Due to recent changes in technological development, India’s digital payment system has also seen a revolutionary change. There has been a drastic increment in online transactions since the coronavirus pandemic has hit the entire world. The Reserve Bank of India has also made it clear that the RBI DPI (Digital Payment Index) continues to exhibit massive growth in adopting digital payments in the country. Experts have also said that COVID-19 has made an ultra-advancement of digital payments by 5 to 10 years. India is rapidly growing in the information and technology sector, and it is becoming paperless and faceless in parallel ways.
According to research, India experiences over USD 2 trillion in digital payments on an annual basis. And among all the digital payment methods, UPI (Unified Payment Interface) contributed USD 1 trillion overall. As said by the experts, the policy of the government and the high growth of technology has made digital payments more popular in the past few years.
In this article, we will try to understand the basics related to online payments and learn about 5 different ways through which you can collect your payments online from customers in 2022.
What is Online Payment?
An online payment, sometimes called electronic payment, is a method to transfer money from one bank account to another bank account using a mobile phone or a computer. Many of the eCommerce platforms want to collect their revenue through digital payment because they want to have a broader reach to online customers. The upward trend in usage of the internet by the consumers has made it easier for companies to acquire them and make a more extensive base of their product consumers.
5 Ways of Collecting Online Payments in 2022
Since the opportunities for businesses are great nowadays, there are undoubtedly many ways by which you can accept payments online. Payment collection methods vary from business to business, depending upon the suitability. It is a requirement for some merchants to stay top on cash flows, and sometimes it consumes time and effort. Hence, here are the 5 practical ways you can use for collecting payment from your customers in 2022.
- Online Payment Gateway: A payment gateway is a bridge between your website and your customers. It instantly receives payment from customers and credits it to your account. It hardly takes 2-3 seconds to complete a transaction using a payment gateway. It acts as a security tool where your customer can have faith and no fear of payments getting lost and caught by any other hacker or third-party. Through a payment gateway, you can reach a number of customers by providing them with various payment methods on your gateways. Zaakpay offers 100+ payment options to your customers, which they can use and get a simplified solution for their transactions. The payment gateways are secured measures and don’t share any customer credentials with a third-party. Through authentication and verification, a payment gateway protects customers from fraud.
- Payment Links: It is another method you can use for collecting payments online. A payment link is a URL that is generated after ensuring proper security measures. You can create a payment link using simple steps. First, you need to create the link using the payment gateway dashboard or the API (Application Programming Interface). Next, you need to share it with your customer via message or email. And lastly, when customers click on the link, it will lead them to a payment gateway and choose to pay via any method they deem fit. Payment links also support all kinds of payment methods like UPI, internet banking, eWallets, cards, etc. This is a secure method as it protects the data being shared with fraudsters. Through Zaakpay’s payment link, you will have an extra level of security, as its gateway is SSL encrypted.
- Integration Into Mobile App: In case you have developed a mobile app for your customers, you can think about integrating the digital payments into the said mobile app itself for ease of transactions for your customers. To save your customers from landing on any other website to make their payments, you should definitely look for a solution that ensures complete PCI compliance. PCI compliance (Peripheral Component Interface) ensures security at each step of the transaction. In a nutshell, if you have already developed an application, then the best way to collect payments is to employ an integration of payment gateway into it.
- Acceptance of Debit and Credit Cards: It is a simple and basic method but still the most popular one of accepting payments online from customers. To use this method, you need to decide whether you want to create your merchant account or to use an intermediary account. Visa, MasterCard, etc., are famous worldwide and are accepted in almost every country. Visa is the most popular among all. Before gathering Credit Card information from customers, you should ensure their complete security and quality of services by giving them detailed knowledge about your policies and procedures. To take protection against fraud, push your customers to cards for payments. This is because you can verify if the customer is genuine and if there are insufficient funds in their accounts.
- ACH Payments: This is also an effective way to collect payments from your customers. Payments that are collected through ACH (Automated Clearing Houses) are made through bank-to-bank transfers. All you need is the customer’s bank account information, and ACH will take 1 to 3 days to complete the transaction. ACH fees are significantly less than the Debit/Credit Card fees. It is the best payment collection method for businesses, as it provides professional services.
As fast as the cashless economy is growing, eCommerce platforms are also being seen climbing an upward trend. The customers are using faceless, paperless, and cashless modes to deliver payments for any purchases. Since digital payments are the current need of the market, Zaakpay is ready to serve you with its 24/7 online customer support.
