How is the payment gateway beneficial for B2B companies?

B2B companies are switching to digital payments to simplify their daily business operations. B2b companies have a greater liking for digital payments over traditional payments.

There are still several companies that prefer traditional methods through checks and cash, where digital payment methods have made online payments easy with various payment modes like UPI, Netbanking, Credit/Debit cards.

How B2B companies transaction work?

Well, a transaction is called B2B when one of the business acts a customer to other business, the transaction can involve services like development, email tools and more or can involve parts and units. Payment gateway became necessary for B2B companies with the rise of digital payments. With the growing business, managing payments of vendors and suppliers through cash and check becomes a difficult task.

Why should B2B companies have a payment gateway?

During the purchase of supplies and services businesses usually, prefer to make bulk payments. They look out for multiple payment modes and want to be sure their payment is secure. They want to have a track of these payments and also they want to trust their business partners.

Well, all of the above-mentioned things are not possible with traditional payments, in fact, there are more cons in traditional payment method like the check gets bounced, cash is difficult during bulk transactions. Thus, having a payment gateway simplifies these problems providing complete transactions and providing multiple payment modes which can increase customer footfall for the B2B industry.

Related Post:Key Benefits Of Payment Gateway Integration for Business

Benefits of B2B companies having a payment gateway.

In business, your Time is Money and payment gateway handles both these entities. The ease of payments with lesser errors enables B2B companies to accelerate their transactions from vendors to suppliers. Following are the benefits of having a payment gateway.

  1. Saves Time and Efforts by providing payment button by clicking on which payments can be made thus eliminating the efforts of handling paper checks.Payment Button
  2. Guarantees the payment from the buyer to the seller.
  3. Trackable goods and services and payment notifications.
  4. All online payments are secure giving the seller confidence to do business with new parties.
  5. Faster payment collection with guaranteed to reach clients at a specific period.
  6. Hassle-free payments by eliminating the security risks associated with cash payment.

Why Switch to Digital Payments from Traditional Payments?

In traditional payments dealing with cash and checks can get tedious at times, also drawback is to physically mail the invoices to the clients which consume a lot of time and effort. Payment gateways eliminate this process by providing payment automation wherein your clients get a notification for payments they make thus avoiding the hassle of managing cash, checks and physically sending the emails.

Related Post: Digital Payment Gateway for Successful E-Commerce Business

How B2B companies use payment gateways?

online payment

  1. Integrate a payment gateway into the website: Many companies integrate payment gateway on their website allowing the customers to make a purchase from the website. This also allows them to choose from the various mode of payments like credit/debit card, Netbanking, UPI. Most business also provides NEFT.
  2. Add bank details on website or email bank details: Many companies provide bank details on their website or in pricing section which added into account to transfer the amount. Some companies email their client the bank details to receive payments.
  3. Payment Links: This is the easiest way of collecting the payments, B2B companies share the payment link on social media platforms like Facebook, Whatsapp, SMS. Customer can click on this link and make payments. Payment also offers customers to use multiple payment modes to make payment.
  4. Recurring Payment: B2B companies provide recurring payment set up for their client so they do not need to worry about paying at regular intervals. Recurring payments are basically instructions send to the bank to debit the amount at a certain date.

How Digital Payment Guru facilitates B2B companies?

Digital Payment Guru provides top payment gateways like PayPal, PayU, Instamojo, Atom and Paytm at best prices compared to market rates. We help you choose the best payment gateway according to your business by analyzing your business needs.

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Points to consider for Payment Gateway Integration in Mobile application

Life has become simpler with the use of cashless payment methods like a debit card or credit card, these tiny cards allow us to spend enormous amount without any struggle thus has become an addictive process. Being a convenient method, it has now moved to mobile apps and website concurring the entire online business. With no doubt, mobile phones are the leading edge of technology of this revolution. Customers find it handy to shop from mobile thus having a mobile app for your business can help increase revenue. If you want to have a mobile application involving payment operations and you know nothing about payment gateway then you are at the right place, continue reading till the end to find out what is payment gateway. In this blog, we talk about what is payment gateway and how it can be integrated into your mobile application.

