How To Receive Payment Online In India?

Nowadays, innovation has taken over all industries and processes, including payments. It has changed the way buyers and sellers exchange money. Initially, you paid cash to the seller or vendor for purchasing goods from the store. But after digitisation and demonetisation, digital payments have become the new norm.

All businesses receive payment online because of the rise in technology and the encouragement by the Indian Government to go digital. The Digital India initiative eliminates the use of cash for transactions and payments. It is trying to help small retailers go digital by offering subsidies to digitise operations and considering a framework to finance POS machines.

What is the digital payment?

It is an umbrella term for different modes to collect payment online with an electronic medium interface. Instead of accepting payments in cash and arranging for change, merchants can receive them digitally by integrating POS machines and mobile scanners for payment apps. Following are the best methods:

Payment gateways

Integrating business websites with payment gateways allows businesses to accept payments online through Debit or Credit Cards and online banking facilities. Payment gateways use platforms like Mastercard,  Visa, etc. You can get a third-party payment gateway or a bank that allows digital payments through e-wallets, UPI, etc.

E-cheques

Electronic cheques are online payment services where your money passes through the Automated Clearing House before transferring to the merchant’s account. It saves paper and time.

E-wallets

It is a popular payment mode like a Prepaid Account, where a user can store the money for any future online transaction. The app gets linked with customers’ Credit or Debit Cards and requires a registered mobile number and a verification process.

NEFT, RTGS, or IMPS

These are online fund transfer modes for Online Banking. Transfer money directly to the Merchant Account from your Bank Account by using these methods. The banking app offers you the convenience of transferring funds securely while you roam cashlessly.

Payment links

Many small businesses or startups do not have a website. Payment links are the easiest, safest, and instant way to receive payment online then. The benefits are split payments, payment trackers, bulk payments, sharing payment links on social channels, etc.

UPI

Unified Payment Interface (UPI), developed by the National Payments Corporation of India (NPCI), is a real-time bank to bank transfer application. It provides hassle-free online payment transactions while attracting several customers.

WhatsApp payment

It is a secure payment solution that does not require bank or personal information. It is a link-sharing-based solution where all transactions happen on the spot and in real-time. Merchants can create and share the payment link on WhatsApp and customise the payment messages to help build customer relations. It is easy to access since the app is popular.

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Created on Oct 11th 2021 08:22. Viewed 105 times.

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