Together they work to make payment an enabler rather than a deterrent for the ecommerce industry in India. We chat with Upsana. An excerpt from the Interview:
• What made you start your venture?
I started Zaakpay in Sept of 2010. The inspiration really came from the state of the current situation of payment gateways. Despite the increasing growth of e-commerce transactions in the country, sluggish payment gateways have been one of the biggest deterrents. Slow-moving or failed payments are a constant challenge to the growth of an e-commerce company.
This situation is magnified on the mobile. In addition to these, there was also the challenge of only a handful of big players ruling this segment. Almost all of them had either high sign-up costs or inferior technology, or both. In an attempt to bridge this gap, I along with Bipin Preet Singh, launched Zaakpay.com with the aim to solve the payment pain points for eCommerce in India.
• What has been the key to your business’s success?
We started with a promise to redefine the online payment industry. We understood the challenges and issues in the electronic payments sector and tried to change that. Zaakpay’s differentiation comes from – its mobile focus, its fast merchant approvals, its developer friendly APIs (we provide integration code samples for all platforms), and its extensive coverage of all payment options.
Zaakpay is the ONLY payments company in India to offer a 100% online merchant application, which reduces the time to go live. We have the fastest merchant account approval records of all the payment gateways in India and we get them up and running in 24hrs with payment integration. Besides, our cost to each transaction is amongst the cheapest in the Indian market. We enable merchants to start collecting payments without paying anything upfront. Zaakpay has also been found to be India’s most secure payment gateway.
• What are the major challenges in your line of business and how did/do you overcome them?
Challenges are still persistent in the electronic payments sector. Even with advanced servers and net connections, most of the payment gateway services only offer around 65% success rate. Zaakpay is constantly measuring, monitoring and fixing the success rate and is able to deliver close to 85% success rate. A normal process to get a Payment Gateway service in India generally wants the client to provide at least three sets of documents, which require self-attestation on each page of each set.
Zaakpay has a 100% Paperless Process, all you have to do is upload documents online and you are ready to go! The biggest challenge is getting an A star team together. Our team comes with significant background in payments and technology having worked with companies like PayPal, HSBC, Intel, Nvidia, Freescale, Intuit, Persistent and startups like MobiKwik, SmsGupShup. We hired a young but ambitious team which has done outstanding work in product development.
• Do you have a mentor who guides/advices you on matters of the business? I don’t have a mentor as such but my co-founder Bipin has been a strong sounding board for me for discussing new ideas as well solving problems on a daily basis.
• Have you benefited from the use of any specific technology for your regular operations? We use a lot of open source software for our core technology like MYSQL for database, Java for programming, JBOSS for Application server and so on. In addition, we use technology tools like Freshdesk for customer support and Exotel for Voice services.
• What strategy do you follow for Customer Satisfaction & Expansion?
We are focused on alleviating and addressing the tech challenges faced by our customers. Shorter payment flow is important for the end customer. Using Zaakpay’s custom integration with banks, the payment transaction steps come down to just 4 instead of 8. By reducing the number of steps to realize a payment, the success rate of an online transaction increases significantly because it does not involve any bank account or cards. Major players in the payment gateway sector do not provide a demo service.
At Zaakpay, we understand the clients’ need to test the payment gateway before signing up. Zaakpay provides a demo set up which provides the client a look and feel of how the service would work on their site. The trend is changing from online to mobile. More Indians will transact on the mobile in the coming years than they do on computers. Mobile Internet is becoming the Internet.
With the advent of cheap smartphones, especially Android – millions of Indians have sufficient power in their hands to make payments instantly using 2G/3G data networks. We are working towards making Mobile Commerce a reality in India.We are creating specific solutions for Mobile Websites and Mobile Apps to enable merchants to collect payments from Mobile users in a simple and secure manner.
• What, according to you, are the top 3 skills needed to be a successful entrepreneur?
Starting a business takes a lot of knowhow, planning and learning. It is important to have an open and positive frame of mind. One should not get bogged down by failure. Every failure is a lesson learnt. Focus should be on your vision and work towards bringing the product or service to the market. Know more about Zaakpay, visit: https://www.zaakpay.com/ Like them on Facebook: Zaakpay