Nurturing a business from scratch to a household name is not a small task. Only entrepreneurs and small business owners know the struggle and determination that goes into it. Transforming a brand into a success story without hefty advertising budgets is an uphill task.
A report puts the number of micro, small and medium-sized enterprises in India to approximately 6.3 crores at present. Another way to read this data is that India has 6.3+ crore highly viable businesses with the potential of giving the biggest names in the industry a run for their money. By venturing into the online payment domain using Zaakpay’s payment gateway, these businesses can streamline their payment collection process, which is a key factor in the growth of the business.
Grow your business with Zaakpay’s payment gateway
Zaakpay is a dynamic name in the payments industry that has redefined digital payment collection for small and mid-sized businesses with its reliable and growth-focused tools. It includes a secure payment gateway that can be integrated with the pre-existing business website to render the best online payment experience to the customers.
Zaakpay’s payment link service provides an architecture to collect payments through a gateway hosted on Zaakpay’s servers for businesses that don’t have a website. This blog lists four key ways in which Zaakpay can help businesses grow.
4 Ways of Using Payments to Drive Business Growth
Know ‘more’ about your customer
Understanding what the customers want is crucial to the growth of a business. Their mindset can be inferred from the customer’s purchase trend, and merchants can leverage this information to decide the future course of the business. Zaakpay is equipped with the best payment gateway dashboard that brings all the payment information to one place. Merchants can download the data and feed it to an analysis software to get the desired results.
Market research is a critical step in expanding the business. It provides the necessary numbers needed to forecast the sales and plan the marketing campaigns. Based on the research, merchants can launch new products, additional discounts and rewards or offers, especially when more customers are likely to shop.
Businesses can grow rapidly by providing customers with what they expect or want. Among the best payment gateways in India, Zaakpay has the most dynamic and robust data collection system that empowers businesses to get into the minds of their customers with just their purchase history.
Enable multiple payment modes
To grow a business, it has to be flexible enough to cater to all customers. Throughout the purchase process, they like to be in control of everything. Customers have their own choice when it comes to payment mode and usually don’t like deviating from it. As a result, cart abandonment becomes a prominent cause of losses when the payment gateways do not support their preferred mode. To combat these losses and the hindrance to growth, Zaakpay supports more than 100 payment options, giving the business an edge over most payment gateways in India.
With Zaakpay, businesses can accept payments using credit cards, debit cards, UPI, net banking through more than 50 banking partners, most common mobile wallets and Pay Later services. No matter which method the customer prefers, Zaakpay would have it. From Zaakpay’s best payment gateway page, selecting the payment mode and processing the payment is quite convenient. This makes the purchasing experience frictionless and boosts customer satisfaction by reducing their burden.
Use payment reminders
Subscription-based and financial businesses that accept recurring monthly or quarterly payments miss out on a considerable number of payments simply because their customers forget to pay. It is a general mindset to procrastinate a renewal payment until the very last day, and somehow, if that passes, the customer often doesn’t pay at all. Most businesses set up a tele-calling facility to remind their customers about the dues. While this seems like a good idea, it has several downsides. First of all, it is expensive to hire agents. Secondly, call reminders often frustrate the customers.
Automated payment reminders is a better and more modern approach to this age-old problem. Zaakpay is the best online payment service for notifying customers about their due payments. From the robust Zaakpay dashboard, merchants can set up a recurring payment facility to send reminders via SMS, emails or instant messaging services. A direct payment link can be attached to the notification to encourage faster payments. Customers can directly click on it to be taken to a gateway for the payment. With payment reminders, businesses can retain their customer base and increase revenues, leading to growth.
Faster Settlements and refunds
The whole point of a digital payment system is to streamline the payment experience to grow the business. The received amount is not immediately deposited into the merchant account when using a payment gateway. It is stored with the gateway service and then disbursed to the merchant account in batches. It is essential for small businesses to quickly get their funds in hand as they don’t have huge capital to fall back on. They meet their daily needs from the cash flow itself. Merchants enjoy quicker payment settlements with Zaakpay, thereby increasing their cash flow. An improved cash flow leads to realistic business planning and growth versus the available funds.
Zaakpay also has a more seamless refund process than most payment gateways in India. Merchants can quickly refund any transaction, if need be, with just a few clicks. This builds the customer’s trust in the business, in genuine cases.
The Takeaway
With the right attention to the business, it can be expanded to a large scale rather seamlessly while also maintaining decent profits. Zaakpay is one of the best payment gateways in India that can give the much-required boost from payment point-of-view to small businesses in their journey of becoming a market leader.
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