Explore 4 Ways to Collect Payments Online in 2021

Post 09 Nov 2021

Could you guess the number of online payments made in a day in India? How about in the financial year 2021? Well, according to Statista, over 40 billion digital transactions were recorded. In all of this, could you see your business collecting an online payment? Ideally, you should! How would you collect payments online, you ask? Let’s talk about the details!

The world has changed so drastically in the last couple of years, that it might have become tough to keep up with it. Whether we talk about technological advancements or the way of living and doing business, there has been a transformation that cannot be ignored. One of the sectors to have gone through a diversification phase is the way we make and collect payments online or offline. It’s worth mentioning that the use of internet banking and third-party portals to make payments has become as common as cash transactions were, back in the day.

Making an Online Payment

When customers are given the option to make an online payment, they’re extra careful in choosing a platform to do so. Regardless of what website they’re making a purchase from and how well-known and trustworthy it may be, they want options. If a business wants to grow and extend its reach to a higher number of customers, it must invest in an online payment gateway thus increasing customer satisfaction and have them come back to your website.

4 Ways to Collect Payment

Here are 4 of the most convenient and easy-to-use platforms to collect payments online:

1 . Online Payment Gateway

Ease of payment through the company website will make things easy for the customers, meaning they’ll visit you frequently. In fact, recurring customers can create their accounts and save payment information to avoid the hassle of adding the same information over and over again. A proper online payment gateway service provider will not only be safe, but fast-paced to match with your company.

You will also have the ability to manage customer accounts and keep track of their shopping journey, which can later be used to improve the user experience. Businesses can collect payments online through these gateways and make the transaction predictable and secure for customers, regardless of whether they’re doing so through their phones or laptops.

2 . Automated Invoices

This one is for service-based businesses. With this system in place, the customers would receive an invoice on their registered email address and they can clear the payment within minutes. The online payment gateway will help the finance department to streamline and manage the payment database with ease.

Furthermore, it makes sense to remove paper invoices from the equation since sending and receiving them and keeping them safe for future references. These are tasks every business and customer would be happy to remove from the equation.

3 . Debit and Credit Card

One of the easiest and popular ways to collect payments online is by giving customers the option to pay through their debit or credit cards. Businesses can pick from two options depending on their industry and the funding times:

  • - Open and intermediary holding account and make transactions
  • - Use a dedicated merchant account

The country’s FinTech environment is changing and there are several credit and debit card owners who exclusively do business with these cards. Certainly, accepting payments through debit and credit cards will positively affect the business.

4 . Mobile Payments

When the conversation moves from offline businesses to online ones, it becomes mandatory to collect payments online. Mobile payments allow merchants and buyers to keep track and have access to their list of income and expenses from anywhere and at any time. Apart from the ease of use, with smartphones becoming the norm, customers’ online shopping experiences should be enhanced.

The eCommerce business market in India is becoming increasingly cohesive with people making payments online. Although the infrastructure isn’t equipped to go cashless, there seems to be an improvement every day.

There are several other things a business can do to collect payments online and offer its customers what they need. The pros and cons of every mode of payment should be evaluated before finalizing an online payment gateway.

Ready to get your Payments streamlined?