Online payment, golden opportunity for small business to grow

If you are running a business in India and are not providing your customers with online payment facility, from now on, you will earn Rs. Prepare to pay a heavy fine of 5000!

Don't be shocked by reading this sentence. If this applies to your business, most of the time, your business will be able to obtain online payment and even if you do not, you can easily get help from tech consultants who can arrange for your company as this provision will be Rs. Applies to a business with a turnover of over Rs. The Finance Minister of India introduced this provision in the Budget last year, which will come into effect from February 1, 2020.

We know that the government has a keen interest in accelerating online payments. With online payment being simple and convenient, it is slowly gaining momentum. Whether we are shopping online, booking a ticket or hotel for travel, buying movie tickets, there are many ways to pay online.

But there are many complications with how small businesses can accept online payments (of course, it is different that most shops in cities and on the outskirts of Panipuri or even on the side of the page are showing stickers for online payments!).

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Online payment with such a sticker has become easier when we have merchants and paying customers who want to accept money, but when business is relatively small, businessmen have doubts about how to accept online payment on their website (or even without a website). Have.

Given the increasing pace of online payment in India, accepting payment in such a way for your business is definitely beneficial for the business, even if not legally required. Traditionally your customer sends a check in writing, you deposit it in the bank and then compared to the amount in the account, which merchant does not like the amount of money deposited in Palakwar?

There are ways to accept payments digitally, like NEFT, RTGS and IMPS, in the meantime, consumers themselves want you to give them new digital payment features.

Take advantage of payment gateways

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If you have a business website and you want to accept online payment for your service or product, a payment gateway is almost inevitable and easy.

In India, many companies such as CCA Avenue, InstaMojo, PayU, Paytm etc. now offer payment gateways as well as facilitate the creation of free e-store.

Such payment gateways serve as a missing link between different customers, their different banks and the cellar. As a businessman, you can access payment gateways by opening your account, providing your documents in any such service. Earlier this was a very long process but now it is easier and can be completed quickly by uploading online documents.

There are two possibilities for now - if you have your own website and have created an e-store-like system, your payment gateway can be integrated with it, so that people visiting your website or store can pay you with a payment gateway.

In order to use the payment gateway on your website, your site must comply with the requirements for secure banking. Not only that, but your site only has a payment button and all payment methods that can be arranged on the secure webpage of that payment gateway.

If you want to set up a flowerflagged e-commerce store, have no idea about web technology or you lack the time, you will need to seek the help of a professional web developer.

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But if your business budget is tight, technology is short and time is not a concern, you can build your own prop e-store.

If you don't have your own e-store, most payment gateways now offer the convenience of setting up a free e-store. You can build your own e-store quickly by adding the image and details of your various products to it. Having such a payment gateway already installed in a store makes your job a lot easier.

If not an e-store or website
The Payments Gateway offers the ability to create a digital invoice or generate a smartlink for your account if you do not want to create an entire e-store. If you send this digital invoice to your customer, the customer can pay the amount you already have fixed in various ways. In the case of SmartLink, the customer can pay in different ways by putting the amount you ask the customer.

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Payment gateways can accept payments through almost all the bank's debit / credit card, net banking, mobile wallets, unified payment interface, etc. That is why you do not need to create separate arrangements for accepting payment in all these different ways. By facilitating just one payment gateway, your customer can be facilitated with multiple payments.

If you do not want to set up a payment gateway, various Unified Interface Payment (UPI) based apps like Bhima, Google Pay, Paytm etc. give you the convenience of creating a business account (as a customer, the payment stickers we see in the shops are just part of the arrangement. ). This way you can get online payment from your customers by sharing your special UPI ID you receive with them.

In short, if your company's turnover is less than Rs 500 crore, you do not have to set up an online payment system right now, but if you are aiming to get there, then knowing the ways to accept online payment and implement it will definitely speed up the business.

Features that make small business big!
Digital payments are easier than cash when both the merchant and the consumer are together, but it is a bit difficult to accept online payment when there is no direct contact between the merchant and the customer. Although this may not be as difficult as you might imagine. Using a payment gateway, an e-store that looks very professional can also be created.