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India's Online Businesses Embrace Innovative Payment Features by Paytm Payment Gateway

 

By Daniel Asikpo Aug 15, 2023

 

Businesses typically look for several key aspects when considering a good online payment solution. With numerous features to put on the list, Paytm Payment Gateway seems to catch the attention of many Indian online businesses as the most preferred payment gateway.

 

Paytm

 

Without a doubt, there has been a vast interest in online shopping. It is convenient, time-saving, and easy to navigate through a  range of products/services with several other benefits to be counted on the list. 

 

The e-commerce sector has seen worldly growth with more and more people preferring online shopping and India as a nation is not left out. To this effect, a payment gateway which keeps both online shopping businesses and their customer base in a state of comfort when making transactions is of great importance. 

 

In short, a good online business is determined by its payment gateway in terms of being easy to use, quick and convenient.  Paytm Payment Gateways proves to be a solution centre for merchants to continue staying afloat in the online shopping world.

 

It allows businesses to integrate a secure and efficient payment processing system into their websites or applications, enabling them to accept payments from customers using various payment methods such as credit/debit cards, net banking, UPI, and digital wallets.

 

Below are some features which stand Paytm Payment Gateway out from competitors;

 

Paytm Merchant Dashboard

 

The Paytm Merchant Dashboard provides real-time analytics that you can use to measure business performance and make decisions on the go to improve growth. This single platform gives complete control over all the cash flows of a business. It is designed to eliminate the stress involved in accurate transaction follow-up in the reconciliation of the payments process. It allows report download to get real-time valuable insights. Online businesses are able to handle transactions, resolve disputes, initiate refunds and receive same-day settlements. 

 

Subscription: Easy Recurring Payment

 

It has both ends advantages for merchants and customers. Customers can set up an automated billing cycle.  For the merchants, Paytm subscription functionalities help in the easy collection of recurring payments (an automatic fund deducted from a customer's account at scheduled intervals to cover the customer's subscription fees for products or services). It also supports free trials for customers with upfront fees for the convenience of  Merchants.

 

Instant Refund

 

Here, the goal is to expedite the return of funds, reducing waiting times compared to traditional refund processes. Paytm provides same-day refunds for customers who wish to return an item or cancel a purchase.

 

This feature builds trust and convenience between merchants and customers, it also eliminates unnecessary queries and complaints to the merchants.

 

High-level security

 

Security is the backbone of any online Payment platform/gateway. Protection against fraud and other related security needs shows a payment platform is risk-free. Paytm has put this into high consideration for the safety of both businesses and their customer base.

 

According to Business Today, "Paytm Payment Gateway uses the latest anti-fraud technology to keep things safe for online businesses. It has a dedicated team of 200 cybersecurity experts to ensure every user transaction is secure. It is also certified by the Payment Card Industry – Data Security Standards (PCI-DSS) with 128-bit encryption."

 

Range of payment options.

 

While Other payment gateways limit their payment options to debit cards, credit cards and net banking, Paytm to the convenience of users allow UPI, wallet, Paytm Postpaid, debit cards, credit cards, EMIs and net banking. These features ensure customers can make payments at a go without undergoing too many processes.

 

It makes the platform user-friendly through effortless payment. No one wants to be limited in payment options when purchasing online. Paytm collaborates with OTP-less and CVV-less secure payments for consumers to the benefit of business through the express payment feature. There is also a Save Instrument feature which curbs reentering payment details over and over.

 

Paytm settlement 

 

Cash flow is of necessity for business. The processing time from several gateways(retailers) accounts to actual bank accounts is time-consuming to the Merchant as customers processing banks have to approve.

Paytm settlement refers to the process of transferring funds from a merchant's Paytm wallet or account to their bank account.

 

It involves reconciling the transactions made through Paytm, deducting any applicable fees or charges, and then transferring the remaining balance to the merchant's designated bank account. They can enjoy next-day settlements by enabling a T+1 settlement cycle at zero additional charges. This process helps merchants access the funds they've earned through transactions made by customers using the Paytm platform.

 

Paytm Large Payment Collection

 

This feature allows businesses to conveniently collect large amounts of money from their customers or clients using Paytm's infrastructure. 

 

This feature is especially useful for businesses that need to collect significant payments, such as fees, bills, invoices, or event registrations, in a secure and streamlined manner.

 

Paytm helps merchants handle their payments on-site as it enables businesses to collect and reconcile bank transfers. This powerful feature allows businesses to generate custom virtual account numbers and start collecting payments from customers through NEFT, RTGS, or IMPS, which in turn enhances the business’s productivity and shifts the massive workload to drive growth.

 

In summary, Paytm Payment Gateway has added value to India's shopping experience with solutions to online shopping's concurrent challenges. With the convenience in payments, businesses have high chances of landing a purchase of goods or services which is what every successful business aims at.

 

 

 
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