Besides having sound financial management practices, part of running a thriving business includes giving customers a variety of ways to pay for your products and services. Today, having a way for customers to make an online payment is a must for any business.
We take a look at five online payment options available to businesses and customers in India and their advantages.
RuPay (Rupee Payment) got a boost in 2014 when the Indian government issued a directive to state-owned banks to issue RuPay debit cards to their customers. RuPay works much like Visa or MasterCard. RuPay cards can be used in ATMs and as a payment method on e-commerce sites, making them ideal for online businesses and businesses that have an online presence.
The benefits of using RuPay for payments include:
- Government-endorsed secure payment transactions
- Lower transaction costs than international credit cards
- Lower processing fees than international cards
There are also scheme-specific benefits RuPay offers its customers. For example, the RuPay Kisan Card is issued to farmers as part of an innovative credit-delivery scheme to help Indian farmers obtain production credit in a timely and hassle-free manner.
EBS (E-Billing Solutions) is a division of Ingenico Payment Services. The system offers your customers over 100 payment options including:
- Six credit card brands
- 73 debit cards
- Eight pre-paid cards/wallets
- 50 net banking options
- Eight bank EMIs
- Payment options include Visa, MasterCard, RuPay and PayPal.
The online payment system is designed to be easily used on desktops or mobile devices. Security is an inherent advantage and includes advanced fraud and risk-prevention algorithms. It is also a multilingual system and includes a turbo checkout (fast checkout option) for repeat customers.
CCAvenue is India’s best-known payment system. Founded in 2001, it is the payment gateway used by the majority of e-commerce sites in India. The CCAvenue system allows merchants to accept five major credit cards, over 50 debit cards, over 50 net banking options, four cash cards and two mobile payment systems.
CCAvenue offers businesses a variety of ways to collect payments:
- Hosted website “Store Front” with shopping cart
- Invoice payment system
- Monetize popular social media platforms such as Facebook and Twitter
- Phone payments
- The system also includes a facility that allows the user to analyze all transactions handled by CCAvenue
Citrus is a newcomer to the online payment world. It was launched in 2014 and quickly grew to become one of the top three payment providers in India. The Citrus Wallet app for smartphones allows buyers to pay for almost anything, from taxi cabs to products and services.
Citrus Wallet also allows users to store their credit card details. Instead of laboriously filling out credit card details when making a purchase, the app can do it for you in seconds. Some of the services Citrus offers include:
- Express and Turbo checkout options
- Insta Buy
- 360-degree analytics
- Mobile checkout
- Email invoicing
Citrus has over 15 million users and a network of over 4000 businesses. PayU is a popular payment gateway. The system accepts major credit cards, debit cards, net banking and PayPal. Users can store their credit or debit card details on the PayU app to make processing purchases easier.
PayU India is part of the extensive PayU Group, which operates in 20 countries. It supports 17 payment methods and offers six shopping cart platforms. Ease of use and low fees make PayU a popular choice for many businesses.
Some of its features include:
- Email invoicing
- Webstore creation tools
- Webfront bill collection tools
- Settlement tracking
PayU also requires no technical experience to set up, making it a popular choice for many SMBs. Whatever payment options you offer your customers, be sure to also accurately track incoming payments from every avenue to avoid having issues with your company’s financial management processes later down the road.
QuickBooks india Online is a secure accounting software platform that can help you organize your finances, tracks payments and expenses easily and save you time and money so you can focus on the more important things, like growing and developing your company. Was this article helpful?
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