Author: dpgadmin

Payment Gateway features you can use to grow your business.

Posted on | by dpgadmin | 14 Comments on Payment Gateway features you can use to grow your business.

 

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.

  1. 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.
  2. 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. 
  3. 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.
  4. 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.
  5. 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.
  6. 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.

 

 

Recurring Payment

Everything You Need To Know About Recurring Payments

Posted on | by dpgadmin | 14 Comments on Everything You Need To Know About Recurring Payments

 

If you are offering a product or a service for which you want to charge your customers on a repeated basis, recurring payments are something you should opt for. It is a convenient option that your customers do not have to remember to pay for your products or services. Using recurring payments allows you to sell your products and services automatically. Checkouts are optimized to make it easier to predict the cash flow.

What are Recurring Payments?

Recurring payments are repeated payments, you are charged automatically for the products or services you are subscribed to and charged on a fixed interval. It can be for a specific period of time depending on the business model. The whole process is initiated by card authorization in the following steps:

  1. The recurring payment option is selected by the customer on your website.
  2. Now they need to accept the terms and conditions for authorization.
  3. Once authorized they need to provide their card details and confirm the payment, now the customer will be charged at fixed intervals until they choose to cancel the subscription.

 

For Example, if You have subscribed to a broadband connection on a monthly basis, and you renew your broadband service every month, instead of doing that you can choose the recurring payments option on their website. Now the amount will be automatically deducted from your account every month and your subscription will be renewed automatically.

Related Post: Recurring Payment via UPI or Credit cards?

Advantages of Recurring Payments for Merchants:

  • Monitor Cash Flow:  The merchant can monitor the average cash flow that is being credited into his account which can help him build a strategy for the future.
  • Fewer Missed Payments: As the payments from customers will be automated, the merchant does not have the hassle of sending payment reminders to his customers thus saving time and money.
  • Reduced Processing fees: As the recurring payments are done online, the extra cost required for cheque payments will be avoided.
  • High Customer Retention: If the customer wants to stop the recurring payments they need to cancel the subscription which is most likely not going to happen.

Advantages of Recurring Payments for Customers:

  • Avoid Late Fees: Many businesses charge a penalty for late fees which can be avoided using recurring payments as the amount is automatically debited after a fixed interval without having to remember. They are most beneficial for those who travel a lot and do not have time for renewals.
  • User Convenience: Once the customer has opted for recurring payments, they do not need to log in again to make a payment, the payments will be done automatically after the fixed interval for the products or services.
  • Manageable Spending: If a customer wants to buy an expensive product and he doesn’t have enough balance in his bank account, he can split the amount into multiple billing cycles with recurring payments.
  • Quick Payments: Use of a cheque payment is time-consuming as it takes some days for the amount to reflect in the merchant’s account at the same time you have to stand in the queue for making a cheque payment. Whereas recurring payments are online payments and the amount is reflected immediately into the merchant account at the same time automation is what makes recurring the preferable option over a cheque payment.
  • Environmental Saving: Recurring payments are digital payments and are an alternative to paper-based payments like a cheque. Recurring payments have no paper billing, everything is digital in recurring payments thus saving the environment.

 

For a recurring payment, the subscription model works best for large merchants with multiple products. Recurring payments are game-changers, you need to rethink as to what works best for your customers.

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 | by dpgadmin | 14 Comments on Payment System Evolution – Then & Now.

 

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.

 

online payment

What is Online Payment Processing?

Posted on | by dpgadmin | 25 Comments on What is Online Payment Processing?

 

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.

 

UPI-_2_

Recurring Payment Via UPI Or Credit Cards?

Posted on | by dpgadmin | 18 Comments on Recurring Payment Via UPI Or Credit Cards?

 

Does your business require a collection of online payments for products and services at regular intervals?
Payment gateway providers make it easier for customers with Credit card options. With UPI coming into a lead, it would be a great contender. Which one should you go for recurring payments? Let us find out.

What are Recurring Payments?

In a recurring payment model, the service providers deduct the purchase amount from the buyer’s account at regular intervals which are set up automatically.
There are multiple recurring payment businesses, some use an invoice method wherein a payment is automatically deducted against an invoice and others use a Subscription Model business wherein you only pay as you use the services or product.

How does Recurring Payment Work?

To enable recurring payment, a customer must save the card and grant permission for the recurring charge. Stored payment data can then be used used to automatically process payments for repeat services or subscription model business. Payment gateway service providers can automate all types of business billing needs. Some have payments based on invoice cycle others initiate and manage recurring payments. Solutions are different for both types and thus it is necessary to identify your billing needs before getting a recurring service.

