Payment Gateway Technologies- Unlocking E-commerce Potential

Posted on May 29, 2024 | by dpgadmin | Leave a Comment

Staying ahead of the competition in e-commerce business requires more than just a great product lineup and a user-friendly website. A crucial but often overlooked element is the integration of advanced payment gateway technologies. These technologies not only streamline the payment process but also significantly enhance customer experience, security, and business growth. Let’s explore how leveraging the latest in payment gateway technologies can give a significant boost to your e-commerce business.

1. Seamless Customer Experience

One of the primary drivers of e-commerce growth is providing a seamless shopping experience. Advanced payment gateway technologies offer a variety of payment options, including credit and debit cards, digital wallets, and even cryptocurrency. By accommodating diverse payment preferences, you reduce friction in the checkout process, which can lead to higher conversion rates. Moreover, features like one-click payments and saved payment methods make repeat purchases effortless, fostering customer loyalty.

2. Enhanced Security

Security is a paramount concern for both businesses and consumers. Modern payment gateways employ cutting-edge security protocols such as tokenization and encryption to protect sensitive information. Tokenization replaces card details with a unique identifier (token) that is useless if breached. This significantly reduces the risk of data theft. Additionally, compliance with standards like PCI-DSS (Payment Card Industry Data Security Standard) ensures that your business adheres to the highest security practices, building trust with your customers.

3. Global Reach

Expanding your e-commerce business globally can be daunting without the right tools. Advanced payment gateways facilitate cross-border transactions by supporting multiple currencies and local payment methods. This flexibility allows customers from different parts of the world to shop in their preferred currency and use familiar payment options, breaking down barriers to international sales. Additionally, features like dynamic currency conversion provide transparency, helping customers understand exactly how much they are spending.

4. Data Analytics and Insights

Understanding customer behavior is critical to business growth. Payment gateways offer detailed analytics and reporting features that provide insights into transaction patterns, payment preferences, and sales trends. This data can inform your marketing strategies, inventory management, and customer service improvements. By leveraging these insights, you can make data-driven decisions that enhance your business performance and customer satisfaction.

5. Fraud Prevention

Fraudulent transactions are a significant threat to e-commerce businesses. Advanced payment gateway technologies incorporate sophisticated fraud detection and prevention mechanisms such as machine learning algorithms, real-time monitoring, and multi-factor authentication. These technologies analyze transaction data to identify and flag suspicious activities, minimizing the risk of fraud. This not only protects your revenue but also safeguards your brand reputation.

6. Integration with Other Systems

A modern e-commerce operation relies on various systems, including Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), and inventory management. Advanced payment gateways offer seamless integration with these systems, ensuring smooth data flow and operational efficiency. For instance, integrating your payment gateway with your CRM system can help you track customer interactions and personalize marketing efforts. Similarly, syncing with your inventory management system ensures accurate stock levels and timely order fulfillment.

7. Mobile Optimization

With the increasing use of smartphones for online shopping, mobile optimization is no longer optional. Advanced payment gateway technologies are designed to provide a smooth payment experience on mobile devices. Features like mobile wallets (e.g., Apple Pay, Google Wallet) and responsive checkout pages ensure that customers can easily complete transactions on their phones. A mobile-friendly payment process can significantly reduce cart abandonment rates and boost sales.

Conclusion

Incorporating advanced payment gateway technologies is a strategic move that can drive significant growth for your e-commerce business. By enhancing customer experience, ensuring robust security, facilitating global transactions, providing valuable insights, preventing fraud, integrating seamlessly with other systems, and optimizing for mobile, these technologies address key aspects of e-commerce success. As the digital marketplace continues to evolve, staying updated with the latest payment solutions will keep your business competitive and poised for growth.

Payment Gateway for Freelancers

Posted on October 10, 2019 | by dpgadmin | 2 Comments

The freelancer business is growing in India, many youngsters are freelancing either part-time or fulltime. In this business there is no fix income scale, thus collecting payment on time from the client is important. A payment gateway will make it easier to collect payments online.

How to choose the best Payment Gateway for Freelancing?

Freelancers in India have the main aim in their mind and that is to get paid on time. A survey conducted by PayPal states that out of every 500 freelancers at least 1 freelancer doesn’t get paid on time.

Some freelancers have also highlighted that they have received payment 2-4 days after invoicing. Expert freelancers have taken measures to tackle this problem by providing offers on early payments and charging fine for late payment.

