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The Strongest Current Trend In Payment Processing In India

Posted on March 16, 2023 | by dpgadmin | 2 Comments

Payment processing is an essential part of any business in today’s digital age. In India, the trend toward digital payments has been growing steadily over the past few years. With the emergence of new technologies and the government’s push towards a cashless economy, the payment processing industry in India is witnessing rapid growth and innovation. In this blog, we will explore the strongest current trend in payment processing in India.

Unified Payments Interface (UPI)

The Unified Payments Interface (UPI) is currently the strongest trend in payment processing in India. Launched in 2016 by the National Payments Corporation of India (NPCI), UPI is a real-time payment system that enables instant fund transfers between bank accounts using a mobile device. It has revolutionized the way people in India make payments and has become a popular choice for merchants, businesses, and individuals alike.

UPI has been widely adopted in India, with over 2.5 billion transactions worth over INR 5 trillion processed in January 2022 alone. The number of transactions has been growing steadily, with a month-on-month growth rate of over 10%. UPI has become the preferred mode of payment for many Indians due to its ease of use, convenience, and security features.

How UPI works

UPI works by creating a virtual address for each user, known as a Virtual Payment Address (VPA). The VPA is a unique identifier that is linked to the user’s bank account. To make a payment using UPI, the user simply needs to enter the recipient’s VPA and the amount to be transferred. The payment is then authenticated using a two-factor authentication process, such as a PIN or fingerprint scan.

UPI also allows users to link multiple bank accounts to a single VPA, making it easier to manage finances across different accounts. This feature has made UPI a popular choice for small businesses, freelancers, and individuals who have multiple sources of income.

Benefits of UPI

UPI offers several benefits to users, including:

Convenience:

UPI allows users to make payments anytime, anywhere, without the need for cash or a physical card.

Security:

UPI uses multiple layers of security to protect user information and prevent fraud. It also allows users to set transaction limits and block unauthorized transactions.

Cost-effective:

UPI transactions are typically cheaper than traditional payment methods, such as credit cards and debit cards.

Interoperability:

UPI is interoperable across different banks and payment systems, making it easier for users to transfer funds between different accounts.

Instant:

UPI transactions are processed in real-time, making it possible to receive funds instantly.

UPI’s impact on the payment processing industry

UPI has had a significant impact on the payment processing industry in India. It has disrupted traditional payment methods, such as credit cards and debit cards, and has become the preferred mode of payment for many users. UPI has also made it easier for small businesses and freelancers to accept payments, as it does not require a merchant account or a POS terminal.

The success of UPI has also led to the emergence of several UPI-based payment apps, such as Google Pay, PhonePe, and Paytm. These apps have become popular among users and have contributed to the growth of the digital payments ecosystem in India.

Challenges facing UPI

While UPI has been successful in India, it still faces several challenges. One of the biggest challenges is the lack of awareness among users about the benefits of UPI and how to use it. Many users still prefer cash or traditional payment methods and are hesitant to switch to digital payments.

Another challenge facing UPI is the limited acceptance of UPI payments by merchants. While UPI has become popular among individuals, many merchants still prefer traditional payment methods such as cash, credit cards, and debit cards. This is partly due to the lack of infrastructure and technical expertise required to accept UPI payments. Some small businesses may also be hesitant to adopt UPI due to concerns about security and fraud.

To address these challenges, the government and the NPCI are working to promote awareness of UPI and its benefits among users and merchants. They are also working to improve the infrastructure required to accept UPI payments, such as the availability of POS terminals and the integration of UPI with e-commerce platforms.

In addition, the NPCI has been introducing new features to UPI to make it more user-friendly and secure. For example, the NPCI recently introduced the UPI AutoPay feature, which allows users to set up recurring payments for bills and subscriptions. The NPCI has also introduced the UPI 2.0 version, which includes features such as invoice sharing, overdraft facility, and QR code-based payments.

