Business

How To Make Digital Payment Methods More Effective

The world is adopting the online payment trends and moving away from a cashless economy. It is no secret that digital payments are the future- the sooner merchants adopt these changes, the sooner they’ll be able to attract more customers and increase business.

With the market shifting online, businesses also had to gear up to meet the market demand. Most businesses today accept digital payments through some online payment gateway. One of the primary reasons behind this could be the lockdown due to COVID-19 implemented by the government.

However, businesses also need to focus on improving the online payment experience for the customers. Simply incorporating online payment methods will not do the trick; digital payment modes need to be optimized and made more efficient.

Here is a handy checklist for businesses to make digital payments more effective.

Ways to make digital payment methods more effective

  • Simple Checkouts: A complicated checkout process can be a dealbreaker for most customers. Many of them abandon the purchase because the checkout process takes too much time or information. The option of guest checkouts without the need to register is a simple solution to this problem. The focus should be on having a process that takes a minimum amount of time and clicks. It should, however, provide all the information related to the purchase. If registration is needed, the opportunity to create an account via Google or Facebook account should be provided to make the process shorter.
  • Standard User Experience: Customers use a range of devices- from laptops to smartphones and tablets to make online purchases. Therefore, providing a unified experience to all customers irrespective of their device is key to increased sales. The best online payment services work the same across all devices. This essentially means that the payment gateway service must consider the screen sizes and adjust accordingly. Mobile phones can generally show less information due to their smaller screen sizes, and the gateway should be customized.
  • Using Integrated Gateways: Customers can feel uncomfortable when they are bounced across several websites. They might get concerned about the security of their payment credentials if the gateway is hosted on a separate server. Being redirected to a third-party page can also look suspicious to many customers. Having an integrated online payment gateway in the business website makes the process more effective by reducing or eliminating redirects. Some of the best online payment gateways like Zaakpay offer easy integration tools to the merchants and are compatible with most website technologies. Such gateways can not only be integrated into websites but also on mobile applications.
  • Accepting Multiple Payment Modes: Online payment can be made through numerous modes. It is the customer’s decision to choose a medium that suits them the best. The business should accept all digital payments modes like credit cards, debit cards, UPI, mobile wallets, and net banking. This would open up the business to a broader set of customers who can pay at their convenience, making the whole process more effective. Online payment gateway Zaakpay is the best option because it accepts all major payment modes in India.
  • Discounts/Cashbacks: Most credit cards and UPI applications provide cashback or additional discounts for using their services. However, the business can also offer some loyalty points or discounts for making an immediate payment. This makes the customer feel that they have earned more value for the amount that they have spent. Discounts also make customers purchase impulsively.
  • Educate consumers: Despite a massive segment of the market leaning towards digital payments, there is still a vast section that prefers conventional payments. If the businesses can tap into this segment to convert them to online payers, their revenues can significantly rise. The most efficient way of doing this is by educating them and promoting online payments. The business can include simple steps for online payment with attractive ‘Call-to-Actions’ encouraging immediate payments over cash on Delivery. Creating a trust factor among these consumers is essential. Online payment exclusive discounts can help.
  • Capitalize on security features: Best online payment gateways have advanced security measures that protect customer data against all kinds of cyber-frauds. Usually, they are Payment Card Industry Data Security Standard (PCI DSS) compliant and encrypt the customer’s payment information. However, the customer’s trust cannot be earned just by having all the back-end security features. Logos and ‘Seals of Trust’ for all the security standards followed can assure the customers of security.
  • Using Payment Links: Small businesses that don’t have a website to integrate an online payment gateway can use payment links instead of a direct Bank Transfer or payment to a UPI id. A payment link is a URL that can be shared with the customer over any instant messaging service or email. It gets redirected to a secure gateway for a transaction. The merchant also doesn’t have to disclose their account or UPI details in this case. This would make the business appear more genuine while also making the process simpler for the business.
  • Instant Confirmation of Payment: Customers appreciate it when the businesses are transparent with them. Immediate acknowledgment of payment can help build rapport with the customers and reduce their fear of being robbed. This confirmation can be sent over an email to increase authenticity. The refund policies, if any, can also be mentioned.

Conclusion

With more businesses shifting online, the online market competition is also increasing. Similar products are being sold by several businesses- making it an urgent need for enterprises to repurpose themselves and gain an edge over others. In such a scenario, having a more effective payment method can give a business boost by offering a better customer experience. Zaakpay is one of the best online payment gateways to help businesses make their payment method more effective. It provides all how one can make the process effective and provide a better customer experience.

@[email protected] can’t check the fact. Please point me to the right direction.

_Assigned to Madhulika Gupta_

https://www.statista.com/statistics/1251319/india-total-value-of-digital-payments/

@[email protected]

Here is the correct link for the data used

Related Articles

Leave a Reply

Check Also
Close
Back to top button