Present-day startups are the conglomerates of the future. To succeed, businesses must guarantee a consistent user experience, whether through service, customer support, or payment. The Digital India movement has brought everything online. It has transformed the payment sector and is a boon to India’s goal of a cashless economy. When it comes to business, the payment method used by startups significantly impacts their customers’ payment and checkout experiences. Therefore, selecting the right payment gateway for Startups is vital. But how do you do it? Let’s find out.
What is a Payment Gateway?
A payment gateway is an online service that facilitates transactions between a business merchant and a customer in a secure and compliant manner. It is a secure communication channel between the website or app and the customer’s bank account. It is also directly linked to the merchant’s bank, which receives and deposits customer payments.
A payment gateway (PG) accepts payments via various methods, including UPI, cards, net banking, BNPL, and others, as well as various sources. As a result, it becomes a common platform for merchants to manage accounts and payments for their businesses.
The best payment gateway for startups addresses all their payment requirements with:
- Instant settlements and easy reconciliation
- Robust security design
- A potent dashboard that provides an end-to-end solution to all your payment concerns
- Easy onboarding and activation to go live
- Ready-to-use APIS to integrate without much effort
- Simple UI/UX to set up that anyone in the team can use
Choosing the Right Payment Gateway for Startups
Choosing the correct payment method for startups isn’t a difficult task. However, building an online payment system that utilises payment gateways is critical. Payment gateways offer customers several online payment choices, making paying and checking out easier. Simply state your specifications and desired characteristics in your payment gateway and look for one that meets your demands. Here’s a quick list to choose the ideal payment gateway:
- Low Merchant Discount Rate: MDR is the merchant discount rate for online payments. It varies among payment gateways. However, it is clear that the smaller the MDR, the greater the savings for your startup.
- High Success Rate: Repeated unsuccessful payment issues can frustrate the checkout process. To give your clients a seamless payment experience, you should choose a payment gateway with the highest transaction success rate.
- Multiple Payment Methods: Not all customers must use UPI. Some can pay with NEFT, while others utilize RTGS, IMPS, UPI, mobile banking, and so on. Therefore, your payment gateway must support all payment methods and whichever application the customer uses for payment.
- Quick Integration: An ideal payment gateway integrates rapidly with your payment systems, allowing you to immediately onboard. The sooner it becomes operational, the better for your startups.
- Quick Settlements: Payment settlement refers to the time it takes for accepted payments to reach your bank account. Whether you own an eCommerce store or a physical location, the funds must be deposited into your bank account immediately. The earlier you get payments, the better your working capital cycle runs, as you can use the funds for operations and vendor costs according to the payment conditions.
Why Choose SabPaisa Payment Gateway For Your Startup?
SabPaisa is a one-stop solution for collecting payments and sending on-demand payouts. It is a powerful, scalable, and comprehensive payment platform. SabPaisa payment gateway for startups allows your business to scale up with:
1. Multiple & Flexible Payment Options
We offer customers several payment choices. They can pay with any credit or debit card, online banking options, UPI, Paytm, and other wallets, EMI, or Pay Later. Along with the best transaction rates on mobile and UPI, we allow you to cut drop-offs by 30%.
Startups can also use SabPaisa’s payment gateway to handle stored card payments safely and in accordance with RBI regulations. We also have a pre-authorisation option that allows you to temporarily block a certain amount of funds when a consumer places an order. When a consumer cancels their order, they are refunded the same amount. Pre-auth allows startups to save payment gateway charges on cancelled orders.
2. Widest BNPL Suite
In addition to the payment options listed above, we provide the most comprehensive BNPL (Buy Now Pay Later) Suite. Our payment gateway for startups offers flexible BNPL solutions, including card-based, cardless EMIS, and Pay Later partners. This can result in a 40% average order value (AOV) increase. BNPL attracts new consumer segments by providing easy access to loans, which increases affordability and payment flexibility. This will help to reduce drop-offs and cart abandonments.
