With the start of the year 2021, a new decade has begun and the ‘Digital Age’ is gaining momentum. The global pandemic has encouraged people to adopt contactless payments. Thus to meet the customer’s demand, all types of businesses are introducing online payment processing systems in their businesses.
Apart from that, the government has been promoting digital payments through the ‘Digital India program’. In the Union Budget 2021, the Finance Minister proposed an INR 1,500 Cr scheme to promote digital transactions in the country. The move is aimed to boost digital modes of payment processing.
Why adopt online payments?
There are a variety of small business payment processing options and various benefits in implementing the same:
- Customer satisfaction means more sales, and today’s customer preference is in the digital payment modes.
- No hassles of cash management as the payments are received directly in the bank account.
- This also enables fast payment acceptance in the bank account making the transacting convenient.
- Secured transactions due to inbuilt security of the payment processing methods and company.
- Mostly all types of digital processing solutions enable transaction records, reports, and their management.
- The government of India has been taking various steps to encourage digital payments.
- Expand their business due to no geographical bounds as they can collect the payments from anywhere in the world.
Small Business Payment Processing Options
So many online payment mode options have been introduced and used by the customers to make online payments.
The most important and useful method for small businesses to accept online payments is mentioned at the end of this blog. Before that let’s review the individual options-
- Mobile Payments
Smartphones are an integral part of people’s life. They turn to their mobiles for anything and everything for example, for searching, shopping and more importantly for payments.
Mobile has taken the place of the physical wallets for the people. There are multiple ways by which they can use their phone to make payments.
- Mobile Wallets
The e-wallets are like the physical wallet. It has the wallet balance in it and various types of online payments can be made through it such as bill payments, recharges, eCommerce payments, payments at the shop, etc. You need not install a card machine when you can accept payments through mobile wallets.
- UPI / BHIM
This is a popular type of payment method. It is fast and secure. Small businesses can facilitate this bank-to-bank transfer enabled with a UPI ID or even the QR code.
- Mobile Banking Apps
The banking apps can enable bank transfer, UPI payments, QR code, etc. All primary functions related to banking are included in the mobile banking apps. Small businesses can suggest this to their customers.
- QR code
This is one of the most convenient ways to accept payments for small businesses. The customers can simply scan the QR code and make the payment with the wallet or UPI.
- Net Banking
The customers can make an instant fund transfer anytime using the NEFT, RTGS, or IMPS. These are types of bank transfers made using the account details like Account Holder Name, Account Number, and IFSC code.
- Card Transactions
For this, they can either install a Card swipe machine or integrate an online payment processing solution like a payment gateway.
Payment Gateway – the best Small Business Payment Processing Option
Why a payment gateway?
A payment gateway would have an integrated solution for all the above-mentioned payment methods. It would provide customer satisfaction because the customer will have all the payment processing options in one payment checkout. It would also support the other advantages like:
- multiple payment modes through UPI, Wallets, Credit Cards, Debit Cards, Net banking, QR code, and EMI
- making the domestic and global reach possible
- the highest security with PCI DSS, AES Encryption, and SSL certification
- transfer of payments in the bank account
- Merchant dashboard with insights, analysis, transaction history, reports, refunds, settlements, etc.
PayKun is suitable for small businesses for its lowest fees and the best customer support. It is easy to register and activate the merchant account with PayKun. You need to complete the online registration with the basic documents and details. A small verification process is done and your account is activated. After that, you can start accepting payment with these methods:
If you have a website or mobile application, you can integrate the payment gateway with them. It is a simple process using the ready integration kits available with the payment gateways. PayKun has available plugins and SDKs supporting all the major platforms. It provides free integration assistance and developer-friendly technical documentation on the website.
Small businesses and startups may not have a website or mobile application. For example, a small Kirana shop, home-based business, cake shop, furniture showroom, professionals, etc. They can use PayKun payment links. It can be created and shared easily through email, Whatsapp, Messenger, etc. The businesses can still provide all of the above-mentioned payment processing options even without a website or mobile app.
Till now, the small business has been preferring cash transactions. However, to enable the growth of the business, they need to evolve. It is essential that they are taking the advantage of these innovative technologies so that they can keep up with the changing world.