Conclusion

The Unified Payments Interface (UPI) is currently the strongest trend in payment processing in India. Its ease of use, convenience, and security features have made it a popular choice among users, merchants, and businesses. UPI has disrupted traditional payment methods and has become an integral part of India’s digital payments ecosystem. However, it still faces challenges, such as the limited acceptance of UPI payments by merchants and the lack of awareness among users about its benefits. The government and the NPCI are working to address these challenges and promote the adoption of UPI in India. As the digital payments industry in India continues to grow, UPI is expected to remain a dominant player in the payment processing landscape.

The Benefits Of Online Payment In Businesses

Posted on March 9, 2023 | by dpgadmin | Leave a Comment

In recent years, online shopping has grown in popularity, with more and more people choosing to buy goods and services online. With this increase in online transactions, the need for secure payment methods has also grown. This is where payment gateways come in. In this article, we will explore the role of payment gateways in online transactions.

What is a Payment Gateway?

A payment gateway is a software that facilitates the transfer of payment information between a customer and a merchant. It is essentially a middleman between the two parties. Payment gateways allow customers to make payments using different methods such as credit and debit cards, net banking, e-wallets, and mobile payments. The payment gateway securely captures the payment details and sends them to the payment processor, which then communicates with the customer’s bank to authorize and process the payment.

How Payment Gateways Work

The payment gateway’s role begins when a customer makes a payment on an e-commerce website. Once the customer enters their payment information, the payment gateway encrypts the data and sends it to the payment processor. The payment processor then contacts the customer’s bank to ensure that the funds are available for the transaction. If the funds are available, the payment processor sends an authorization code to the payment gateway, which then sends a confirmation to the e-commerce website that the payment has been successful. The payment is then settled, and the merchant receives the funds in their account.

Benefits of Payment Gateways

Secure Transactions

One of the main benefits of payment gateways is that they provide secure transactions. Payment gateways use encryption technology to protect customer payment information, which helps prevent fraud and ensures that sensitive information is not compromised. They also provide secure payment methods such as 3D Secure, which requires customers to enter a password to complete a transaction.

Ease of Use

Payment gateways are easy to use, and customers can complete transactions quickly and easily. Most payment gateways support multiple payment methods, which makes it easier for customers to pay using their preferred method.

Increased Sales

Payment gateways also help increase sales by providing customers with a seamless checkout experience. They allow customers to make payments quickly and securely, which encourages them to complete the purchase. Payment gateways also support different currencies, which allows merchants to sell to customers from different countries.

Reduced Costs

Payment gateways help reduce costs for merchants by automating the payment process. This means that merchants do not have to manually process payments, which can be time-consuming and costly. Payment gateways also reduce the risk of chargebacks, which can be costly for merchants.

Types of Payment Gateways

Payment gateways are classified into two types: hosted and integrated. Hosted payment gateways redirect customers to a separate website to complete the payment process. Integrated payment gateways allow customers to complete the payment process without leaving the merchant’s website.

Hosted Payment Gateways

Hosted payment gateways are easy to set up and require minimal technical knowledge. The payment gateway provider takes care of the security and maintenance of the payment process. The downside of hosted payment gateways is that they redirect customers to a separate website to complete the payment process, which can lead to a poor customer experience.

Integrated Payment Gateways

Integrated payment gateways allow customers to complete the payment process without leaving the merchant’s website. They offer a seamless checkout experience and can be customized to match the merchant’s branding. However, integrated payment gateways require more technical knowledge and can be more expensive to set up.

How Do Payment Gateways Protect Sensitive Information?

Posted on March 2, 2023 | by dpgadmin | Leave a Comment

Payment gateways are critical components of any online transaction system. They facilitate the secure transfer of sensitive financial information between customers and merchants, protecting both parties from fraud and unauthorized access. In this article, we will explore the various ways in which payment gateways protect sensitive information, including encryption, tokenization, and fraud detection.

Encryption

Encryption is the process of encoding sensitive information in such a way that only authorized parties can read it. Payment gateways use encryption to protect sensitive data such as credit card numbers, bank account details, and personal identification information (PII) from hackers and other unauthorized parties. The most common encryption standard used by payment gateways is Advanced Encryption Standard (AES), which is a symmetric encryption algorithm that uses a single key to encrypt and decrypt data.

When a customer makes a payment through a payment gateway, their sensitive information is encrypted using AES encryption before it is transmitted over the internet. This means that even if a hacker intercepts the data, they will not be able to read it without the encryption key. Payment gateways typically use 256-bit encryption, which is considered to be highly secure and virtually unbreakable.

Tokenization

Tokenization is a technique used by payment gateways to protect sensitive information by replacing it with a unique identifier called a token. The token is then used to represent the original data in all subsequent transactions, reducing the risk of data theft or fraud. For example, when a customer enters their credit card number into a payment gateway, the gateway will replace the number with a token that is stored in its database. The token can then be used to process future transactions, without the need to store the actual credit card number.

Tokenization provides an additional layer of security, as it makes it virtually impossible for hackers to obtain the original data, even if they gain access to the payment gateway’s database. This is because the token cannot be reverse-engineered to obtain the original data.

Fraud Detection

Payment gateways use sophisticated fraud detection algorithms to identify and prevent fraudulent transactions. These algorithms analyze various data points, such as the customer’s location, IP address, transaction history, and purchase behavior, to determine the likelihood of fraud. If a transaction is flagged as suspicious, the payment gateway may request additional verification steps, such as a one-time password (OTP) or two-factor authentication (2FA).

Some payment gateways also use machine learning algorithms to analyze transaction data and detect patterns that may indicate fraud. These algorithms can identify unusual purchase behavior, such as a sudden increase in transaction volume or purchases made from unusual locations. They can also detect fraudulent patterns, such as multiple transactions from the same IP address or multiple failed attempts to use the same credit card number.

Conclusion

In conclusion, payment gateways play a crucial role in protecting sensitive financial information from fraud and unauthorized access. They use a variety of techniques, including encryption, tokenization, and fraud detection, to ensure the security of online transactions. Both customers and merchants need to choose a payment gateway that provides robust security features and complies with industry standards, such as the Payment Card Industry Data Security Standard (PCI DSS). By working together to maintain the security of online transactions, we can create a safer and more secure digital economy for all.

The Benefits of Using Payment Gateway for Online Transaction

Posted on February 28, 2023 | by dpgadmin | 1 Comment

Online transactions are becoming increasingly popular in today’s fast-paced digital world. People are turning to online transactions as a convenient way to make purchases ranging from groceries to services. However, there are security risks associated with online transactions, which can be mitigated by using payment gateways.

A payment gateway is an online service that allows merchants to accept customer payments. It acts as a go-between for the merchant and the customer’s bank, securely processing transactions and protecting payment information. Payment gateways provide several advantages to both merchants and customers, which we will discuss further below.

Secure transactions

One of the primary advantages of using payment gateways is that they add an extra layer of security to online transactions. Payment gateways use encryption and tokenization technology to protect sensitive payment information from fraudsters, such as credit card numbers. This lowers the risk of data breaches and aids in the prevention of fraudulent transactions.

Enhanced Trust

Using a payment gateway can boost customer trust in your company. Customers are more likely to make purchases from your website if they see that you use a reputable payment gateway. Payment gateways also provide additional security features like fraud detection and prevention tools, which can boost trust in your company.

Transactions that are completed more quickly

When compared to traditional payment methods such as checks and wire transfers, payment gateways provide faster transactions. Payment gateways process transactions in real time, allowing merchants to receive payments right away. This is especially useful for businesses that require a high volume of transactions to be processed quickly, such as e-commerce stores.

Cost-cutting measures

Payment gateways can help businesses cut costs. Businesses can avoid the costs associated with manual payment processing, such as printing and mailing invoices, by using a payment gateway. Payment gateways also provide competitive transaction fees that are sometimes lower than those charged by traditional payment processors.

