Technological advancement has offered many businesses ways to add more payment methods. With the help of payment gateways in India, businesses have managed to stay afloat in the challenging scenario we currently face. According to the research data, the percentage of digital transactions at POS is likely to exceed the transactions done at ATMs by 2022, in both volume and monetary terms. During the COVID-19 lockdown, despite the challenges, many budding entrepreneurs have continued making tech and digital transformations. As per a report by Economic Times, 2021 itself has produced several unicorn companies. It is now clear that business payment models are also changing from traditional to modern technological models.
Not only the Credit and Debit Card systems, but eCommerce merchants are also adding many digital payment methods to their payment gateways, which as a result, are giving them high ROI and less payment card decline rates. This has provided the customers with a variety of payment options which they can choose according to their wish. Because of the onset of the Digital India initiative, India is becoming paperless, cashless and faceless. Therefore, it becomes essential for a business to monitor and optimize its digital payment gateway. But first, we should understand a few basic things before looking into ways to monitor digital payments.
Why does a Business Need to Monitor & Optimize Digital Payment?
To grow a business, one must keep improving and monitoring its digital payments as smoothly and efficiently as possible. Because digital payments are being adopted across all users, it is essential that digital payment needs to be more effective and efficient. An online business must focus on providing the best experience to its customers to have a wider reach and a competitive advantage in the industry.
Many payment gateways in India are helping online merchants with a mix of both services and gateways. Zaakpay provides advanced customer care support to resolve all your queries 24/7. Not only to merchants, but it also provides online support to customers to solve their issues regarding the completion of payment. Not only those engaged in short-term transactions, but full-fledged online businesses should also focus on building long-term relationships with their customers, and this can only be done when the digital payments are monitored end to end and optimised.
A payment gateway acts as a platform where online transactions occur between a merchant’s website and the customers. Through the payment gateway, an online business can accept payments from customers instantly within 2-3 seconds. It works both on websites as well as on mobile apps. A payment gateway helps the business reach a broader range of customers because it provides a variety of payment methods apart from Debit or Credit Card acceptance. Other modes such as UPI (Unified Payment Interface), NEFT (National Electronic Funds Transfer), digital wallets, net banking, QR scanning, etc., provide the merchants and the customers a simplified and smooth way of transacting with each other.
Ways to Keep Monitoring & Optimizing Digital Payments
Through optimization and continuous monitoring only, an online store can reach higher levels of success and customer acquisition. Below are the tips on how can you keep monitoring and improving your digital payments to grow your business.
- Minimum steps to complete payment: Customer satisfaction is key to the growth of an eCommerce website. The customers will often come to your website if you provide them with a user-friendly gateway that can complete their transactions with little steps. It will work as an advantage for the merchant to have a competitive edge over others.
- Provide your customers with incentives: If a customer knows that a particular mobile app or payment method will give them a cashback or a voucher, it is more likely that they will give preference to your gateway, as compared to others. This is a winning strategy for any online business that helps long-term growth.
- Compatible: Any digital method should be accessible and compatible across almost all payment platforms. Customers will be hesitant to purchase from your online store if they know their preferred method doesn’t work with your gateway. Therefore, you should choose your gateway wisely to avoid customers’ inconvenience. Zaakpay’s payment gateway provides 100+ payment methods for your customers, and hence, you won’t be facing any problems regarding compatibility.
- Standardization: Redirection of credentials like Credit/Debit Card details, OTP, pop-up notifications should be in a very standardized format so that your customer feels safe and confident in making any digital payment. It should be uniform across all gateways, devices, etc.
- Minimum redirection: If your customer is redirected to different pages while making a single digital payment, they may feel unsafe or doubtful about your payment gateway and navigate to a different address. These redirections result in total payment transaction failures. Therefore, a gateway should provide minimum redirections to make transactions more efficient and customer-friendly.
- Customer education: The first doubt which arises in a consumer’s mind is about the safety of their digital transactions. Since the digital payment trend is currently flourishing, there is a section of customers who have safety as their top concern. Any digital payment solution should educate their existing, as well new customers, about how their gateway is secure in comparison with traditional payment methods. eCommerce websites should encourage customers to use digital methods and further educate them to use digital payment solutions.
In a nutshell, we can say that if an online business wants to grow in this cashless growing economy, it must adopt a digital payment solution to have a broad reach in the market. Setting up a gateway such as Zaakpay is far easier than monitoring it. Therefore, a business must continuously strive for improvements in digital payment if it wants to see a profitable future in the coming years. Using the methods mentioned above, you can ensure your customers never have a sub-standard experience while making payments.