses looking for positive growth in their revenues should consider Zaakpay as their payments partner. With industry-ready features and support for over 100 online payment options, Zaakpay meets the needs of all businesses and their customers.
Follow Us on:
