Author: dpgadmin

online payment

Accept Online Payment without Website.

Posted on | by dpgadmin | 30 Comments on Accept Online Payment without Website.

Digital India initiative aims to bring digital empowerment to India. This transition can make India a knowledgeable economy. With the Digital India initiative, Small and Medium Enterprises have seen a higher growth rate over the last decade.

India currently has 48 million SME’s, yet there are a handful of small businesses having a website for their business despite the growth in technology. No matter how small your business is, having a website is very beneficial when it comes to modern-day marketing and exposure.

The need for Website & the cost

For Small and Medium enterprises, mentioning their service or products online on their website to reach more customers is more important than a payment gateway solution.

  1. Professionalism: Having a website creates a healthy impression on people and helps you to establish your brand as a professional service. Without a website, people will not be able to recognize your products or services because they cannot be found online.
  2. Increase Customer Reach:The number of people shopping online has grown over the years. From electronic devices to food and services, people prefer buying everything online because of the convenience and ease. As the website can be accessed from anywhere and anytime, make your business available 24/7. Since more customers are available online, your business reach will increase allowing your business to grow globally.
  3. Cost-Effective: Your website remains active throughout the time which means your website is marketing your products and services when you cannot directly.

On the other hand, for micro to small businesses managing and maintaining a website can burn holes in the pocket. Also, their business plan and financial budget will be affected before they start to run the business.

Also, with a website, there is a need for payment gateway integration into your website to start accepting payments from your customers online. 

We at Digital Payment Guru understand the problem and come up with the payment gateway solution at the best rates. We aim to help micro-businesses to grow by having a website.

How Digital Payment Guru can help?

top payment gateways

We have a wide range of Payment Gateways using which you can start accepting online payments without the need of having a website. Below mentioned are some of the products provided by our payment gateway:

  1. Web Store: You can create products like the subscription model, event tickets, electronic products, and more with an integrated payment gateway eliminating the need to create and maintain your website. You can share your website link with your customers or on social media.
  2. Payment Links: Payment links are smart online payment solutions for businesses having no website. You can create a payment link easily and share the link through multiple platforms like social media, messages or emails, and more. There are two types of payment links:
  • Pay: It allows the customer to enter the amount and personal details to make the payment. The customer can make payment with multiple payment modes and the amount will be credited into their account instantly.
  • Pay: It allows you to create a payment link with a fixed amount and share it with the customer on different platforms like social media, chat, emails, and more. Customers can make payments with multiple payment modes and the amount will be credited to their account instantly.
  1. Bulk Payment Link:  This is the payment link that can be shared across the customer base wherein you have to select the customer base and the link will be shared with all the customers present in the customer base at once. It avoids the hassle of sending the payment link to individual customers. Once the link is shared the customers will be directed to the payment gateway page to complete the payment and the amount will be credited into their account instantly.

Digital Payment Guru eliminates the need of having a website and provides a cost-effective online payment solution for MSMEs intending to help them grow.

 

5 Trending Low Investment Businesses.

Posted on | by dpgadmin | 22 Comments on 5 Trending Low Investment Businesses.

 

Starting an online business is very much easier compared to putting up an office, hiring people, and starting a business which also consumes a lot of investment. The investment is the primary factor of this blog, we are going to discuss how you can invest less and start earning more without much of a hassle. 

When you think of starting a business online, the word online itself expands the idea as to which online business you should start up. Whichever business you start online the scope of business increases automatically with the word online. If you think of starting an online business and feel ambiguous, sit relaxed this blog is for you.

We are listing these 5 top trending online businesses you can start now with low investment. 

  1. Online Digital Courses: If you are good in a particular field and want to teach others, make tutorial videos, e-books, training books, webinars, and more on your website. There are various tools online using which you can make your e-book videos. Once you are done with creating the videos or e-books start selling them online. You will need a payment gateway integrated into your website to start accepting payments. The course you are selling can be in part or one-time payment depending on the length of your content. You can also sell your e-book or content on other e-commerce sites for more reach and popularity.
  2. Online Marketing Service: Marketing doesn’t require a huge knowledge of tools, market knowledge is what you need to start online marketing services. This is the most trending online business in 2019 as all the businesses out there require online marketing of their products because of the increase in competition. Marketing service is the business that will never go down as companies cannot succeed without marketing their products or services so they won’t run out of clients. To start this business you can own a static website that google provides for free wherein you can list down all your marketing services with rates. Or you can get a dynamic website built from Ouriken-at an affordable price and start accepting payments online with a payment gateway solution for your business.
  3. Content Writing: If you have an interest in writing this is the business you can start easily with very low investment. Companies mostly hire content writers to have quality content for their websites to get a higher SEO. Your client can also be students who start a new business and require content for their website. To expand your business you can create an account on freelancing sites or blogging sites. If you see an increase in demand add more members to your team and offer more services like copywriting, proofreading, blogging, magazine writing, and more.
  4. Click and Sell Photos: If you are passionate about photography, this passion can get you money by selling your photos online. Many people are willing to pay for good and unique photos that are of their use. You can also upload your photos on Shutterstock which is a trusted photo-selling site. You can also upload your photos on your website.
  5. Travel Agent: There are many travel agents out there selling travel packages at the best rates, you can start a business as a travel consultant displaying the agents with the best rates to the people so that they do not have to hop from one site to another. The business idea is that get all the information under one roof and show the best offer to the people or you can start your travel service.

Related Post: How to start an Online Business?

In the world of online business, there are many low-investment business opportunities. All these ideas will never scratch your pocket but can only be a secondary source of income. With all the marketing in the place payment gateway is something you will need as you are running an online business. Having a payment gateway will help you retain more 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.

 

 

 

 

 

UPI 2.0

UPI 2.0

Posted on | by dpgadmin | 37 Comments on UPI 2.0

 

When it comes to online payments, UPI plays a vital role as it has become the most convenient mode of payment and is adopted by the majority of businesses. Post-demonetization, UPI-based payments have soared in India. According to the report of Inc 42, UPI has seen a massive payment processing hike of about 245 million in the span of 2 years.

UPI has also seen a growth of 78% in the number of banks integrating with it. UPI became the most popular and the most preferred mode of payment because of the following reasons:

  1. Money can be transferred 24/7.
  2. The UPI id acts as an email address for your money which can be shared to receive a payment instead of bank details.
  3. Increase in security.

 

NPCI is the organization that handles all the retail payments in a country. UPI is managed by NPCI. An updated version of UPI which is UPI 2.0 was launched by NPCI in August 2018 with the following new features:

  1. Link Overdraft Account: With the existing support for linking savings and current accounts, now you can link your overdraft account to UPI. Customers can make transactions easily and can avail themselves of all the benefits of an overdraft account. UPI 2.0 has become an additional digital channel for accessing your overdraft account.
  2. One-Time Mandate: UPI mandate can be used in the scenario where money can be transferred later with the commitment at present. Onetime block functionality for transactions is used for creating UPI mandates. Customers can authorize the transaction earlier and can make the payment later. It works for both customers as well as for merchants. Mandates can be created and executed instantly. On the date of the actual purchase, the amount will be automatically deducted and received by the merchant/individual user. 
  3. Invoice in the box: This feature is designed so that customers can check the invoice before making the payment. It will help the customers to view and verify the credentials and also check if it has come from the right merchant. Customers can pay once they have finished validating the details. 
  4. Signed Intent/QR code: This feature allows the customers to check the authenticity of the merchant by scanning the QR code. It notifies the customer with the information about the merchant stating whether he is a verified UPI merchant or not. Customers will be notified in case the merchant is not verified by the UPI merchant.

With its new features on offer, UPI 2.0 has a lot on offer. From a consumer’s point, UPI can be used to book taxis, pay for medicines at pharmacies, pay for groceries, or pay for investments a lot more. The increased popularity of UPI will reduce the market for wallets.