Following are some problems that are faced by freelancers:

Negotiating project prices
Payment Collection and payment modes
Invoicing

Here’s what you should consider before choosing a payment gateway for Freelancing:

Transaction Fees: Check the per transaction charges for all the payment gateways, compare & analyze and make sure it doesn’t have long term implications.
Security: To know how secure your payment gateway is, read the reviews online on quora or reviewing sites.
Transaction Speed: Check for the total transaction time a payment gateway takes to process the payment. Ideally, it is for 3 days.
International Transaction: If you choosing a payment gateway for freelancing, make sure the payment gateway supports international transactions as you can increase the scope of your business by later on expanding it globally.
Payment Modes: Payment Gateway provides multiple payment options using which your client can send you payment with the desired payment method, thus providing convenient payment.
Transfer Limit: Your client is the one who pays the payment processing fees and not you. So, check the payment gateway with affordable charges as the client will look for the payment mode with fewer charges.

How Digital Payment Guru can help Freelancers?

Digital Payment Guru provides payment gateway integration service of the top payment gateways like PayPal, PayU, Instamojo, Atom and Paytm. If you are confused which payment gateway to choose from, Digital Payment Guru helps you choose the best payment gateway by analyzing your business requirement.

By switching to Digital Payment Guru, you unload your task of choosing the best payment gateway to us.

How we can help?

Following are some of the features that can help you collect online payment:

Payment links: The most simple way to accept payments online is by creating a payment link. There is no rocket science in creating a payment link. You just have to click on create payment link in your payment gateway dashboard and set the amount for payment link, now you can share this payment link on multiple platforms like social media, mail, and messages and more.

Request bulk payments: Using the payment gateway dashboard you can send multiple payment requests to your client in one click and your client will receive a payment link by clicking on which they can make payment with multiple payment modes.
Faster Payout: As mentioned earlier, online payment requires a certain time to reflect on your bank account. Using Instant payouts you will receive payment from a client on time as well as the amount will be reflected in your bank account the same day.
Invoice Generator: Get the invoice for all the payments you receive from your clients. This can help you track and manage your payments in the future.

Payment Gateway for freelancers facilitated a clear communication between you and your client, Digital Payment Guru just acts as Payment Gateway provider who integrates a payment gateway into your system (website) and rest is on you, you have to use the dashboard to handle your payments. A payment gateway automates your payment collection process so that you can focus more on your business.

Payment Gateway features you can use to grow your business.

Posted on August 22, 2019 | by dpgadmin | 2 Comments

If you are running a business and thinking of growing it, a payment gateway is something you should definitely think of. Payment Gateway Integration is very much beneficial for businesses nowadays as it has certain features than can help you grow your business. In this blog, let’s discuss these features and how it can benefit you.

Recurring Payments: The most hectic task for any business is to collect repeated payments. The recurring Payments feature helps you manage repeated payments easily. You can ask your customers to subscribe to recurring payments. Once set up, you don’t need to send payment reminders to your customers, the amount will be deducted from customers’ accounts on a fixed date every month and transferred to your account automatically.
International Payments: If you plan to expand your business globally, Payment Gateway can help you collect payments from around the globe. Expanding your business globally can help you increase your business reach and generate more revenue. Payment Gateway provides multi-currency support as customers would want to come back if they can make payments in their own currencies.
Same-Day Settlements: Small Businesses rely on daily sales to manage their cash flow and plan out things accordingly. As merchants have to wait for the amount to be reflected in their bank account from the merchant account it becomes difficult for them to manage the cash flow. Same day settlement feature helps you get the money into your bank account on the same day when the customer makes payment. Thus having a payment gateway can help you manage your cash flow and plan out things accordingly.
Payouts: If you are running a business at times it can happen that you might get very much busy with work and forget to release the payments to different accounts and by the time you realize bank hours are over and all that you can do is wait for the next day to make the payouts. With the Payouts feature, you can not only send bulk payments to different accounts using various online payment options but also track the payment and download the transaction reports at the same time. This can help you manage payments and grow your business.
Update bank account yourself: If you ever wish to change the bank account, there is no need for you to worry about uploading the documents again or calling customer care, you can simply update it by logging into your payment gateway account and updating the bank details and you are good to go.
Customer Service: Customer Service plays a vital role in the online payment cycle. It assists your customer if they are stuck in between payment processes or have any queries related to payments. Customer service can also help you with customer retention.

Related Post: How to start Online Business.