Increased Customer Satisfaction

Payment gateways provide customers with a streamlined payment experience, which can boost customer satisfaction and loyalty. Payment gateways enable customers to pay with their preferred payment methods, such as credit cards or digital wallets, and provide a variety of payment options to meet a wide range of customer requirements. Payment gateways also provide automatic payment reminders and recurring payment options, which can help customers manage their payments more easily.

Payment gateways with global reach enable businesses to accept payments from customers all over the world. Payment gateways accept multiple currencies and payment methods, allowing businesses to sell to international customers with ease. This can assist businesses in increasing their customer base and revenue.

Simple Integration

Payment gateways are simple to add to your website or mobile app. The majority of payment gateways provide APIs or plugins that allow you to integrate payment processes into your website or mobile app. This enables businesses to quickly and easily begin accepting online payments.
Finally, payment gateways provide numerous advantages to both businesses and customers. Payment gateways can help businesses increase revenue and customer satisfaction while lowering costs and risks associated with manual payment processing by providing a secure, fast, and easy payment experience. Payment gateways will become an increasingly important tool for businesses to stay competitive and meet the needs of their customers as online transactions continue to grow in popularity.

Why It Is Important To Use Online Payment?

Posted on February 22, 2023 | by dpgadmin | Leave a Comment

In recent years, the use of online payment methods has increased dramatically, with more and more people choosing to use them over traditional payment methods such as cash or checks. The reasons for this trend are numerous, but some of the key advantages of using online payments include convenience, security, and speed.

One of the most significant benefits of online payments is the convenience they offer. With online payments, you can make transactions from anywhere, at any time, as long as you have an internet connection. This means that you can pay bills, transfer money, or make purchases without ever leaving your home or office. Moreover, many online payment systems offer mobile apps that allow you to make payments on the go, making it even easier to manage your finances.

Another advantage of online payments is the level of security they provide. Online payment systems use advanced encryption and security measures to protect your personal and financial information from hackers and other cyber threats. They also offer fraud protection and dispute resolution services, so you can be confident that your transactions are safe and secure.
In addition to security, online payments are often faster and more efficient than traditional payment methods. For example, with online payments, you can set up recurring payments for bills, which means you don’t have to worry about missing a payment or incurring late fees. You can also make payments instantly, which is particularly useful for urgent or time-sensitive transactions.
Online payments also offer a level of flexibility that traditional payment methods cannot match. With online payments, you can choose from a variety of payment methods, including credit and debit cards, electronic checks, and digital wallets. You can also link multiple accounts and cards to your online payment system, which allows you to manage your finances more efficiently and easily.

Another key advantage of online payments is that they are often more cost-effective than traditional payment methods. For example, many online payment systems offer lower transaction fees than banks and other financial institutions. They also often offer rewards programs, cashback offers, and other incentives for using their services.

Online payments are also environmentally friendly, as they reduce the need for paper checks and other physical payment methods. This means that online payments can help reduce the carbon footprint of businesses and individuals, making them a more sustainable option for the future.

Overall, the advantages of online payments are clear. They offer convenience, security, speed, flexibility, cost-effectiveness, and environmental benefits that traditional payment methods cannot match. Whether you’re an individual looking to manage your finances more efficiently or a business looking to streamline your payment processes, online payments are a smart and practical solution that can help you save time, money, and effort. So why not make the switch to online payments today and start enjoying the many benefits they have to offer?

How is UPI (Unified Payments InterfaceIs) Useful?

Posted on February 21, 2023 | by dpgadmin | 1 Comment

Unified Payments Interface (UPI) is a revolutionary payment system in India that has transformed the way people transfer money. Launched in 2016, UPI is a mobile-based platform that enables instant bank-to-bank transactions in real time. In this blog post, we will take a closer look at UPI, its benefits, and how to use it.

What is UPI?

UPI is a payment system developed by the National Payments Corporation of India (NPCI) that enables instant fund transfers between bank accounts using a mobile device. UPI eliminates the need for bank account details and makes transactions as simple as sending a message.

