Mobile Payments

1
Top Reason Why Your Business Must
Use Mobile Payments
Financial transactions have traveled up a long
way since the days of bargaining the products to
the physical cash exchange. While cash, checks,
and credit cards have all enjoyed their days in
the sun, mobile payments are quickly becoming
the payment method of choice. For a small
business owner, the smart strategy is to move
quickly to adapt to consumer trends. And,
increasingly, customers are turning to mobile
payments as their preferred way to pay. Whats
the Point?! Mobile payment is a transaction
where the payment is initiated via
mobile. Existing Hindrances
2
Every enterprise has its own set of hindrances
when it comes to online payment solutions. These
problems are majorly based on the business
modules. Some of the businesses require to accept
payments in installments, some of them are
required to accept some percent of payments in
advance, some of them even dont have a website
or online store but still need to accept online
payments(maybe due to transportation problems),
etc.

• Payment collection orders are always changing and
  so are the invoices and
• receipts.
• There is a lack of compatibility between payment
  acceptance solutions.
• Many businesses need an external physical device o
  r a third-party application to accept
  money/payment online.
• Growing security and fraud concerns about
  transferring /transacting online.
• Provision of the payment methods requested by
  customers.

In true real-time processing, a combination of
features, including integrated systems and
gateways, addresses liquidity issues and
minimizes delays, while preserving online
transaction integrity. A payment processor that
provides for immediate and individually processed
transactions can open client accounts in more
than one acquiring bank, thus avoiding the
delays often inherent in automated clearinghouse
processes. How ePayment solutions come as a
forerunner in supporting small businesses
3
Receiving payments online is one of the key
factors to grow business and profits. There are
multiple online payment methods to accept
payments digitally. List of digital payment
methods
Payment Gateways Integrating the business
websites with a payment gateway allows
businesses to collect payments online via
processing credit/ debit cards and net banking.
Payment gateways use platforms like VISA,
MasterCard, etc. Integrating with a third-party
payment gateway or Integrating with the banks
payment gateway. In addition to these payment
modes. E-Wallets
4
It is a popular mode of online payment which is
similar to a prepaid account where a user can
store his/her money for any future online
transaction. The app is linked with customers
credit/debit cards and requires a registered
mobile number and a verification
process. E-checks E-check is an electronic
version of a paper check. It is a form of online
payment service where the money is passed through
the ACH (Automated Clearing House) network and
then electronically transferred from the
customers account to the merchants account.
This payment method saves both papers as well as
time. Payment links Many small businesses or
startups dont have a website. For such a
scenario, payment links are the easiest, most
secure, and instant way to collect online
payments. They have advantages like split
payments, tracking payments, bulk payments,
sharing payment links via social channels, etc.
UPI Unified Payment Interface is a real-time
bank to bank fund transfer application developed
by NPCI, India. With a 2FA it provides a
hassle-free online payment transaction.
5
Many small businesses have also embraced
e-commerce, bringing their offline sales
strategies online by formulating a unified
commerce sales strategy. The rise in popularity
of in-store pick-up, click and collect and
contactless delivery are results of combining the
ease of purchasing online with the convenience
of picking up in person. Referred to as social
commerce, small businesses can also drive sales
by advertising on social media platforms and
linking these with their e-commerce websites.
Social posts can reach a wide audience so making
it easy to purchase from within these platforms
for curbside pick-up or in-store pick-up is a
great way to build a larger customer
base. Digital as the new normal Small
businesses can no longer ignore accepting digital
payments for commerce growth moving forward. If
theres only one thing on your payments strategy
for the next year, make it to enable digital
payments in all their forms. Itll pay off in
dividends. Bottom line Versatile installments
make a positive and better client encounter and
can assist with building a superior client
relationship. Mobile payments are turning out to
be increasingly more client situated and
hopefully, that portable installments will show
an expansion of a few creases in the coming
years. Advanced Digital payment systems are those
computerized electronic types of actual payment
with different advantages for the organizations
just as for clients. It is one of the safe,
advantageous,
6
and effective ways of paying for things without
conveying various credit or charge cards, money,
or coins. In case youre not previously
utilizing a type of advanced e-payment for
tolerating installments in your business, you
need to begin now. Just click here to get a free
quote (or) write to us at sales_at_roamsoft.in