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.
According to NPCI, in March Rs.1.33 Lakh Crore of transactions is made via UPI which is a 24% increase from February 2019.
In 2018, UPI launched its second advanced version UPI 2.0 with more features but NPCI did not add recurring payments to support in it. This feature could be coming in UPI 3.0.
The feature can enable customers to issue a one-time mandate for recurring payments for services from the merchants. The best example can be automatic payments of monthly bills and subscription-based services. RBI refuses to release these features for UPI for fear of its misuse.

UPI vs Credit Card for recurring payments?

 

Business prefers to set up recurring payments against Credit/debit cards. Some global businesses like iTunes set it up on debit cards with One-factor-Authorization.

Unified Payment Interface:

  • Recurring payment support for UPI is coming soon.
  • A customer has full control over authorization for the requested payment.
  • In the case of refunds, the merchant and buyer communicate directly.
  • UPI is will be available with the banks that do not provide recurring payments.
  • A recurring payment can be availed by anyone that has UPI.

Credit Card:

  • Recurring payments are available on credit cards.
  • Money is debited Automatically without the customer’s involvement.
  • In the case of refunds merchant also has to deal with the customer’s bank.
  • Recurring payments can be availed by those having a Credit card.
  • A recurring payment cannot be availed with banks that do not allow it on a card.

 

What Is A High-Risk Business?

Posted on | by dpgadmin | 16 Comments on What Is A High-Risk Business?

 

Some Online Businesses and industries are treated as high-risk businesses by payment processing companies. They are categorized as high-risk businesses depending on several factors such as the chargeback ratio of a merchant, times the product is returned, or payment processing history. Considering these factors, payment processing generally does not prefer to provide its services to high-risk clients.

High-Risk Factors:

Merchant account providers and Payment Processors consider a business as high risk if it has a higher chargeback ratio, The customer makes a credit card payment and cancels it when the merchant has received the payment, Refunds for the returned products, and credit card fraud. Companies having a bad credit history and those which provide no guarantee for loans are also considered high risk.

What is High-Risk Payment Processing?

 

Any business wanting to start an online payment first needs to have a merchant account. A merchant account has 2 types, low-risk merchant account, and high-risk merchant account. If you run a low-risk business which means your business is not involved in any of the above mentioned factors then you can easily approach the payment gateway service providers and they will easily offer their services. But, it is not the same with high-risk businesses. The high-risk business has all the factors mentioned above because of which such businesses find it difficult to get paid service providers as they do not want to serve such businesses.

The business that is categorized as high risk has a higher possibility of an increase in a chargeback. This also leads to higher payment processing fees which relate to risks involved with such businesses.

High-Risk businesses pay high chargeback fees, payment processors put a reserve on merchant accounts which can be used by acquiring banks to compensate for the chargebacks. With this practice, an additional layer of protection is on offer on the bank’s side against any unexpected behavior from the merchant.

If you run a High-risk business the best solution is to maintain a good relationship with payment gateway providers that specialize in such businesses. These payment gateway providers can help you monitor suspicious transactions.

Types of business considered High Risk:

When you apply for a merchant account, you go through an underwriting process with a payment processor. Different processors have different standards, so even if there are some similarities in your business but the following things that can put your business in a high-risk category.

  • Bad Business or Personal Credit Score: Bad credit score is a negative impression for payment processors as it is considered that you are not good at managing your finance or are more susceptible to fraud.
  • Merchant Account History: This shows your record stating a history of chargebacks or frauds with another merchant account provider, if there are any it will create a negative impact on your application.
  • Years in business: The older business you have the better impression you have on the merchant account provider. Merchant account providers are more careful with customers having less experience in the business.
  • Headquarters Location: If you provide service to another country where your headquarters isn’t then you are more prone to fraud.
  • Questionable Products: This completely varies for different payment gateways, but the best example is gambling, as it is illegal in some countries.
  • Huge purchase amount: If you have an unusually high average purchase amount, there are more chances of fraud because of which it can be considered as a high-risk business.

It might seem a bit unfair for High-risk businesses as the payment processing is expensive for such businesses. Many payment processors will not want t work with you but also there are many reputed service providers that can take your business. Do some research, evaluate your ideas, and be careful with the term before signing.

 

How to start an online business?

Posted on | by dpgadmin | 24 Comments on How to start an online business?

Many people want to start selling their products online but, there are many questions that run into their minds:

  1. How to get started?

Well, initially you should analyze your position in the market and how you are different compared to others. To do so there are various factors, some of them are:

  • Price
  • Marketing
  • Features
  • Technology

The moment you get to know where you stand in the market, the next step is to convey your products to people. You can do this by talking with people about your products, by creating your website or by creating a portfolio of your business and sharing it on social media so that your business reaches to maximum people. This should be your first step as it is the most effective.