Benefits of UPI

UPI has become popular among consumers and merchants alike for several reasons, including:

Convenience – UPI is very easy to use and can be used through a mobile device. Users can download the UPI app and link their bank account to start making transactions. Once the account is linked, users can transfer funds, make bill payments, and even pay for purchases at shops and online.

Immediate transfers – UPI offers immediate transfer of funds, which means that the recipient receives the payment in real-time. This is particularly beneficial for urgent transactions, such as paying for groceries or transferring money to a friend in need.

Security – UPI uses multi-factor authentication to ensure that transactions are secure. Each transaction requires a UPI PIN, and some banks also offer additional security features, such as biometric authentication. This makes UPI a safe and secure way to transfer money.

Low cost – UPI is a low-cost method of payment, as there are no fees charged for using the platform. As a result, it is a cost-effective option for both individuals and businesses.

How to use UPI?

Using UPI is very easy, and it can be done in a few simple steps:

Download the UPI app from the Google Play Store or Apple App Store.
Register your mobile number with the app.
Set up your UPI PIN, which will be required for every transaction.
Register your bank account with the UPI app.
Once the account is linked, you can start making transactions by entering the recipient’s mobile number or UPI ID.
Enter the amount you want to transfer and confirm the transaction by entering your UPI PIN.

The recipient will receive the payment in real-time.

In conclusion, UPI is a convenient, secure, and low-cost method of payment that has transformed the way people transfer money in India. By using UPI, users can enjoy the benefits of immediate transfers, cashless transactions, and enhanced security, while also avoiding the need to carry cash. If you haven’t tried UPI yet, it’s worth giving it a try!

Is UPI A Digital Payment Mode?

Posted on February 16, 2023 | by dpgadmin | Leave a Comment

The Unified Payments Interface (UPI) has emerged as a popular payment mode for both individuals and businesses with the rise of digital payments in India. UPI is a digital payment system that allows users to instantly transfer money from one bank account to another via a mobile app. In this post, we will look at what UPI is, how it works, and its benefits and drawbacks.

What exactly is UPI?

The National Payments Corporation of India (NPCI) created UPI as a payment system to facilitate interbank transactions. It was introduced in 2016 and has since grown in popularity due to its ease of use and instant transfer capabilities. UPI is an open platform that connects and allows different banks and payment service providers to offer their services to users.

How does UPI function?

Users must have a bank account and a UPI-enabled mobile app to use UPI. They can connect their bank account to the app and create a Virtual Payment Address (VPA), which serves as an account identifier. The VPA, like an email address, can be shared with anyone who wishes to send money.

To make a UPI payment, users must enter the recipient’s VPA or bank account number and IFSC code. They can then enter the amount to be transferred and confirm the transaction with their UPI PIN, which is a four or six-digit code that the user creates. The funds are instantly transferred from the sender’s account to the recipient’s account.

The Benefits of UPI

UPI enables instant fund transfers, which is especially useful for businesses that need to make quick payments.

No need for cash: UPI eliminates the need for inconvenient and time-consuming cash transactions.
UPI is user-friendly and simple to use, making it accessible to a wide range of users, including those who are not technologically savvy.

Secure: UPI employs two-factor authentication and encryption to ensure transaction security, lowering the risk of fraud and unauthorized access.

Wide acceptance: UPI is accepted by a large number of merchants, making it a convenient payment mode for users.

UPI’s disadvantages

UPI is currently available only in India and cannot be used for international transactions.

Internet connectivity: To function, UPI requires an internet connection, which can be a problem in areas with poor connectivity.

Technical issues: Like any other digital payment method, UPI can be affected by technical glitches or server downtime, resulting in transaction delays.

Finally, UPI is a digital payment method that has gained widespread acceptance in India due to its simplicity and instant transfer capabilities. While it has some limitations, such as being available only in India and relying on internet connectivity, UPI offers many benefits that make it a convenient payment method for both individuals and businesses.

How To Integrate A Payment Gateway Into Your E-Commerce Site?