What is a Payment gateway?

Well, payment gateway services are the only way in which you can accept payments through a website or mobile applications. They act as a bridge between the transaction that the customer wants to make and the payment processor. The app cannot directly connect to payment processors for security reasons thus payment gateways are required.

How does Payment Gateway work?

Firstly internet connection is required to access the payment gateway service. While proceeding with the payment you need to choose the payment mode like Credit/Debit card and fill in the details.

Once you finish filling up the details the data is sent to payment gateway system which then transfers the data to a bank associated with a card. Bank creates request with payment system like visa or master card depending on the card used. These payment systems check if the customer has required amount on balance to pay for the purchase, if yes the bank directly connects with the merchant and the amount is transferred to merchants account within several days.

Related Post: Key Benefits Of Payment Gateway Integration for Business

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What are the things to consider before Integrating Payment Gateway?

  1. Merchant account: Merchant account is a must for a seller as it temporarily holds the amount received from the sales in the app and then transfers it to the regular bank account. If a payment gateway is integrated into the application then the provider will first verify the transaction and send it to the merchant account. There are two types of merchant accounts.
  • Dedicated Merchant Account.
  • Aggregate Merchant Account.

Dedicated Merchant Account is custom made for business transactions, it is suitable for individual business owners or merchants. But implementation of dedicated merchant account requires an additional expenditure which causes difficulties for someone tight on budget.

A user can easily manage funds and expense but the disadvantage is that it takes a longer time for the purchase process and does a deep inspection of credit check.

Aggregated Merchant Account is where all the money from other businesses are stored altogether like a bank which is shared among several people. To connect with an aggregate merchant account you need to provide so information about your company and the type of product you intend to sell. The process is far less complicated compared to a dedicated merchant account. The disadvantage is that it gives less control over how long it takes to get your money.

  1. Ease of Payment Gateway Integration: The process of integrating payment gateway has to be simple which is possible if the developer SDK is simple and take minimum developer time for integration and the updates are easily handled by the merchant.

The SDK must be light to ensure it occupies minimum space in users mobile.

  1. User-friendly UI: User Interface of the online payment gateway must compliment the overall brand language. UI must be such that customer can make a transaction without any conflict. The bank pages should be mobile friendly. There should be the least number of steps for completing a transaction.
  2. Payment Analytics: Analytics helps to figure out actual problems, this helps to optimize the payment experience in the app. There are several aspects of online payment such as payment failure, Double payment, refund and more. Analytics helps to identify all of them thus should be considered while integrating payment gateway in the app.
  3. Customer Support: Customer Support helps in addressing issues related to payment integration and post-integration. Merchant overlooks for customer support, A payment gateway should provide an effective solution to all payment related queries. For instance, best payment integration service providers offer customer support for all payment related queries and ensure that they are resolved in the shortest possible time.
  4. Payment Receipt: After every transaction, the customer must receive confirmation mail regarding the transaction, this helps in building customer trust. Payment gateway has direct access to transaction status and thus status should be shared with the customer. Payment receipt helps in building brand engagement for the merchant.
  5. Features and Plugins: All the payment gateways have different features and plugins which differentiate them from each other. These features help in optimizing payment experience to provide a better payment interface for customers. Card saving is one of the features where customers card details are saved for future purchases. Another feature is auto OPT reading wherein customer need not have to type in the OPT manually the payment gateway automatically reads the OTP from users mobile thus reducing the chance of manual error.

When it comes to choosing a payment gateway for your mobile app, consider all the factors from customer support, analytics to features and choose the one that is closest to your business needs.