With the Integration of Payment Gateway into your website, you can automate your payment procedure and increase your business reach which can help you grow your business.

Digital Payment Guru provides payment gateway integration services of top payment gateways like PayPal, Paytm, PayU, Instamojo & Atom at the best market rates. If you are confused about which payment gateway to choose from, we can help you choose the best payment gateway for your business by analyzing your business requirements.

Payment System Evolution – Then & Now.

Posted on August 1, 2019 | by dpgadmin | 2 Comments

Money is simply a medium of exchange as well as a store of value. when it comes to knowing how the payment system changed its face from past to present I would like to share some important points which need to be noticed.

BARTER SYSTEM

In the beginning, people bartered. Bartering is the exchange of a good or service for another good or service. For example, if any milkman wants grains he can exchange his milk with a farmer for grain. However, what if you couldn’t agree on what something was worth in exchange or you didn’t want what the other person had? Humans developed the concept of commodity money as a solution to their problems. The commodity is a particular thing used by almost everyone. In ancient times items such as grains, tea, tobacco, cattle, and seeds were commodities and therefore were once used as money. However, using commodities as money had other problems. Carrying things in day to day manner was hard and commodities were difficult to store or were perishable.

DISCOVERY OF COINS

Cowrie shells were used as money in the Pacific in 1200 B.C. In China and some parts of Africa but other countries, animal skins were valuable things. China started to use metal in their money in 1000 B.C. They made metallic cowries using bronze and copper. Coins were used mostly in 500 B.C. in Lydian’s, coins were made using a mixture of gold and silver. & at the back, it stamped, and with precious metals as core material, the coin had significant value.

CHINA DISCOVERS PAPER MONEY

Paper money started to appear in China near about 806 A.D. because of shortages in copper. During the 1600s, banknotes started in England. Money was exchanged for gold. Gold became an important value in England In the year 1816. In 1661 Swedish Stockholm Bank was the first bank in Europe to issue printed money.

EUROPEANS & BANKNOTES

Till the 16th century Europeans were using coins, helped along by acquisitions of precious metals from colonies to keep minting more and more cash. Eventually, the banks started using bank notes for depositors and borrowers to carry around instead of coins. These notes could be exchanged in a bank at any time to change their face values in silver or gold coins. Paper money was mostly used to buy goods and operated as the main currency nowadays but it was issued by banks and private institutions, not the government is now responsible for issuing currency in maximum countries.

European governments issued the first paper currency colonial governments in North America. Europe and the colonies carried the Shipments business for so long, the colonists often ran out of cash as operations expanded., the colonial governments used IOUs that traded as a currency except for the barter system The first introduction of that was in Canada, then a French colony. Soldiers have issued playing cards denominated and signed by the governor to use as cash instead of coins from France near about 1685.

Related Post: How to start an Online Business?

THE WORLD DECIDES TO GO CASHLESS

In 1933 U.S. The gold standard completely stopped as a link between the dollar and gold in 1971, now USD value is not linked to any specific asset. In other words, the U.S. dollar can’t be considered real money. From then, paper money was used as a standard form of money, and in the 1960s, the first version of credit cards began to emerge. Developing nations are still learning about credit card usage. It remains prevalent today and many countries especially Developed nations, on the other hand, are moving towards digital wallets and other digital payment platforms in their quest for a cashless that’s why coins or notes are convertible into precious metals, money of these forms is the check that, for simplicity of use and security offered, is being adopted by an increasing most of the people in their daily activities. With the support of this document which one can orders payment of a certain amount to its bearer or a person mentioned in it, aims mainly at transactions with bank deposits. One of these forms is the Cheque that, for simple use and security offered, is being adopted by a large number of people in their daily lives. Money became more dematerialized and assumed abstract forms.

To know how to secure international payments for your business click here.

INTERNET & MONEY

In the second part of the twentieth century, computer technology allowed money to be represented digitally. In the United States, all money transferred between its central bank and commercial banks was electronically near 1990. In the year 2000, most money existed as Digital currency in bank databases. In 2012, by several transactions, 20 to 58 percent of transactions were electronically dependent on the country. Non-national digital currencies were developed in the early

PAYMENT GATEWAY

In the 21st century to two new forms of currency came into use. Mobile payments and virtual currency. Mobile pay is money rendered for a product or service through a portable electronic device such as a cell phone, smartphone, or tablet. Now a day’s Mobile payment technology is used to send money to friends or family members. A new technology of online payment arrives. It enables a merchant to collect money from the customer. It verifies the information provided by the user and the payment method and then authorizes the transaction. Payment Gateway Integration manages your marketplace, automate money transfer, and collect frequent payments all from a single platform. It Accepts all payment method-Credit card, Debit card, Net Banking, UPI, and more. We offer the best payment gateway tools PayPal, Paytm, Instamojo, Atom payment solutions, and PayU. Payment Getaway Manage your marketplace, automate money transfer, and collect frequent payments all from a single platform. It Accepts all payment method-Credit card, Debit card, Net Banking, UPI, and more. We can help you choose the best payment gateway for your business by analyzing your business requirements.