Posted on February 14, 2023 | by dpgadmin | Leave a Comment

Nowadays, more and more people prefer not to waste time when making physical purchases. Instead, they opt to buy things or services online from the comfort of their homes. This is understandable and also a benefit of modern life. e-shopping means everything can be bought online, not just seen or enjoyed. Then, every merchant wishing to increase their sales should also consider integrating an online payment gateway.

What is a payment gateway?
This is a service provider that provides payment authorization.

In principle, it is a software application connecting a website to the bank, so that customers can pay you directly on the spot without leaving their apartment.

This type of service can be used by anyone, including e-commerce sites, other service providers who want their users to pay online, and even non-profit organizations that collect donations online.

Nowadays, online payments have become more and more popular. Even older people now use digital banking and pay for many services online. According to Statista, the value of transactions is also growing rapidly.

Let’s look at several issues that need to be considered before integrating a payment gateway. Understanding how everything works can assist you in selecting the best option.

It also helps in choosing the best system for your business. This is an important step because the convenience of the solution you choose can influence the purchasing decisions of your potential customers.
How does the e-commerce payment gateway work and why do you need it?
In general, online payment systems can be compared to the point of service that can be successfully used for any type of payment using your bank card.

In this case, its main role is to authorize and approve the transaction, the only difference being that you don’t have to use a physical point of service.
If you have an e-commerce site but are still wondering if you should implement a payment gateway, the answer for you is definitely yes.

You will need to implement it to have the ability to get payments directly from your customers. Even if you have a brick-and-mortar store, it’s still a good idea to add a payment gateway to your website to generate more customers and increase sales by serving people who could never get to your physical location.

All payments processed online are made in such a way that the transactions are without the actual presence of the bank card. This means that you don’t have access to the customer’s card, only to the information your customer enters in the suggested fields.

Without the physical presence of the card, it becomes a little easier to commit fraudulent actions at both ends. This means that the online payment system you use must be reliable and offer a high level of security.

All payment systems use approximately the same mechanisms. These are made up of several steps, most of which are hidden in the background.

There is a whole lot of “communication” between different facilities, rounds of approvals, complex remittance processes, etc. In short, the whole process is a bit like this:

Confirm the order and provide credit card information.
Encryption of information for security reasons.
Information sent to credit card associations: Visa, MasterCard, etc.
Transaction approval or refusal.
If approved, the transaction changes to authorized status.
Approval from the seller/merchant side.
Payment is received by the card issuing company.
The payment is sent to the relevant bank.
The transaction is confirmed by the bank and added to the cardholder’s statement.

Some of these steps happen almost simultaneously, although the funds may take some time to appear in your account.

Modern gateways comply with all the operations and permissions mentioned to protect both parties and then let them finalize their transactions.

Now you see that the question is not whether you need a payment system, but how to include a payment gateway in a website and how to make sure you have chosen the right one.

How to choose the right gateway for your e-commerce site?

First, the choice is between integrated and hosted payment gateways.

Integrated payment gateways
The built-in options allow users to establish a connection with them through the API they provide for your e-commerce site.

In clear terms, you serve the customer directly on your site without sending them back. On the one hand, it’s great because it can’t hurt your conversion rates. On the other hand, it makes you responsible for the security and protection of your customers’ data. Most likely, you will need development from a professional programmer to handle most built-in gateways, as this is a do-it-yourself endeavor.

Hosted payment gateways
Hosted payment gateways take the transaction itself off your website to take place on a payment gateway’s processor.

In this case, you are not responsible for private data or PCI compliance. For example, PayPal works this way.

There are downsides to this type of gateway too, as some customers don’t trust third parties and you probably don’t want your customers to leave your website to make a payment. Indeed, it reduces the conversion rate.

To make the best decision, you must examine the e-commerce platform you are using.
If you’re using Shopify, there are special requirements to make sure your chosen gateway is compatible.

Choosing The Right E-Commerce Payment Solution

Posted on February 9, 2023 | by dpgadmin | 4 Comments

Offering an online payment solution is essential to get started in e-commerce. This practical sheet explains the importance of choosing payment solutions for your online sales site and offers an indicative list of solutions marketed by payment service providers (PSP).