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.

 

Reasons for Online Payment Failure.

Posted on | by dpgadmin | 46 Comments on Reasons for Online Payment Failure.

Digital Payments in India have started becoming a primary platform for businesses to make and receive payments for the services they provide. With the development of Internet Technology, there is an increase in the scope for digital payments. Customer who makes an online transaction through any mode of payment has an immense amount of trust in digital payment, in this case, payment failures can be frustrating as putting their bank details online is not a joke.

Payment failures can happen because of an error on the user’s side, it can also be called an incomplete payment. Error at the user end can be incorrect card details, incorrect OTP, or insufficient funds in the user’s account.

Consider an example, Son wants to make an online transaction and he chooses the debit card option to make the payment. The debit is registered with his dad’s details and to authenticate the transaction an OTP will be sent to the registered number which belongs to his dad. The OTP needs to be entered within 15 minutes failed to do so the transaction will be timed out and will be considered an incomplete transaction.

Payment Processing:

The payment processing takes place in the following way:

 

When a customer makes a payment, there are several steps that are executed while transferring the payment to the merchant. Even a single glitch between these steps can cause payment failure. In the entire payment process where the customer, merchant, and banks are involved, failure at any one end can cause payment failure.

The payment failure can be caused due to:

  1. Bad Internet Connection: For the transaction to execute successfully a stable internet connection is necessary. If the internet is fluctuating, the payment process is affected, and closing the payment window during the process can cause payment failure or incomplete failure.
  2. Authentication Failure: Entering the wrong card details causes Authentication failure. Sometimes the OTP is not received on time and the session is timed out, this can cause incomplete payment. Online payment requires the user to enter things manually which is time-consuming at times and also increases the chances of wrong input.

Following errors occur for the transaction failure:

  1. The transaction cannot be authorized: If the password or OTP is wrong.
  2. Signature validation failed: When the 3d signature is wrong. A 3d signature is used by the buyer to validate the transaction made by the user.
  3. Payment not captured: Due to insufficient balance in the account or due to incorrect CVV.

 For Example: If you are making a net banking transaction, there are two passwords for the entire process. 1st password if for login into the net banking portal and the other is for authenticating the transaction. If even one password is wrong the transaction is failed. This is similar to the manual error that occurs during UPI payments or card payments. The amount is not deducted from your account and you receive a message that “payment cannot be processed”.

  1. Technology Failure: Online payment process has several steps for the merchant to receive payment from the customer for his products or services. (issuer bank, acquiring bank, payment gateway). While proceeding with the payment you need to choose the payment mode like Credit/Debit card and fill in the details. Once you finish filling up the details the data is sent to the payment gateway system which then transfers the data to a bank associated with a card. Bank creates requests with payment systems like visa or master card depending on the card used. These payment systems check if the customer has the required amount on balance to pay for the purchase, if yes the bank directly connects with the merchant and the amount is transferred to the merchant’s account within several days. Failure at even one step can cause payment failure.
  2. Downtime: If there are several transactions happening through the system and the payment gateway is unable to reach the customer’s bank to approve the transaction, the payment fails. Downtime of the issuer, acquiring bank or payment gateway of the merchant can cause payment failure.
  3. Security: Issuing bank has an aggressive fraud detection technique that blocks transaction that they feel are not normal to customers spending behavior. This is done by analyzing the transaction history of the customer and the transaction is blocked If it doesn’t conform with the customer’s past spending behavior.

There is no worry if the amount is deducted from your account on payment failure. Your amount is going nowhere, it will be refunded to your bank account after the bank analyses exactly which step the payment process failed.

To know Why Do Payment Transactions Fail On An E-Commerce Site? – click here

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 Gateway features you can use to grow your business.

Posted on | by dpgadmin | 27 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 | 21 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 | 25 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 | 38 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 | 33 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 | 28 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.