Payment Processing in a Nutshell
Payment processing is how businesses complete credit card and debit card transactions; it might seem like a simple process as a swipe, dip, or tap, but it involves multiple steps and players. Payment processing services and payment gateways facilitate quick and secure transactions between merchants and their customers’ issuing banks. All of this occurs within seconds. Customers can make purchases without cash or checks, and businesses completing sales.
Benefits of Payment Processing?
1. Keeping your data secure and compliant is easy.
Starting and running a business is easy when you switch to Easebuzz. You’ll have to deal with audits, and IT scans if you host payments. It’s costly and resource-intensive. Payment hosts handle all of that for you, allowing you to focus on your business and not worry about the details related to client data security. As a result, your organization will never have to touch any personnel or financial information.
2. You can integrate your system for payment collection.
With an integrated payment processor, small and medium businesses save hours by not manually entering credit card information into accounting software. A seamless integration of transaction data into the system occurs without the involvement of personnel or company owners, rather than the Excel spreadsheet or screen number one, which shows the sales figures before displaying screen number two, where the information regarding the transaction has been manually entered.
3. Flexible payment models and new revenue streams
Your business can choose from various payment models through integrated payment processing. You can select a “Multiple feature” product where users can test your product for a short time before paying could prove successful. It is possible to provide multiple payment levels based on usage. There is the option of charging a monthly fee. Your business can choose how to handle payments based on your preferences. You can select and pursue new revenue streams through that control.
4. Customer satisfaction
One of the essential benefits of multiple payment processing is that merchants can meet the needs of their customers. It is difficult to find all possible features in a single payment processing, and if customers need help finding a particular part they want, conversion rates may be lower. Offering greater flexibility to your customers contributes to a better customer experience and more repeat business by meeting their needs during any stage of their payment process.
How To Receive Online Payment from Your Online Store?
1. Provide secure online payment gateways
There are two options for creating an online secure payment gateway. You can hire an outside developer or work with your web development team to create a custom gateway. You can also use third-party software.
Setting up a secure gateway is a must if you expect your business to grow or if you handle a significant number of transactions. Automated systems are also being developed, which can reduce the time needed for manual processing and decrease your workload.
It would be best if you created additional payment options on your platform to ensure that your customers can make payments more easily.
2. Process payments with credit and debit cards.
With the development of contactless payment technologies, debit credit cards remain the most widespread way to pay for goods and services on the internet. Facilitating card payments through established payment processors, such as Stripe or PayPal, is convenient. These payment methods will accommodate all major card brands like Rupay, Visa, and MasterCard.
3. Set up recurring payments.
Efficient and reliable billing methods are possible by utilizing subscription plans or recurring services. The majority of online payment software includes recurring billing features, enabling subscriptions or routine services to be billed on a regularly scheduled basis.
4. Accept mobile payments.
People today are ordinarily more likely to have their phones on them than debit cards and are far more into the mobile payment industry than previously. For example, Phonepe has become India’s most popular mobile payment system, with an estimated 300 million users. If you were planning to accept Phonepe, you should reconsider your decision because you’d miss out on many potential customers
5. Use email invoicing.
Speaking to clients through email is an efficient way to make them request payments. Additionally, you can share with them a payment form or offer a link that can direct them to a payment portal. Yet, there are a few things that can improve with this approach: Email is only sometimes the most dependable kind of communication, and customers might have trust issues making online payments via email.
6. Provide eChecks facility.
To use eChecks as a form of payment, you must have an online site where users can provide their information. It provides in-person payment by check and is more reliable than paying on paper.
7. QR codes and Payment Links must be offered.
Payment links are considered a protected and shareable URL or QR code that links to a customized payment form. These options are easily shared via emails, text messages, instant messages, or quick messages. These can also be inserted into calendars, invoices, and quotes as payment links.
How to Integrate Payment Gateway into your Online Store
1. First, Set Up an Online Store
Online retailers usually use third-party software to create their online shops. This software makes the ordering page and transfers payment information to payment gateways for their customers. It’s usually best to leave on Easebuzz when creating this code from scratch.
2. Add payment options.
It depends on the service, but you’ll need to enter your payment gateway information for each payment method you intend to accept (Rupay, Visa, and Mastercard).
- On the administration page of your online store, click on the payments tab.
3. Test the functionality of the gateway
Usually, a payment gateway service will give you a test account that you can use to test your payment system before launching it live. Please take your time with launching your payment system before ensuring it works correctly.
What are the Benefits of Payment Gateway?
- Payment gateways ensure a smooth and swift checkout process for customers. These features enable convenient online shopping for customers.
- Customers that encounter a confusing or tedious checkout process or payment method are more likely to cancel their purchase. However, it has been found that 36% of all online purchases are impulse purchases, so allowing easy payments will undoubtedly increase sales.
- The payment gateways are integrated into the shopping cart to process payments faster. It will enable chargeback options, prevention, and recurring billing as well.
- Payment gateways are commonly PCI DSS compliant, ensuring the highest level of security for all transactions.
Why Choose Easebuzz Payment Gateway for Your Website?
Using Easebuzz Payment Gateway, you can collect payments from your website in real-time using a secure, user-friendly, and seamless platform. It is integrated with PCI DSS 3.2.1 standards and provides fraud and chargeback management capabilities. There are more than 100 payment methods in the service, and merchants can use EMI, split payments, and much more.
Merchants can also view and manage payments using a powerful back-office system.
Your business will benefit from the ease and convenience of receiving payments through the Easebuzz payment gateway. Whether you plan to accept payments online or enhance the method you currently use, the Easebuzz payment gateway is the right choice.
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1. How is online Payment processed?
Purchasing online may seem simple to consumers, but behind the scenes there are a lot of steps involved:
- At checkout, customer select a payment method.
- A payment gateway encrypts the payment and sends it to the payment processor.
- A sale has been authorized
- Customer’s bank, digital wallet, or card issuer approves the transaction.
- Payment processing fees are deducted from the funds before being sent to the merchant bank.
2. How much time does it take for the payment to reach merchants account?
Domestic transactions generally take T+1 business days from the time of payment capture to the time of completion.
3. How fast does the Integration of Payment Gateway takes place?
Based on the method of integration, payment gateway integration can take between a day and two weeks (custom payment gateways can take up to two times longer).