9 Reasons Why Businesses Should Collect Payments Online

By Author: Sahil Verma
Total Articles: 160
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With the advent of technology, it has become evident that collecting payments through cash, check, or just bank transfer has become increasingly difficult. Because of the popularity of online payment methods, they are no longer available in many businesses. Businesses must broaden their horizons by offering the best payment gateway in India to their clients. This article describes why it is vital to do so.

1. The trend of Cashless Payments

Demonetization was the first trendsetting event in the collection of internet payments. Later, COVID-19 encouraged customers to make cashless payments. As a result, this is one of the primary reasons why firms must have an online payment collection system. They must stay up with the times.

2. Customer Preferences

However, the best payment gateway solutions in India is the greatest approach for a business to collect online payments since it provides all of the customer's chosen payment alternatives in one place, allowing client dropouts caused by the non-availability of payment alternatives to be avoided. They may pay using any ...
... manner they like; all payment options, such as debit cards, credit cards, wallets, UPI, net banking, and so on, will be available at the checkout.

3. There are advantages with Website or App

The following factors impact the customer's buying decision: the lowest price, good delivery choices, an easy return policy, payment choices, stock information, and product/service specifics. This is especially useful if you have a website or app for selling your stuff. According to another survey, 30% of buyers would prefer to return to a website where they have previously purchased. This is part of the client retention process.

This advantage is enhanced further by the acceptance of online payments via a website or app. The payment gateway may be linked with the website or app, increasing the success of the business and resulting in client retention by offering numerous payment ways in a safe manner. According to a McKinsey analysis, mobile commerce accounted for 48 percent of internet purchases in 2017.

4. Effortless increase in Transaction Volume

Online payments would aid in increasing transaction volume and quantities. Cash payments have limitations that Internet payments do not. Businesses receive online payments using a payment gateway, and the funds are transferred straight to their bank account; there is no need for further administration or management, as there is in the case of cash collection. Payments done using online means are secure since there is no risk of theft. Furthermore, no additional personnel is required to handle cash payments.

5. Retain Offline Customers

According to published data, six out of every ten small enterprises did not have a website in 2018. 35% of small business owners believe their company is too tiny for a website. The primary reasons why individuals do not make online purchases are the need to see and touch the object before concluding the transaction, as well as the lengthy delivery period.

This demonstrates that there are businesses that do not have websites, as well as offline storefronts. Furthermore, some consumers prefer to make tangible transactions. This is not to say that in both circumstances, clients would choose cash or another traditional payment method, which is why the firm must have a system in place to accept online payments.

With the Payment link functionality, payment gateways such as SifiPay enable online payment collection. To collect online payments, Payment Links do not require a website or a mobile app. Thus, by utilizing the payment link function of the best payment gateway in India, businesses may provide numerous payment ways while retaining offline clients.

6. Record Management

A payment gateway, such as SifiPay, offers a merchant dashboard feature. This is an intelligent tool that provides detailed information on payments, orders, and customers. Payment gateways handle frequent settlements, allowing you to track the incoming funds to your bank account. This payment gateway tool may also provide information on previous and current payment linkages.

7. Tallying Payments

When payment is received in cash or by bank transfer, manual entries must be controlled. This is a time-consuming and costly procedure because it would need employees, administration, and oversight. Without it, counting and monitoring payments to specific consumers becomes a tiresome chore. When a company accepts online payments using a payment gateway, the whole reconciliation of the client, payment source, and payment data becomes easier.

8. Security Aspects

One of the most essential reasons for accepting online payments is security. Because PCI DSS is regarded as the highest degree of security standard, the best payment gateway solutions in India that are PCI DSS compliant are the most secure and safe. There are many additional requirements that adhere to AES Encryption standards and are SSL== certified.

9. Cost-Effectiveness and Time-Saving

As previously stated, cash and bank payments would also need administration and control. This would necessitate the necessary expenditures. Deposits for cash and cheque payments would necessitate a physical visit to the bank. Online payments, on the other hand, would be simple and time-saving. It would not necessitate any bank visits because the funds would be received straight in the bank. There will just be a little transaction fee.