The health crisis has led to an unprecedented increase in online purchases. According to a recent study, during the lockdown, 88% of respondents bought online at least once during this period, and almost half (49%) regularly used e-commerce.

E-commerce acts as an economic shock absorber for companies. It allows SMEs and VSEs that have been able to adapt to limit the impact of the health crisis.

Deploy an online payment solution on its e-commerce site

If the e-commerce solutions of the major platforms or those made available by other players, such as banks or marketplaces natively offer payment solutions in integrated lines, companies that choose to sell on their site must do what is necessary to offer an online payment solution.

Payment service providers (PSP) provide turnkey payment solutions that allow a merchant site to accept online payments, usually by credit card. These pre-integrated and secure payment gateways can now easily be integrated into an e-commerce site.

This practical sheet explains why online payment is an essential feature of your online sales site. What are the many advantages it offers and presents the different types of players present in this market? For each of them, a list of solutions is proposed as an example

Online payment: a win-win solution

Offering online payment to your customers has as many advantages for the seller as for the buyer.

For professionals, online payment is a guarantee of security and efficiency.

It gives a modern and professional image. An online store associated with a personalized payment system is considered more serious compared to a system based on payment by bank transfer or check.

It facilitates your accounting management: automatic sending of invoices, and/or email notifications, and real-time information on payments save you time and reduce the risk of error.

It offers the ability to collect payments 24 hours a day, without the merchant needing to be present, unlike a physical payment.

It allows, thanks to the customization options offered, a successful integration into your online store to showcase your brand to your customers.

It serves your marketing strategy, for example by allowing you to offer your customers payment facilities such as payment in installments at no additional cost.

It secures transactions. Online payment is indeed more reliable and secure than payments in cash or by check), in particular thanks to the 3D Secure security system. Used by many online shops, this security protocol makes it possible to prevent fraud, by sending a code when carrying out a transaction to ensure that the card is used correctly. by its true owner.

For the customer, online payment also offers real advantages, particularly in terms of guarantees.

First safety. His banking information remains confidential. The seller does not have direct access to it. In the event of an anomaly, for example, if an abnormal sample is taken, the customer is immediately notified.

Then, he benefits from guarantees in the event of disputes, such as being able to benefit from an advantageous refund policy if a purchased product proves to be defective, undelivered, or if it does not correspond to the quality promised by the seller.

A secure online payment service can therefore help to create a feeling of trust between customer and seller, conducive to establishing a good, safe, and qualitative brand image.

Tips for choosing and installing your online payment solution

When choosing your online payment solution, it is important to pay attention to the following points:

Ask your provider if the payment page is customizable. It is preferable to have a payment page in your company’s colors rather than a payment page with a different graphic chart.

Make sure that the chosen payment service provider will credit your account in less than 48 hours. Some service providers set a minimum amount of sums received before making a payment, others define a fixed frequency or only release the funds after a period of 7 to 45 days… Too long payment periods can create cash flow problems.

Choose a payment solution offering the possibility of creating a customizable bank wording. This will allow you to use your merchant site name and avoid any misunderstanding for the buyer, who could have the impression of being debited by another company. This is an important point in the trust that the merchant must establish with his customer.

Pay attention to the hidden costs of certain payment solutions, for example, the minimum billing, the billing of unfinished transactions, and the paid options…

A payment management back office will allow you to have full access to all your transactions, statistical and reporting tools as well as a financial reconciliation tool. Without the latter, often offered by banking PSPs, this repetitive and non-value-added task can be a nightmare for your accounts.

Take an interest in after-sales service (SAV). Choose a service provider with whom you will have a dedicated technical contact who can assist you in setting up and then optimizing the means of payment for your site.

How To Collect Payments Remotely?

Posted on February 7, 2023 | by dpgadmin | 2 Comments

How To Collect Payments Remotely?