With the evolution of payment, security measures also need to evolve. Today, companies have adopted several security measures to provide a secure and better payment experience to their customers to avoid the risk of online fraud. Digital Payment Guru is one of them that provides top payment gateways that are PCI-DSS compliant and at the best market rate.

What is Online Payment Processing?

Posted on July 25, 2019 | by dpgadmin | 1 Comment

From an earlier time, even before the invention of money, people exchanged goods and services in return for some mode of payment. Mode of payments was not financial as money didn’t even exist at that time instead they followed the barter system and livestock exchange. With the evolution of technology payment systems have changed drastically making financial transactions possible at any time and from anywhere.

What is Online Processing?

We are now in the Online Payment Processing era let’s dive deeper into it and know what exactly online processing is. Any transaction done electronically is known as an online transaction. It can be through a mobile device, a computer, or a POS machine. It requires firstly an internet connection then a secure ecosystem and encrypted information or your credentials.

The most debated topic today is the war between online and offline payments, wherein online payments seem to be winning by far, here’s why,

Online payment is quick and easy, a huge amount can be transferred in seconds.
Ease of managing the payment records thus reducing online fraud.
Payment gateway integrators like Digital Payment Guru make the entire payment process hassle-free with easy payment gateway integration into your existing system thus increasing your success rate.
International transactions can be done from one place and without facing different currency problems.
Payment can be sent and accepted 24*7 without any interventions.
An online business can offer multiple payment options to its customers so that customers can make payments with the desired payment method. This can help online business to retain their customers.

Is Online Payment Processing A Necessity?

Earlier, the Organization used paper checks for making payments. Maybe because it was the only mode of payment available and also it saved on the cost. After the introduction of FinTech companies, these organizations have started using online payment modes as a primary way of payment as it saves time and also reduces the hassle of managing the paperwork. It also eliminates the risk of fraud as all the payment records are easy to maintain.

A recent study states that 81% of organizations prefer online payment compared to offline payment modes because of its advantages and thus it can be concluded that online payments are no more a choice but a necessity. So, if you want to improve your business and retain your customers, it is important that you provide what your customers want. Thus, switching to an online business can benefit your business.

The need for Online Processing for your Business

Are you new to the online business or you have just developed an e-commerce website? Apart from design and smooth interface, you will need a secure and trusted payment gateway. Now that you know what online processing is, it is time for you to choose a payment gateway for your business. Before getting a payment gateway for your business let’s discuss its need for your business.

Secured Payment Gateway: The payment gateway is highly secure and the customer’s details are encrypted eliminating the risk of fraud.
24/7 Support: Customers can make a payment anytime and from anywhere for your goods and services.
Shopping Cart: Payment Gateway provides your customer with a shopping cart feature for a better payment experience.
Payment Tracking: The payment gateway provides tracking of payments for past and present transactions, maintaining the record in one place.
Multiple Payment Modes: Customers can make payment through the desired payment mode thus providing ease of payment for the customer.
Platform Independent: Payment can be made from different devices like computers, mobile, tablets, etc.
Faster Processing: Online payments are quicker and more convenient than offline payment as it avoids the hassle of waiting in the queue for making payments.

Every payment gateway has its features and plugins thus it is necessary to analyze your business needs and choose the right payment gateway that is suitable for your business.

Digital Payment Guru can help you choose the best payment gateway for your business by analyzing your business needs. We provide top payment gateways like PayPal, PayU, Paytm, Instamojo, and Atom at the best market rates. Visit our website and get started.

What makes E-Commerce Payments Secure?

