One of India’s most booming markets today is eCommerce, both for startups as well as larger corporations. The Economist states that the sales of India’s top three eCommerce sites exceed that of the 10 most popular brick and mortar retailers. Consumers are doing their shopping online today, armed with smartphones, tablets, and other mobile devices.
In any online purchase, payments remains a vital step which makes or breaks customer experience. Being a startup in bootstrapped mode, or a small kirana shop owner, SMBs in India can’t afford sophisticated and expensive solutions as implemented by big e-commerce firms. In order to meet the demand and deliver excellent customer experience, one need to have the right type of technology at fingertips which is easy to understand and very cost effective. That’s where PayUmoney comes in, one of India’s most reliable and comprehensive online payment gateways. However, given how many options are out there for the discerning online merchant, here are a few features to consider.
- What PayUmoney Offers
The Tech Portal reports that currently, PayUmoney has over 2,25,000 Indian merchants using its services. What’s most important, though, is determining how the offerings address the needs of your business.
- Pricing: No setup fee or AMC charges, Flat 2% charge on every successful transaction.
- Mobile Ready: The service features an auto OTP read and automatic retry when a connection is dropped due to network connectivity problems.
- Streamlined Customer Experience: Customers’ credit card information is securely stored to make future transactions simple, entering a CVV is unnecessary, and the trademarked OneTap payment allows shoppers to make a purchase with a literal tap.
- Fast settlement cycle: Settlement is done within next business day into merchant bank account.
- Integration: API that is both developer and innovation friendly, and the option to plug into eCommerce sites such as WordPress, Opencart, and other platforms.
- Improved Conversion Rates: Transactions are routed to the best possible payment gateway so the sale won’t drop, which can improve conversion rates by six percent.
- Ability to Analyze Data: Analyze how payment gateways are performing, the payment methods customers are using, and monitor transactions in real time.
- How These Solutions Benefit SMEs
The real question you need to ask if these features fit your business’s needs. The core philosophy of PayUmoney’s solutions are based around the customer, and customer loyalty is what facilitates growth in SMEs. Key traits of this ideology are reflected in the seamless payment options for mobile devices, advanced backend technical safeguards to avoid dropped transactions.
- The Impact on Business Productivity
The bottom line is that the happier the customer is, the more business they will do with your company. The fact that PayUmoney is consistently unrolling new solutions is a boon for SMEs who want the same cutting edge technology as larger corporations. The more pleasant the experience is for your customer while purchasing your goods, the more likely they are to return, and the more lucrative your business will be.
There are many payment gateways online to choose from, but PayUmoney is notable in the sense that it puts the customer first. This speaks to the specific need of SMEs, since making the customer happy is essential to the success of your business.