Related Post: How is payment gateway beneficial for B2B Companies?

  1. How to increase your products reach?

Not all people are active on social media or are familiar with social media but want to increase their business reach. Thus, it is important to analyze what people want, also, if your product has some features that others don’t then stress on that particular feature more than others. The most efficient way of getting started is:

  • Ask the people who have used your products to share their experience. It is always a better way of promoting your business from your user’s experience than by yourself alone.
  • Create your business page on social media and invite your friends to like your page. Post regarding your products on your page and ask your friends to share those posts.
  • Create content for your product, this content can be shared on relevant business websites where people usually search for the products that you are offering. This will also give a backlink to your business which can help in boosting your business up.
  • Write effective blogs with your success story, share such blogs on blog sharing sites like a medium where people always look up for motivating blogs. Also, share your blog on social media so that it reaches more people and they can share your story with others.
  • Run Facebook ads and Google ads for your products, Digital Marketing is the best way to increase your business reach. Also, it is a cost-effective and easy approach.Digital Marketing
  • Finally, references are the best way to boost your business. You can get as many leads and customers from your campaigns but there are only a handful of customers that give you an effective business. Always take feedback from such customers because they will definitely refer their friends which makes a lot of difference from getting leads through campaigns. Remember, Client Acquiring is done at the start of the business but Customer retention is much important for the growth of the business.

Related Post: Digital Payments for successful E-Commerce Business.

  1. How to remain competitive in the Market?

Once you have achieved your position in the market, now it is important to maintain your position and not letting it harmed by competitors. To do so, always have a good team to handle different aspects of your business rather than you handling everything alone. Get a payment gateway integrated into your website to make your website payment-enabled so that people can make payment for your products from the website. Make sure the payment gateway provides multiple payment options providing convenience for your customers to make the payment from the mode they are comfortable with. Ensure that your team brings something innovative to the desk so that more customers are attracted to your products.

 

Everything you need to know about a Payment Gateway_png

Everything you need to know about a Payment Gateway.

Posted on | by dpgadmin | 19 Comments on Everything you need to know about a Payment Gateway.

If you start an online business and want to accept payments online, a payment gateway is something that you will need. They might sound a bit out of your box by now, just continue reading I assure it is not that complex as it sounds. Here’s a brief about what payment gateway is, how it works and how can you get started with a payment gateway for your business.
What is a Payment Gateway?
The payment gateway is a service that is responsible for the authorization of your card details and then transfers the details to the payment processors. You receive a confirmation for your transaction which is again handled by a payment gateway. Sounds tough? Well in simple words, Payment Gateway act as a bridge between the transaction that the customer wants to make and the payment processor. Your website or mobile application cannot directly connect with the bank for security reasons thus a payment gateway is required. Thus, Payment gateway is the mode of sales by which you can charge your customers who want to buy your products online.
What is the role of the Payment Gateway?
Payment Gateway service is the same as the POS machine where you can swipe a card to make an online payment, in Payment Gateway service customer enters their card details online to make a payment for your products.
The main role of the payment gateway is to authorize the transaction you and your customers. Without a payment gateway approving the transaction you will not receive your money.
Do you need to have a Payment Gateway?

online payment
It completely depends on your business requirements, it is very important to analyze your business requirement before integrating a payment gateway. If you run an e-commerce website and want to start accepting payments online then you definitely need a payment gateway service as there is no other way to accept any kind of online payment without having a payment gateway.
Make a note that the transaction processed by a payment gateway is a card, not present transactions which means that the merchant relies on the credit card information that is provided by the customer.
While making a card-not-present transaction, the data is not run on the EMV chip in the card unlike POS machine transactions so, the risk of fraud increases. Thus, these transactions can charge you higher than a card-present transaction.

Related Post: How to does a Payment Gateway charge?

How does a Payment Gateway work?
From a customer’s view, the payment gateway is quite straightforward where the customer visits your website, adds products to the cart and then checks out making the payment for desired products via a payment gateway by adding the card details.
But it is a bit more complex behind the scenes.
The gateway processes in the following steps:
1. The customer enters the card details and makes payment for the desired products on your website. This transaction is a card-not-present transaction for which the charges are quite high for security. This information is encrypted and sent on its way.
2. The encrypted data is sent to the payment processor which the company that processes the payments.
3. The payment processor sends the data to credit card associations like Visa or Master card. These associations charge an interchange fee for each transaction.
4. Now the transaction is either approved or declined for which the card firstly needs to be valid and have enough funds.
5. Once the transaction is authorized the issuing bank transmits the data to the payment processing parties.
6. The execution of all the above steps takes just a second but it might take a couple of hours for the amount to be reflected in your account.

Related Post: How to integrate a Payment Gateway?