Digital Payment Guru is a team of payment gateway experts having years of experience of years with several banking institutions. We target is to bring all MSMEs online by implementing best digital payment gateway integration system and provide world-class experiences that are easier, quick, secure & affordable, thus generating innovative opportunities & sustainable livings. We assume every business design deserves to be on the Internet to flourish.

 

 

 

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Technology Trends Impacting Small Business Payments

The rise of affordable and innovative small business payment solutions has surfaced the playing field between small companies and large corporations.

Instead of having to spend lots of money on solutions that are regularly needing to be upgraded, payment innovation has given enterprises of all sizes access to the latest technology and same processing charges as the biggest players in the marketplace.

With that being said, many small business owners are convinced using old payment systems and outdated technology. If you aspire to break out of the status quo and embrace the future of tech, here are five payment trends you might want to consider.

Mobile POS

Mobile, mobile…mobile. We’re stressing this one because this trend is here to stick — in considerable part due to its ever-evolving possibilities. From mobile payment apps and integrated mobile payments to mobile POS terminals, small firms can get quite a bit of bang for their buck by implementing a mobile payments strategy.

To begin, mobile credit card processing is a way for small business to worry less about where they’re physically conducting business, and concentrate entirely on what type of payment experience they’re providing their customers. This includes features like the capability to text/email receipts and the opportunity to integrate better, faster and more secure payments.

Beyond the convenience perks, mobile POS solutions provide enhanced safety measures to fully protect your business and your customer’s data. Eventually, mobile payments give you that extra peace of mind.

Digital Payments

Speaking of mobile, the next trend prolongs to the other side of the payment innovation equation: Digital payments. Customers today are catching onto the latest payment trends, and many have started ditching the need to pull out a credit card for every purchase. Digital payment methods have enabled quicker, more secure payment processing that streamlines the online shopping journey.

Various big businesses caught onto digital payments years ago. Small businesses need to follow suit if they want to find a competitive and stay ahead of what customers are expecting now. From in-app payments, one-click payment buttons and P2P payments, small businesses have a number of opportunities to take benefit of in order to better tailor their payment options for their customers.

As credit card crimes continue to dominate news headlines, consumers are looking toward businesses that rely on better payment technology. Obtaining this can be done using digital payment terminals that offer E2E encryption and tokenization. Digital payment methods extend the same security benefits, while also grant cardless ways to pay for products and services. For consumers who don’t want to grab that credit card each time they make a purchase, integrating digital payment methods is a surefire way to fill that gap.

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APIs

Fortunately, with easier and more efficient integration options now in the market, SMBs can – and should – take full advantage of the power of APIs. Today, there are solutions that make receiving in-app and online payments easier than ever before.

Toolkits, drop-in code, and readily available tech support — like that provided by Digital Payment Guru — is the type of technology that small businesses should be harnessing today. Payment processing services shouldn’t be confined to what offerings your financial institution can provide to your business.

The API trend and recent innovation have encouraged small businesses to integrate more dynamic payment processing features across all of their channels. This technology transformation has also helped businesses connect their in-store and online software so that each system is in sync with the other.

Automation

Another key trend that companies should take advantage of is the ability to automate services — including payments. From recurring billing to subscription services, small companies can find tons of undiscovered value by leveraging automation to streamline payment processing.

Automation can also help businesses rightly connect with their customers. Having the ability to constantly communicate with your customer base is one of the best ways a small business can stay top of mind. Consumers aren’t always going to remember to come back to your physical or online storefronts — you’ll need to nudge them with reminders. Frequent communication can be automated to help you reach customers without investing heavily in mass advertising platforms.

On the payment processing side, manufacturers that already leverage recurring billing services have learned the power of automated payments. Not only does this help keep consistent revenue flowing into your business, but it can also help keep your best customers loyal to your brand. Consumers are eager to regularly engage with their favourite brands, products, and services, but often forget to do so. Solve that by taking the hassle out of the process and offer your consumers a way to become a subscriber. They remain connected to your brand, and you constantly get paid. That’s a payment tech trend that’s absolutely here to stay.