Posted on June 20, 2019 | by dpgadmin | 3 Comments

The e-commerce market in India is so popular these days that everyone buying products on e-commerce websites is very much aware of what a payment gateway is. An E-commerce payment gateway is basically the platform that handles the transaction from the user to an e-commerce website. Payment Gateways provides multiple payment modes for customers so that they can make payments through a mode that is convenient for them like credit/debit card, Net Banking, UPI, and more. Because of the increased purchase using a payment gateway, it becomes mandatory for the payment gateways to be to carry out certain security measures. Without a secure payment gateway, E-Commerce cannot sell their products online and the customer cannot proceed to the payment gateway to make the purchase.

Fraud Concern: To date, people still find it more trustworthy to buy products from a local shop than buying them from an e-commerce website. The chances of becoming a victim of fraud are very much less compared to that of buying online. The common fear that customers have with online shopping is, paying for the product online and not receiving it or risking personal card details to an e-commerce site.

To avoid all such fraudulent activities, an e-commerce business spends a huge sum to maintain a secure payment system for the customers to make a transaction for purchasing products.

Following are some security practices adopted by the payment gateway providers:

Data Encryption: Data encryption is an essential security measure. When you enter your data, it is encrypted with a public key that can only be decrypted with the payment gateway’s private key. If this sounds tough to understand, refer to this example: When you are buying a product from an e-commerce website when you are directed to a payment page and you add your details for making the payment, your details are saved with the website to speed up the payment process for next time, but only you can view your details and no one else. This is called encryption. Also, the payment gateway providers will not be able to see your details in the backend as it appears decipherable to them, this is known as decryption. Even in an attempt of hacking they still will appear decipherable to the hacker thus securing your credentials.

Security Socket Layer (SSL): When it comes to online business, an essential component is a secure payment gateway that creates a trustworthy environment for your potential customers. SSL builds up trust by achieving a secure connection. SSL is a standard security technology that helps in achieving an encryption link between a server and a client. In simple terms, you enter your information on the browser and the information is taken to the server, this is done by SSL. SSL is also used to authenticate the visitor that visits a website and also protect sensitive information like the card details of your customers. All the major e-commerce websites use SSL making them secure for customers to make an online purchases. The same cannot be guaranteed for websites without SSL. So it is not recommended to make online payments from such websites to avoid any online fraud. Websites with SSL can be easily identified, check for ‘https’ before the website address.
Tokenization: Tokenization is the process of replacing sensitive information like card details or passwords with non-sensitive information also known as a token. A token is an identity that maps sensitive data through a tokenization system. For example, sensitive data can be replaced with random numbers. When a token replaces live data in the system it prevents sensitive data to be accessed by unauthorized users thus reducing the risk of accidental exposure. The sensitive information like Credit/Debit card details is replaced by a token. It secures the details of customers in the server and provider them with a unique token that can be used for one-click payment when they revisit the website for purchasing any product.

All of these are the security measure that payment gateways have adopted to ensure safe online transactions. If you are looking for payment gateway solutions for your e-commerce website visit Digital Payment Guru for top payment gateways at the best market rates.

To know what is PCI DSS compliance click here.

How To Integrate a Payment Gateway?

Posted on June 6, 2019 | by dpgadmin | 6 Comments

If you are running an e-commerce platform or just having an online presence, you need to have something using which your customers can make a payment online. To enable a seamless and convenient payment option that is also secure at the same time, a payment gateway is something that you will definitely need to enable your website to accept payments online. While choosing a payment gateway you have to check if the payment gateway supports all your business requirements. It has to be compatible with your existing platform, it should provide multiple payment options, and mainly it should be protected from fraud.

To know how to integrate a payment gateway into your E-Commerce site click here

What is a Payment gateway?

Well, payment gateway services are the only way in which you can accept payments through a website or mobile application. They act as a bridge between the transaction that the customer wants to make and the payment processor. The app cannot directly connect to payment processors for security reasons thus payment gateways are required.

The payment gateway can handle the following types of transactions:

Authorization:

It is the type of transaction wherein it is checked whether the user has enough amount in his bank account to make the payment for the desired product or service. If he has the amount then the order is placed. Such a type of transaction is used for orders that take time to ship.

Capture:

Capture is the actual processing of the funds to the merchant’s account after the authorization transaction.

Sale:

Sale transactions are a combination of Authorization and Capture transactions wherein the user’s card details are first authorized to check if there are enough funds in the user’s account to make payment for the product. After authorization, the funds may or may not get captured. It is used for immediate purchases like subscriptions and e-tickets.

Refunds:

The mode of transaction in which an order is canceled and the merchant has to process the refund to the user.

Void:

It is similar to a refund but can be initiated only when the funds are not captured.

How to integrate a payment gateway?