3. Instant Settlements
Payment settlements can take longer because banks have a regular settlement cycle of T+2 days (not counting bank holidays). But what if we told you you can receive payment gateway settlements in seconds, and vendors can be stress-free?
SabPaisa payment gateway for startups provides lightning-fast settlements and customised solutions that ensure you never run out of funds. Choose from various settlement options to reconcile your payments and ensure a continual influx of funds. Liquidity helps businesses secure funds through rapid settlements, allowing them to pay on schedule. Similarly, you can meet inventory and other business needs while maintaining sufficient money for operations.
4. Faster Refund Settlement Cycle
REFUNDS are simple to process, much like payment settlements. Deposits with our innovative refund options are instant, whether for online refunds or COD orders. A speedier refund cycle to customers improves their refund experience and develops trust.
SabPaisa has introduced a quick refund solution that enables e-commerce operators to offer a premium experience by settling money on the same day without difficulty. By choosing the correct payment gateway for your startup, you can prevent cart abandonment.
5. Easy Payment Collection via Forms & Links
Aside from the checkout payment choices, SabPaisa allows you to collect payments via payment links and forms. It is simple to develop and can be shared by SMS, email, WhatsApp, and other platforms. So, simply share a link and collect payments with one click!
We allow you to modify payment forms to match your business, including using your own logo and colours. You can also include product information such as descriptions and photographs in payment forms using our payment gateway for startups. Similarly, you can personalise the page URL using our custom forms. Our payment gateway is also web and mobile compatible, allowing your consumers to pay in their preferred mode and currency.
6. Advanced Dashboard
Our comprehensive dashboard provides centralised control, allowing you to monitor real-time settlements and revisions. In addition, you will receive complete reports on payments, settlements, refunds, and settlement reconciliation. You can also generate custom reports.
In addition, you can monitor and respond to open complaints and questionable transactions. You may also delve deeply into each transaction’s history, such as when the consumer placed the order, the payment status, the refund, and more.
7. Mobile-First Approach
We take a mobile-first approach because customers usually shop and pay on mobile apps. Therefore, our payment gateway is optimised for mobile use and offers multiple payment options to avoid transaction failures.
8. Track Real-time Status of Payments
Our dashboard provides real-time payment progress updates. You can track whether a transaction is successful or pending. If the transaction fails, the consumer receives full refunds immediately, increasing customer satisfaction and trust.
Additionally, our dashboard tracks and provides full reports on all transactions that occur on your app or website.
9. Integration Support
SabPaisa provides integration support for your platforms. We provide payment gateway plugins for a variety of payment platforms and a complete guide for popular computer languages such as PHP, Python, Ruby, and C#.
You may use our payment gateway for startups to sell like the greatest brands. By showing discounts and EMIS on the product page, you can stimulate the desire to purchase high-value things.
At the same time, you can utilise the no-code offer engine to easily configure special offers on your checkout page. Go ahead and enhance your conversion rates by 30%. We offer a quick onboarding procedure, and starting a merchant account should take no more than 24 hours. Our payment gateway provides real-time support via live chat, email, and other channels, which can help decrease downtime and operational issues.
Conclusion
Customer experience is critical to the success of any organisation, particularly startups. As a founder, you must keep the aforementioned considerations in mind while choosing a payment gateway for your firm. Finally, you must offer a payment gateway solution to differentiate yourself from your competitors, particularly for B2C businesses.
FAQs
1. Are payment gateways available in vernacular or multi-lingual languages?
Yes. To cater to the needs of tier-2 and tier-3 cities, payment gateways like SabPaisa also support vernacular and multi-lingual checkout experiences with Checkout for Bharat.
2. What are the different integration options provided by payment gateways?
The following are the integrations that you will find in a payment gateway:
- APIS: This integration is suitable for desktops and websites.
- SDKS: This integration is suitable for mobile applications
- Plugins: This integration is ideal for selling through third-party platforms and e-commerce stores like Shopify, BigCommerce, etc.
3. How are SabPaisa’s support services?
SabPaisa provides 24/7 support. You can connect with SabPaisa representatives around the clock to ensure business sustainability.
