Better payment solutions for a better business!

Once upon a time, there was a businessman. He dealt in clothing and had his own website for selling it. He used to take orders online, deliver them at the mentioned address and collect payments. He was a happy man until the online world changed. Mobile transactions and online payment solutions revolutionised the way business was done on the internet. He suffered huge revenue losses. People no longer wanted to pay in cash.

The businessman was confused. He wanted to scale up his business but how, was the question? How could he find the best payment solution for his business?

Almost every other businessman faces the same dilemma at some point. The option that they have is to go online. Going online would also require them to get a platform to collect payments. And this is what has been happening around the world. According to a Google-BCG market study, 75% of the merchants believe that using digital payments would accelerate future sales. It is also said that in India, 50% of the internet users will use digital payments by 2020. The potential that online payment solutions provide for a business to scale-up is tremendous. It is an easy and quick option for the businessman to adopt for increasing revenues and customer base.

Looking at the market survey we find that the mobile-based transactions have increased to 2860 million in 2016 from a mere 224 million in 2014. It is almost an increase of 1177% over the previous year. The world is shifting to the internet for payments and is accepting this mode. Despite this, about 69% of online transactions are abandoned costing the retailers about $4 trillion every year (Business Insider survey). Of this about 35% are easily convertible if the providers improve the checkout and payment process (Baynard Institute).

To improvise, payment gateways in India need to work on building quicker and smoother payment solutions with multiple payment options. If you take the example of Easebuzz, a recent entry in the payment gateways in India list, it has almost every option that a customer could choose while making a payment - netbanking, card payment and wallets. It has recently started giving UPI as an option for payment as well. Apart from this, the transaction failure rate is almost negligible (less than 0.05%) due to the backend technologies Easebuzz uses. It has helped many businesses to scale up and has gained the trust of more than 15,000+ merchants in a very short time. The support services provided by the team also ensures that the customers making payment through Easebuzz do not face any issues. Customers paying through Easebuzz also get the option to avail 50% returns through coupons of A-listed companies.

All this combined together provides an excellent payment experience to the customers and builds the trust of the businesses on the payment solutions. Eventually, this leads to increase in the revenues of the business by tapping the 69% of the people who never go ahead and complete payment processes due to its glitches!

Isn't this a really simple method of scaling business which is also aligned to the current market trends? We hope you will agree with us!

Once upon a time, there was a businessman. He dealt in clothing and had his own website for selling it. He used to take orders online, deliver them at the mentioned address and collect payments. He was a happy man until the online world changed. Mobile transactions and online payment solutions revolutionised the way business was done on the internet. He suffered huge revenue losses. People no longer wanted to pay in cash.

The businessman was confused. He wanted to scale up his business but how, was the question? How could he find the best payment solution for his business?

Almost every other businessman faces the same dilemma at some point. The option that they have is to go online. Going online would also require them to get a platform to collect payments. And this is what has been happening around the world. According to a Google-BCG market study, 75% of the merchants believe that using digital payments would accelerate future sales. It is also said that in India, 50% of the internet users will use digital payments by 2020. The potential that online payment solutions provide for a business to scale-up is tremendous. It is an easy and quick option for the businessman to adopt for increasing revenues and customer base.

Looking at the market survey we find that the mobile-based transactions have increased to 2860 million in 2016 from a mere 224 million in 2014. It is almost an increase of 1177% over the previous year. The world is shifting to the internet for payments and is accepting this mode. Despite this, about 69% of online transactions are abandoned costing the retailers about $4 trillion every year (Business Insider survey). Of this about 35% are easily convertible if the providers improve the checkout and payment process (Baynard Institute).

To improvise, payment gateways in India need to work on building quicker and smoother payment solutions with multiple payment options. If you take the example of Easebuzz, a recent entry in the payment gateways in India list, it has almost every option that a customer could choose while making a payment - netbanking, card payment and wallets. It has recently started giving UPI as an option for payment as well. Apart from this, the transaction failure rate is almost negligible (less than 0.05%) due to the backend technologies Easebuzz uses. It has helped many businesses to scale up and has gained the trust of more than 15,000+ merchants in a very short time. The support services provided by the team also ensures that the customers making payment through Easebuzz do not face any issues. Customers paying through Easebuzz also get the option to avail 50% returns through coupons of A-listed companies.

All this combined together provides an excellent payment experience to the customers and builds the trust of the businesses on the payment solutions. Eventually, this leads to increase in the revenues of the business by tapping the 69% of the people who never go ahead and complete payment processes due to its glitches!

Isn't this a really simple method of scaling business which is also aligned to the current market trends? We hope you will agree with us!