There are several methods for the integration of a payment gateway into your website.

Hosted Gateway: Hosted method is a third-party integration method and the customers require to leave the current web page and are directed to the payment page to complete the payment. Here the payment processing is taken care of by a service provider, also the card details of the client are saved by the vendor thus this method does not require PCI DSS and provides easy integration. Also, the drawback of such a payment gateway is that the customers may not trust the third-party payment system, and directing them to a different page will lower your conversion rate creating a negative impact on your brand. Such a payment gateway is suitable for small to medium businesses.

How to integrate: The guidelines are available on the vendor’s website. A javascript code is available on their website which needs to be integrated into your website, after integration it places a button on your website by clicking on which it activates vendor API to manage the transaction.

Non-Hosted Method: Non-Hosted methods allow customers to make payments without having to leave the current page. This method allows the integration of payment gateway through APIs. The benefits of having an integrated payment gateway are that you have full control over the transaction unlike hosted integration method and also provides easy customization of the payment gateway to compliment your website. The drawback is the maintenance of the payment gateway infrastructure, also before integration of a non-hosted payment gateway you need to be PCI compliant as all the clients’ card details will be stored on your own server and it becomes quite tricky if you opt for any customization. This payment gateway is suitable for medium to high business that relies on branding and user experience.

How to integrate: Non-Hosted payment gateway integration is done via API into your website. Also, a technical team is required for the integration of the payment gateway. Most non-hosted payment gateway providers have a well-documented guide readily available.

Direct Post Method: Direct post method allows the customers to make the payment without leaving the current web page. Also, you do not need to obtain PCI compliance. It assumes that the details of the transaction are directly sent to the payment gateway after the customer clicks on the payment button. The data is transferred to the gateway and processor without being saved on your own server. The benefits of direct post methods are similar to that of non-hosted payment gateway like the customization option but without having to be PCI compliant and the user makes payments without getting directed to any other page. The drawback is that is it not completely secure. These payment gateways are suitable for all types of businesses.

How to Integrate: The payment gateway service providers may set a connection between the payment gateway and shopping cart to transfer the user’s credentials.

Online Payment Fraud in India – How is the Youth Affected

Posted on May 30, 2019 | by dpgadmin | 2 Comments

Online Payment have taken the market by storm. The positives of digital payment have compelled most businesses to add this method as a mode of payment. Doesn’t everything sound too good to be true? Well, digital payments have downsides to it too, and with more and more people becoming aware of the risks of data breaches, banks, and payment gateways are finding better ways to secure customer data.

Studies suggest that there is a strong correlation between the rise in the adoption of mobile applications, and online payments and an increase in financial fraud. As per a global survey conducted by FIS in 2019, statistics state that Indians are amongst the most frequent victims of online banking frauds so much so that the rate has doubled to 37% this year against 18% last year.

The rapid pace of digitization has created a competitive situation in the market wherein banks and payment wallets have developed apps for customers along with websites to complete quick and hassle-free transactions. Yet, around 96% of people who chose mobile apps over traditional modes of payment were affected by online payment fraud.
As per the data released by RBI for the financial year 2017-18, banks lost around Rs 32,000 crores of public money to online payment fraud. This showed a three-fold rise in digital scams in the last 5 years.

Let’s dive a little deeper into the different types of payment fraud and what steps have been taken by financial institutes to curb the repetition of such cases.

What are the common types of online payment fraud?

Even after banks repeatedly send out notices and warnings about the types of payment frauds and how to be wary of them, hackers find a way to pose as authorized personnel to commit the crime. The most common types of payment fraud in India are:

Phishing:

Phishing is the process of accessing the target’s personal information and financial credentials through e-mails, text messages, or over calls. This sensitive information obtained by hackers is then used by them to their benefit.
Friendly Fraud:

Also known as a Chargeback Fraud, Friendly Fraud is when a customer (fraudster) completes the payment process with his own credit card. On receiving the goods or service, he then requests the issuing bank for a chargeback stating that his card was lost.
Unsafe apps and websites:

While casually browsing on the internet, we come across a number of pop-ups and are rerouted to unknown websites or app links that turn out to be fraudulent. People who are unaware of the pitfalls of such scenarios tend to give away sensitive information that is later misused against them.

Why is there a rise in online payment fraud in India?

