The potential for growth in the business sector is pretty high in India. One of the primary reasons behind this upward growth of businesses here is the significant number of buyers. With the internet opening up the market for literally anyone to shop from anywhere, the number of consumers readily buying products has increased significantly. A report states that there were 150 million online shoppers in 2020 alone. Merchants can attract more customers by pitching their product or service to this remarkably colossal market. What is essential, however, is to provide a purchase experience that customers can cherish. Therefore, choosing the right payment gateway for the business is crucial.
What is the importance of payment gateway in the Indian business ecosystem?
Caters to modern-day needs
As discussed above, online presence has plucked businesses from their literal brick-and-mortar establishments to a virtual ground. Traditional payments such as cash and cheques are seldom used anymore. The need of the hour is to adapt to better payment systems that are beyond physical spaces. In such a scenario, a gateway is the only solution to collect payments from the customers.
Moreover, most customers nowadays prefer easily manageable digital payment options over traditional ones. This modern-day preference coerced businesses to provide the opportunity of payment gateways even in situations when a conventional payment would be possible. Thus, it is safe to say that payment gateways in India are catering to modern-day needs.
Provide security to customers and merchants
It is never good news for an emerging business ecosystem to fall trapped by fraudsters and scammers. Thankfully, regulations in India have provided a sense of security against frauds to customers, merchants and everyone associated with the business system. Payment gateway companies add to this sense of security with their nearly unbreakable protection systems when transacting online.
All reputable gateway companies now have a PCI DSS compliance certification and SSL encryption to protect the customer’s data. These certifications are not mere showoffs but a properly drafted set of regulations that the companies follow. They provide confidence to Indian customers about the safety of the online payment process. Therefore, businesses need to sign up for gateway services like Zaakpay that comply with such regulations.
Turning customers into loyal customers
The Indian market is unbelievably huge. For one product or solution, customers have many alternate options, each of them providing a nearly identical experience. While this is excellent news for customers, it has increased competition for the merchants. Retaining customers in such an ecosystem is demanding.
With a premium payment gateway, though, merchants can convert one-time visitors into loyal customers. This is because customers value the experience they have while making a purchase. So, even if they find a similar product or a service from hundred other businesses, they may return because of the purchase experience they had. Moreover, few gateways provide the facility of saving customers’ information for easier future checkouts that helps improve customer retention. Hence, payment gateways play a crucial role in creating loyal customers in the highly competitive Indian business environment.
Helps businesses in understanding customer sentiments
The Indian customer base is so varied that predicting customer behaviour or trends without concrete purchase data is next to impossible. However, payment gateways in India have found a way to bridge this gap. Services like Zaakpay include a dashboard feature that presents relevant purchase data in a structured format for merchants to analyze and identify relevant customer sentiments. By using the conclusions drawn from these analyses, businesses can focus on better expansion strategies.
Adept to the fast-paced nature of the market
Another attribute of the Indian business market is its fast-paced nature. Nobody has the time to sit back and wait for tasks to get completed. A payment gateway is vital in such a scenario as it comes loaded with automation features. Customers can receive automated invoices as soon as their payment is processed. They won’t have to wait for the business to create acknowledgement manually. Moreover, the entire payment processing takes a couple of minutes.
In addition to that, the powerful dashboard features and statements are used by merchants to quicken their business processes. Things that otherwise require manual effort can be reduced to automated programs such that they hardly take any time.
Provides multiple payment options
It is tough to say which payment option dominates the Indian market. This is because numerous payment options have an equally large user base. A payment gateway is a solution that brings together customers at one platform, irrespective of which option they prefer. It enables businesses to welcome customers from all segments without making them adjust to limited payment options. Zaakpay is one of the best payment gateways in India to support multiple payment options.
The Indian customer base has always relied on human interaction for customer support. Even with automation and bots, customers prefer to speak to a human customer executive in dire situations. The best gateway companies have in-house customer support systems to answer any queries. Zaakpay, for example, has customer service that is open 24/7 for merchants and customers alike.
The Indian business environment is different, varied, unique and laced with challenges. When targeting this business environment, merchants have to be well-prepared with the right tools at their disposal. Among the leading payment gateways in India, Zaakpay is the most recommended and demanded solution. Its features, such as support for major payment options and affordable pricing, are explicitly designed for the Indian customer market.