E-commerce has become essential for reaching new markets. Online sales increased by 15.1% and represent 14.1% of retail trade (for product sales). Accepting remote payments for goods or services makes it possible to reach a wider audience and guarantee an optimized customer experience.

To buy in a few clicks, from the comfort of your home, remote payment methods are becoming more popular. Several options make it easy to accept payments online, regardless of the size of your business.

Why Offer Remote Payment To Your Customers?

Consumers are used to being instantly connected to information, entertainment, social media, and the items they want to buy. They expect their needs to be immediately met through technology. Their level of demand for online payments has increased and they favor companies that accept this payment convenience.

Remote payment offers several advantages, for you and your customers:

Save time for your customers: they can make payments wherever they are, without having to go to a physical store and wait in a queue to pay at the checkout.
Simplifies the payment experience: it is easier for customers to fill out a payment form online than to connect to their online bank to make a deposit or a transfer.
Better financial control: it is easier for the company to follow the orders it has generated, those that remain to be collected, and those that have already been paid.

The remote payment experience is an additional point of contact and communication opportunity with the customer. By diversifying your sales channels you maximize your chances of developing your turnover. You also allow consumers far from your catchment area to access your products.

COLLECT REMOTELY WITH A PAYMENT SOLUTION BY LINK

This solution is becoming more and more democratized because it allows unique payment links to accept payments in a secure environment and without a merchant site. This solution is particularly suitable for all merchants who do not have the skills, the time, or the means to devote themselves to online activity.

A payment link is a unique URL address, inserted in a message (e-mail or SMS) which, on click, directs customers to a secure web payment page on which the customer can enter their payment information and validate their transaction.

Benefits of using payment links:

It makes it easy to accept online payments without having to set up and maintain a website.
The payment page is customizable and configurable with a few clicks.

Let’s take the example of a personal services agency that has to invoice the services it has just provided. Instead of issuing an invoice for deferred payment by check or bank transfer (which can cause collection problems), it sends an e-mail or text message containing a payment link. Thus, the customer makes his payment immediately by entering his bank card information in a secure environment.

Here’s how remote payment with a link works:

The seller confirms the order/service and asks for the customer’s mobile phone number or email address.
A unique and tamper-proof payment link is sent to the customer by SMS or e-mail.
The customer receives the e-mail or SMS, clicks on the link, and accesses a payment page inviting him to enter his bank card information as he would on an e-commerce site.
Payment is then processed quickly, easily, and securely.
The customer receives a payment notification by sms or a validation e-mail

COLLECT REMOTELY WITH A WEBSITE

For a service company, a self-employed person, or a merchant who sells products online, a common way to accept payments remotely is to set up a payment page on their website.

The customer goes to the website and enters the information relating to his payment card as well as his contact details.

A website with an online payment system offers complete flexibility to customers as they can make payments anywhere, directly from their computer or mobile phone, at any time.

To find out more on this subject, we invite you to consult our guide on How to create a merchant site for your business?

COLLECT REMOTELY WITH YOUR TYPE

We use the electronic payment terminal (TPE) of our business to make payments by bank card remotely.

A remote sale collection (VAD) with its TPE, how does it work?

Beforehand, check the compatibility of your equipment with your TPE maintainer by contacting the assistance number indicated on your terminal.
Sign a secure remote payment acceptance contract (known as a VADS electronic payment contract ), with your bank, which will then provide you with a direct debit card or merchant card.
Set up your EPT to accept remote payments.
Dealing with the client takes place over the phone. The latter communicates his bank card number and the merchant executes the payment from his TPE.

Remote payment by telephone is based on trust. Unlike the usual online payment, bank details are provided by the customer to the seller. This is responsible for making the payment.

Important points to remember:

Check that the distance selling software (VAD) is installed on your payment terminal.
The customer, remotely, must have his bank card to be able to list the different numbers on his bank card.

Remote payment with an electronic payment terminal is a less and less used payment method. In favor of a pay-by-link solution, which is an excellent payment option that is secure, easy to configure, and does not require any additional hardware.

Tag: online payment