E-Commerce in India is still in a growing stage, but it offers tremendous opportunities for developing countries like India. Last five years have seen a rise in the number of companies enabling e-commerce technologies and the internet in India. Major Indian portal sites have also shifted towards e-commerce instead of depending on advertisement revenues.
Today E-Commerce business has become an integral part of our society. There are websites providing any number of goods and services in almost all categories of goods and services on a single site. These sites target the buyers of every possible product or service.
The accelerating growth of e-commerce in India is also due to internet penetration and easily available smartphones. Currently, there is an average of two devices connected to the Internet per person, and it is expected that by 2020, that number will double more than four devices per inhabitant. Furthermore, the favourable demographics and government effort of digitalization are also pushing the growth of the e-commerce sector in India.
Given the above, it is not shocking that the industry is centring all its efforts on strengthening and improving its anti-fraud solutions as well as seeking to give to any company, whether physical or online, the option to obtain the beneficial tools to increase their online sales.
Benefits of Payment Gateway Integration to Businesses
Increased Speed and Convenience
Online Payment facility with payment gateway integration is very convenient as compared to traditional payment methods such as cash or cheque. As you can pay for goods or services online at any time of day or night, from any part of the world, your buyers don’t have to waste time waiting in a queue, till their turn comes to buy. Nor do they have to expect for a cheque to clear the bank so they can obtain the funds they want to shop. Online payment also overcomes the security risks that occur with managing cash money.
As internet banking and shopping grow widespread, the number of people making cash payments is decreasing. According to Bankrate, more than two-thirds of consumers carry less than Rs.3000/- a day, meaning electronic alternatives are increasingly becoming the preferred payment option. As such, online payment empowers businesses to perform sales to the buyers who choose to pay online and gain a competing power above those that only allow traditional ways like cheque or cash.
Reduced Transaction Costs
While there are no extra charges for doing a cash payment, trips to the shops or stores typically fetch money, and cheques also require postage. On the other hand, there are normally no fees – or very little ones – to swipe your card or pay online. In the long run, online payment could protect both individuals and businesses hundreds to thousands of Rupees in transaction fees.
A Bigger Reach
Taking Payment Gateway Integration gives your company some reach. Even if you’re originally a local business, accepting payments online can attract to people in the area who would rather pay online, and those buyers who have learned regarding your business through social media or word of mouth and would transact with your business, but live too far away for it to be comfortable. Even companies who offer perishable food have obtained ways to export their business to consumers all over the country. Companies who make niche products may start to see a huge gain in popularity in specific places across India and beyond. You never know where a trend is going to begin, and staying there to fulfil the demand from across the nation could be the way to success you’ve been waiting for.
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Digital Payment Guru is a crew of payment gateway integration masters with the experience of years with various banking institutions.
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