After businesses bore the blow of demonetization, close to 1/3rd of India’s population resorted to online payment systems. It then became fairly easy for hackers to obtain confidential data. Some of the reason why there was a hike in the rate of fraud is:

• Lack of prosecution for such crimes.
• Low priority of digital payment frauds.
• Frequent calls from people pretending to be from banks and asking you for your personal details.
• Difficulty in nabbing the fraudster due to fake accounts created by him.

To know what is online fraud and how to prevent it click here.

Who is affected the most by online payment fraud?

A number of factors drove the younger generation to move to online modes of payment from their traditional counterparts. Low cost of mobile data connectivity, user-friendly interface of apps and websites, and convenience on-the-go form the top three tiers that contribute to the growth of digital payments. The age group of 18-37 is the prime audience that is affected by such online frauds as they are the working class and it is convenient for them to make transactions while traveling because of their busy schedules.

How are payment gateways securing customer data and preventing online fraud?

Since a large chunk of people is opting for payment gateway integrations, it goes without saying that data security becomes a major concern. Many steps are taken by such gateways to ensure the customer’s information is safe and secure. Some of the basic but important methods of securing data are:

• SSL Protocol
• PCI DSS Compliance
• Tokenization
• Encryption of data

Such steps create a sense of security in the minds of the customers so they complete transactions without giving it a second thought.

We, at Digital Payment Guru, partner with payment gateways that are leading in the market. We understand your concern about online payment fraud and ensure all transactions are secured under PCI DSS Level 1 compliant technology and fraud scrub. This allows customers to go ahead and make payments without worrying about the threats of data leaks. Head on to Digital Payment Guru to know more!

How Is The Payment Gateway Beneficial For B2B Companies?

Posted on May 23, 2019 | by dpgadmin | 5 Comments

Payment gateway became necessary for B2B companies with the rise of digital payments. B2B companies are switching to digital payments to simplify their daily business operations. B2b companies have a greater liking for digital payments over traditional payments.

There are still several companies that prefer traditional methods through checks and cash, whereas digital payment methods have made online payments easy with various payment modes like UPI, Netbanking, and Credit/Debit cards.

How did B2B company’s transaction work?

Well, a transaction is called B2B when one of the businesses acts as a customer to another business, the transaction can involve services like development, email tools, and more, or can involve parts and units. With the growing business, managing payments of vendors and suppliers through cash and check becomes a difficult task.

Why should B2B companies have a payment gateway?

During the purchase of supplies and services businesses usually, prefer to make bulk payments. They look out for multiple payment modes and want to be sure their payment is secure. They want to have track of these payments and also they want to trust their business partners.

Well, all of the above mentioned things are not possible with traditional payments, in fact, there are more cons in traditional payment methods as the check gets bounced, cash is difficult during bulk transactions. Thus, having a payment gateway simplifies these problems by providing complete transactions and providing multiple payment modes which can increase customer footfall for the B2B industry.

Benefits of B2B companies having a payment gateway.

In business, your Time is Money and the payment gateway handles both these entities. The ease of payments with lesser errors enables B2B companies to accelerate their transactions from vendors to suppliers. Following are the benefits of having a payment gateway.

Saves Time and Effort by providing a payment button by clicking on which payments can be made thus eliminating the efforts of handling paper checks.
Guarantees the payment from the buyer to the seller.
Trackable goods and services and payment notifications.
All online payments are secure giving the seller confidence to do business with new parties.
Faster payment collection with guaranteed to reach clients at a specific period.
Hassle-free payments by eliminating the security risks associated with cash payment.

Why Switch to Digital Payments from Traditional Payments?

In traditional payments dealing with cash and checks can get tedious at times, also drawback is physically mailing the invoices to the clients which consumes a lot of time and effort. Payment gateways eliminate this process by providing payment automation wherein your clients get a notification for payments they make thus avoiding the hassle of managing cash, and checks and physically sending emails.

How do B2B companies use payment gateways?

Integrate a payment gateway into the website:

Many companies integrate a payment gateway on their website allowing the customers to make a purchase from the website. This also allows them to choose from various modes of payment like credit/debit cards, net banking, and UPI. Most business also provides NEFT.

Add bank details on the website or email bank details:

Many companies provide bank details on their website or in the pricing section which is added to the account to transfer the amount. Some companies email their client bank details to receive payments.

Payment Links:

This is the easiest way of collecting payments, B2B companies share the payment link on social media platforms like Facebook, Whatsapp, and SMS. Customers can click on this link and make payments. Payment also offers customers to use multiple payment modes to make payment.

