Why You Should Collect Payments Online
It is no new news that serious businesses are rapidly accelerating by strongly making their presence felt online. The world is moving online. If you own an offline business and are still contemplating on adding the “www” to your business, it’s time to consider a good read below.
Benefits of Online Selling
If you want to scale up your business and give your customers the best benefit then its best to move in the direction of your customer: Online. The benefits of selling products and services online include:
- Higher Reach: Building a successful online business means you are reaching out to a wide variety and number of audiences. It has a higher potential of increasing sales.
- Easy Analysis: By hosting an online store, you are eligible to analyze data and gain insights: which type of people are visiting your site, for how long are they surfing, at which phase do they step back (payment, quality, product selection, etc..), how much are your average daily transactions and so on.
- Multiple Accessibility: You as an merchant and customers can access your site or account from any device – desktop, mobile, tablet, iPad.
- Spend Less: It is an economical way than a physical store. You save on a space, electricity and other bills, human resources and other sundry budgets.
Important Website Settings
The four important settings you would need to consider while setting up your website are:
- Domain Registration & Web Hosting: Selecting a memorable and apt domain name is important so that it becomes easy for your customers to remember your brand easily. Web hosting is basically selecting the best server to host your site.
- Website: A website is the face of your business. Website template, look and feel needs to simple, user friendly and refreshing. This will also help to keep customers frequenting your website often.
- Shopping Cart: Imbibing a prompt and reliable shopping carts is essential for smooth product deliveries.
- Payment Gateway: A payment gateway(PG) is like a bridge between you and your customer, and it pops into the picture after the customer hits “Pay now” or “buy now”. Get well versed with how to select the best payment gateway for your website for easy and faster transaction process.
How does your Customer Pay Online?
Once you have considered the above mentioned benefits, it calls for knowing the complete payment process.
For instance, if you host an eCommerce website catering to fashion and lifestyle. Your customers will mostly likely follow these steps:
- Website Surfing: Once your customer lands on your website, he will go through your products and know what different you have to to offer him. After going through all your products and services the consumer narrows down onto the desired product/s he adds them to cart and proceeds to the payment stage.
- Payment Gateway (PG) Redirection: When he hits on “proceed to checkout” or “pay now”, he will be redirected to the payment page of Payment solution provider like PayUmoney. Here:
- He is required to select this preferred payment mode:
- Credit Card
- Debit Card
- Net Banking
- Cash on Delivery (COD)
- Gift Cards (only if applicable)
- Enter Cards/Net banking details clicks on Pay
- Enters the correct One Time Password (OTP) received on his phone, the transaction is successfully complete.
Why you should collect payments online?
If you have already setup your business online, one important question is accepting payments online. What does it bring for your customers? What will it make a difference to the customers?
- Faster Process: Fund transfer using online methods is faster. The usual cheque or bank transfers take longer to get cleared.
- Convenience: Your customers can pay from anywhere and anytime. It comes with a 24/7 ability to collect payments.
- Multiple payment options: Your customers can choose their preferred payment options like debit & credit cards, netbanking, wallets etc.
- Easy Setup: Setting up online payment option can be as easy as copy pasting a single line of code.
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