How to choose the right payment gateway for your website?
There are different ways of payment gateway integration,
Hosted Gateway: Hosted method is a third party integration method and the customers required to leave the current page and are directed to the payment page to complete the transaction.
The drawback of this gateway is that it might lower your conversion rate as it directs the customer to another page to complete the transaction. Thus, customers will not trust such a payment gateway.
Non-Hosted method: This payment gateway allows the customer to make a transaction without having to leave the current page and the integration of these payment gateways can be done through API.
The drawback is the maintenance of the payment gateway infrastructure also, before integration of this payment gateway you need to be PCI DSS compliance as all the client details are stored on your server.
Now, you are aware of the differences in payment gateway integration you can choose your payment gateway by analyzing your business requirements as different payment gateway have different features like auto-fill OTP and more. Also, the payment gateway fees, multiple payment modes, multi-currency support, PCI-DSS compliance, fraud prevention are some of the points to be considered before integrating a payment gateway.
Still, if you are confused as to which payment gateway to choose from, visit Digital Payment Guru to find the top payment gateways at best market rates. Digital Payment Guru also helps you find the best payment gateway for your business by analyzing your business requirements.

What makes E-Commerce Payments Secure?

Posted on | by dpgadmin | 24 Comments on What makes E-Commerce Payments Secure?

 

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.

 

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How to Reduce Online Shipping Costs for Small-Scale Businesses?

Posted on | by dpgadmin | 21 Comments on How to Reduce Online Shipping Costs for Small-Scale Businesses?

Basically, charges for shipping/delivery that a includes on its bill are taxable only if the product that is being shipped/delivered is taxable. The terms shipping/delivery also include charges identified by terms such as transportation, handling, or postage.

Shipping is the most cost-consuming expense, especially for small-scale businesses. It is very challenging to reduce shipping charges if your business sells physical products. Over 30% of customers cancel or abandon their cart after looking after the shipping prices they have to pay for the products they ordered. Customer satisfaction should be the first priority for any business brand. Surpassing customer expectations and satisfaction with services or products supplied always leads to gains and profits for the company. Therefore keeping customers engaged during the checkout process is through having a good grip over the shipping process.

Shipping tax or costs not only include the amount associated with shipping but also the cost required for the supplies during the transportation of products. So how small-scale businesses or startups can reduce shipping costs without any losses but can also attract and satisfy their customers?

Here are some ways to Reduce Online Shipping Costs for Small Scale Businesses :

Use a shipping calculator:

 

A shipping calculator is a software solution built for the purpose of making shipping rates and service details available for online users in a meaningful way. It is not too common in small-scale businesses as they shift the decision of calculating shipping costs to your customers. Many people have a misconception about losing money in this but it is nothing to worry about as no money is lost. On the bright side, many businesses have started using shipping calculators to promote transparency and clarity with their businesses. This helps customers to understand clearly why they are being charged a particular amount as the delivery cost. While assessing the cost variation of the delivery area from the warehouse shipping calculator is useful.

Standard postal services:

For small-scale businesses who are starting out recently with small quantities, it is best advised to use standard postal services for shipping. The primary function of the Post Office is the collection, processing, transmission, and delivery of mail. All postal articles whose contents are in the nature of the message can be classified as mail which includes Letters, Postcards, Inland Letter Cards, Packets, Ordinary, Registered, Insured, Value Payable articles, and Speed Post. It is a government service, the cost is low and one can also control their logistics working.

Prepaid shipping:

Sometimes, when the shipments are prepaid, shipping providers provide discounts and lower costs. This way a company can buy labels and stamps in bulk amounts and fix them for packaging even before they are ordered. This way time is consumed and the company works in an organized manner without any difficulties while shipping.

Introduce Flat rate shipping:

Flat rate shipping includes a lot of indirect values of cutting down the delivery charges. Basically, it means having a standard amount of charge no matter what the size of the product or package is, small, big, or medium. This attracts customers more and gives them a chance to order as many as products they want in the maximum amount, they are going to get charged the same. Not only that but flat-rate shipping helps promote your business’s order size.

Recycle your packaging:

This will be the perfect time to use your Eco-friendly card. Using Eco-friendly packaging material not only saves your money but also nature. The smart way to reduce shipping costs is by reusing packaging material from the returned products.  Bubble wraps, shreds, and polystyrene can be recycled and used again for packages. As a bonus, this reduces your garbage and helps the environment.

Get familiar with your online shipping reps

Representatives of major shipping carriers negotiate rates and help businesses understand the entire shipping process. These agents play an integral role in completing the shipping process. It will prove beneficial for you if you search for the right representative for your business who will get discounts and the best rates. Stay in touch with these representatives to be updated about the different rates, revised pricing, and shipping rules.