CATEGORY - PAYMENTS

How to Collect Payments Online: A Comprehensive Guide

Payments - 17 Feb, 2025

Table of Contents

India’s online shopping scene is booming, driven by a massive internet user base. This translates to a billion potential customers, many of whom research products online before buying. Businesses are seeing impressive growth, but competition is fierce. To stay ahead, offering simple and convenient payment options is crucial. In today’s digital world, a strong online presence is essential for success.

However, collecting payments online securely can be a concern, especially considering the initial setup costs. This guide will explore the challenges and solutions involved in collecting online payments in India.

Why accept online payments?

Expansion: Reach out to customers outside of your current location. Customers from across India and around the world can purchase your products or services online.
Improved Convenience: Offer customers a quicker and more user-friendly experience than traditional options like cash on delivery (COD).
Enhanced liquidity: Quick cash flow reduces the time spent waiting for checks and other conventional payment approaches. This allows you to return money to your business and exploit expansion possibilities.
Solve Manual Process: Cut operational expenses by eliminating manual cash handling and related costs.
Analytics insights: Obtain a valuable understanding of customer actions via thorough marketing reports, aiding in strategic decision-making.

Methods for Collecting Payments Online in India

Indian merchants have many options for accepting payments online. Here is a breakdown of some popular methods and their main features.

Bank transfer: Customers send money directly from their bank account to yours. Although it is safe, it may cause some inconvenience for clients and require manual use.
Mobile Wallets: Convenient but may have higher fees (Paytm, PhonePe, Google Pay, etc.).
Payment Aggregators: Simplify setup with one integration for credit cards, debit cards, wallets, etc. (Easebuzz) but may have fees.
Unified Payment Interface (UPI): An efficient way for P2P transactions, UPI enables customers to transfer money from their bank accounts using their VPA on platforms like PhonePe. BHIM provides integration with UPI.
Credit and debit cards offer consumers convenient, secure, and widely accepted payment options. Nonetheless, transaction costs may be elevated compared to alternative techniques.
Internet Banking allows customers to securely transfer funds from their bank account to their business account using an online banking platform. This removes the necessity of manual use, though choices may be more intuitive.
Cash on Delivery: COD may not be considered a traditional online payment method, but businesses that serve customers who favour money orders can still utilise it. Nevertheless, COD may raise operations expenses because of cash handling and profit opportunities.
E-wallets: such as JioMoney and Airtel Money function like mobile wallets, enabling users to save money and conduct online transactions.
Convert to EMI: EMI choices are available with certain payment methods. This enables customers to divide the cost of their purchase into monthly instalments, which may appeal to those buying expensive items.
QR payment: QR code payments perfect for businesses and customers, simply scan with your mobile wallet on our app or website to complete transactions swiftly.

Challenges in Payment Collection

Navigating online payments offers immense benefits alongside challenges. While convenience and global reach enhance business operations, security concerns and technical complexities can hinder adoption.

Facing hurdles with payment gateway integration: Businesses sans tech savvy can hit snags, demanding extra effort to resolve. Overcoming these challenges ensures seamless transactions on your website.
Higher Transaction Cost: Transaction costs are expenses linked to specific payment options that can impact the overall profit.
Chargeback issues: Resolving customer disputes and managing chargebacks can require significant time and resources.

Easebuzz: All your online payments need to be simplified in one place.

Introducing Easebuzz, a reliable and safe SaaS payment gateway that supports all prominent Indian businesses to experience how Easebuzz resolves your issues and aids in the growth of your business.

Payments Security: Feel confident. Easebuzz has prioritised data security and adheres to RBI guidelines by following strict encryption standards. Sophisticated fraud prevention mechanisms decrease instances of fraud, providing you with a sense of security.
Seamless Integration: There’s no need to worry about technical issues! Easebuzz offers simple APIs and plugins to integrate seamlessly with your current website or online store. Popular supported platforms include WordPress, WooCommerce, and Magento.
Competitive pricing: Focus on your business, not your profits. Easebuzz provides a cost-efficient, transparent pricing structure. Select a plan that meets your requirements without exceeding your budget.
Committed assistance: Easebuzz provides dedicated customer support agents. They help merge systems, resolve issues, and address inquiries regarding financial transactions.

Advantages of Selecting Easebuzz as Your Payment Provider

Multiple Payment Modes: Easebuzz provides multiple payment options including credit card, UPI, On Card EMI, debit card, net banking, and top mobile wallets like Paytm & PhonePe. Designed to cater to Indian preferences, ensuring a seamless payment experience for all.
Analytics Insights: Access detailed payment reports instantly for insights on sales and customer behaviour. Make informed decisions with real-time data to boost your strategy’s effectiveness.
Automate Reconciliation: Automated reconciliation streamlines operations, cutting manual transaction checks. Free up time for essential tasks, not spreadsheets.
Recurring Payments: Implement auto recurring billing for seamless subscription management & steady revenue. Ideal for service providers & subscription-based businesses seeking consistency.
Payment links: Generate personalised payment links to receive payments without a website or app. This is ideal for freelancers, social media businesses, and on-demand services.
Simplify budgeting with Vendor Payments: Efficiently transfer multiple payments directly to your vendor account, saving time and hassle. Achieve financial clarity with seamless transactions.
Easebuzz ensures seamless communication with 24/7 support in Hindi and English, breaking language barriers for enhanced accessibility and customer satisfaction.

Are you prepared to streamline online payments and expand your business?

Do not let complicated configurations or security concerns prevent you from enjoying the advantages of collecting payments online. Easebuzz makes the process easier by providing robust security features, easy-to-use tools, and excellent customer service. Gain mastery over your digital payment transactions and unleash your business’s capabilities.

FAQ's

Accepting payments online for small businesses?

Easebuzz provides a comprehensive payment gateway solution, enabling small businesses to accept online payments seamlessly. It supports multiple payment methods, including UPI, credit/debit cards, payment links, EMIs, InstaCollect, QR codes, Soundbox, POS machines, ePOS, BNPL, one-click checkouts, and net banking.

How to do online payment from a bank account?

You can make online payments directly from your bank account using methods like UPI (Unified Payments Interface), net banking, or mobile banking apps provided by your bank.

How to receive payments online for free?

While most payment gateways charge a transaction fee, some platforms like UPI-based apps Easebuzz allow you to receive payments, especially for smaller transactions.

Collect payments online instantly?

UPI-based apps and payment gateways enable instant online payment collection, allowing businesses to receive funds in their accounts almost immediately.

List of online payment methods?

Popular online payment methods in India include UPI (PhonePe, AmazonPay, Google Pay, Paytm), net banking, credit/debit cards (Visa, Mastercard, RuPay), mobile wallets (Paytm, PhonePe, MobiKwik), and online payment gateway (Easebuzz).