Recurring Payment:

B2B companies provide recurring payment set up for their client so they do not need to worry about paying at regular intervals. Recurring payments are basically instructions sent to the bank to debit the amount at a certain date.

How Digital Payment Guru facilitates B2B companies?

Digital Payment Guru provides top payment gateways like PayPal, PayU, Instamojo, Atom, and Paytm at the best prices compared to market rates. We help you choose the best payment gateway according to your business by analyzing your business needs.

WHAT? HOW? & WHY? about UPI- Unified Payment Interface

Posted on May 9, 2019 | by dpgadmin | 3 Comments

What is UPI?

Unified Payment Interface (UPI) is a single platform that provides different banking services and features. If your bank is UPI enabled, you can create a UPI ID that can be used for making transactions. A transaction can be made using an Aadhaar number, Mobile number, and Virtual Payment Address (UPI ID). UPI allows the user to transfer and receive money from one bank account to another by using a smartphone. It enables the transfer directly from a bank account to the merchant and also handles basic banking activities. UPI is a revolution that can be an alternative to e-wallets, in other words, UPI is the best thing in the online money market.

UPI is a creation of NPCI & RBI and is an initiative by P.M Narendra Modi.

How to Use UPI?

For using UPI service on your mobile phone you just need to set up UPI ID which is linked to your bank account. There are many mobile applications that provide UPI facility, and UPI ID can be set up from these applications. UPI IDs have the same format for all UPI-enabled applications. The format is “XXXXXXXXXX@upi”, wherein XXXXXXXXX is the number followed by @ and then followed by the application from which you’ve built your UPI ID. So if you build a UPI ID from Paytm it will be, “XXXXXXXXXXX@paytm”. It is also possible to create your own unique UPI ID.

Once you’re done with creating UPI ID the further procedure remains the same for all the mobile applications which are providing your mobile number. After providing your number an SMS is sent for fetching your bank account details. Make sure the mobile number you enter is linked with the bank account for which you seek UPI service.

Your UPI-enabled bank account will be displayed on the screen, just confirm the band details and then you can set up a 4-digit PIN, this pin will remain the same for your bank account across all the UPI-enabled applications.

UPI-enabled Banks:

UPI is the most convenient feature, many banks in India have integrated UPI payments facility into their platform. UPI facility is available through its own app. It can be implemented into their own banking app or a separate app.

There are many UPI-enabled apps, the ones listed below are the most popular,

State Bank of India- SBI Pay
Kotak Mahindra Bank- KOTAK Pay
Syndicate Bank- Synd UPI
Punjab National Bank- BHIM PNB
Bank of Baroda- Baroda PAY
Axis Bank- Axis Pay
Indian Overseas Bank- IOB UPI

Why UPI?

When there are so many e-wallets, payment gateway, and online payment options available, why is the need for UPI then? Well, UPI is unlike all of these options, this initiative by NPCI eliminates the need for e-wallets and entering credit/debit card details and remembering passwords. UPI contradicts the current procedures of e-wallets and Net banking which are prone to hacking and malfunctioning, UPI is more secure. UPI is a great alternative for e-wallet for the following reasons,

Easy Usability:

Unlike e-wallet which involves several steps for money transfer, from adding the money from the bank account to the wallet and then paying the beneficiary from a wallet, it is a lengthy process, UPI is directly linked to the bank account and thus the payment is done directly from the bank account which eliminates the hassle of adding the money to wallet and then making payment giving the payer complete ease of payment.

Increased Adoption:

Many e-wallet apps have already started adopting UPI services into the application. Paytm has implemented the UPI service into their application. UPI is very much useful in transferring funds, It can be used to pay the driver’s salary or can be used to pay for goods or services. UPI platform lightened up after the launch of the BHIM app and later on apps like Google Tez increased the value of UPI in the online finance market.

No KYC:

E-wallet has this requirement called Know Your Customer(KYC) after the introduction of which e-wallets have faced a fall in payments. Whereas for UPI, KYC is not required and thus is preferred by many customers.

Incompatibility:

In e-wallets, KYC is a lengthy process because of which e-wallets have faced a fall in the volume of payments, but even after completing the KYC, you cannot transfer the money from one wallet to another.

UPI has become a central point in the process of the cashless India Initiative. UPI will transform the economy into a stronger, more independent, and purer one.

Digital Payment Guru provides the merchant with a facility in one of the payment options wherein the buyer can pay a merchant with UPI with lower transaction rates.

Tag: Payment gateway integration