Six Reasons To Be addicted To Payment Gateways In India
The Indian economy is growing at a breakneck pace. The government took significant initiatives that include implementation of GST(Goods and Services Tax) and demonetization. It has undoubtedly created challenges for people and organizations that were not paying the taxes in the right proportion. The government wants the entire business to be in the digital mode. It will help the government calculate the national financial activities in the most optimum way. It will also reduce the economic calculation errors. Today the GDP Per Capita of India is over 1,709.39 USD (2016). The GDP growth rate of the nation was 7.1% annual in the year 2016.
Source Worldbank https://data.worldbank.org/country/india
Apparently, India is one of the fastest growing countries in the world now. Various International Financial Institutions have already projected that India will bypass the annual growth rate of China in the next few years. With a humongous population of over 1.32 billion, India is all set to be the driving force of the world economy in the next 2-3 decades.
In this article, we will quickly go ahead and understand the top 6 reasons that will make you addicted to the payment gateway industry in India.
Payment Gateways In India Are Easy To Start.
Getting a payment gateway in India has become extremely easy because the banks are very much comfortable onboarding merchants these days. Payment processing has always been an off-balance activity, but now financial institutions are becoming aggressive in this field. Banks are generating a lot of cash reserves, and this is helping banks and other financial institution to take additional risk, and they are quickly offering loans and payment gateways to businesses. In India, people can get a payment gateway even if they have the smallest kind of business. Most of the payment service providers can get the account live within 3-4 working days. The rate of the transaction is a lot lesser in India in comparison to Latin America and other parts of the world.
Payment Gateways In India Offer Low Rates.
Every business owner wants to reduce the cost and what is better if you do not have to pay any transaction fee. No transaction fee? It may sound strange, but it is a fact. For example, if a merchant starts utilizing a point of sales device in India, then he doesn’t have to pay any transaction fee on debit card transactions which are less than Rs 2000. Strange but true the government took this initiative because it wants every business to accept credit and debit card transactions. It also encourages the business owners to start using the cashless mode of payment processing.
Payment Gateways In India offer Pay By Web and Email Feature.
Most of the payment service providers in India offer a bouquet of service to their customers. It includes the ability of quickly accepting payments over the web and email. Merchants in India can easily integrate the payment gateway on their website. Since India is already one of the most famous countries in terms of technological advancement, almost every payment service provider offers readymade plugins to the merchants. This helps the merchant to quickly except transactions over the website. As I mentioned earlier that the Indian companies do offer a bouquet of service this also includes the ability to raise an invoice and sending it directly to the customer. A customer can open this email invoice and click on the Buy now or Pay now button. The customer is then routed to a PCI DSS compliant page where he or she can easily submit the card information.
Indian payment Gateways offer Recurring Payment for Schools.
The payment processing companies in India are focusing on selling payment gateway for school. There is one massive reason behind it. This reason is massive transaction volume. People in the West may think that education is cheap in India but they will be surprised to know that few Indian schools charge as high as any school in North America or the United Kingdom. Payment processing companies find this industry highly lucrative. Indian payment service provider companies are offering extremely affordable plans to schools in India. Schools can easily integrate the payment gateway on their official website. Parents also get a notification for the pending tuition fees on their email. Many payment service providers also offer recurring billing option to schools in India. The education sector in India is one of the sectors that has got the capability to offer a very high transaction volume to any payment processing company. Even the Central Board of Secondary Education in India also known as CBSE has sent circulars to all the CBSE schools recommending that all schools should utilize the electronic mode of payment processing. Many schools have started using payment gateways.
Split Payments For Marketplaces Is Available With Few Indian Payment Gateway Companies.
India is referred as a young Nation and as the Prime Minister of India Shri Narendra Modi did mention that India will play a pivotal role in the future of world economy there are so many startups rising in India. Out of these many startups also offer marketplaces to different sellers. Indian payment gateway companies have started offering customized solution to these marketplaces which involve helping these businesses with split payment. That means they split the payout and send the required proportion of payments to the seller and the Marketplace owner individually. This helps the Marketplace companies in reducing their cost of accounting and it also helps sellers in easily receiving payments.
Opportunity To Reach 1.32 Billion People Easily With Indian Payment Gateways.
World’s population is over 7.6 million out of this a little over 1.32 billion people live in India. It is one of the most populous countries in the world. India is certainly one of the biggest markets for the global giants and that is why you will find offices of top-notch fortune 500 companies in India. In the city of Gurgaon alone you can find offices of almost 50 top 1000 companies in the world. By using payment gateways these organizations and also small organization can get the required capability of offering their products and services to the deepest corners of India. A Seller may be located in Kashmir but his buyer may be located in Kanyakumari that is the southernmost point of India. Handicraft manufacturer in Assam can easily sell the product to a buyer located in Surat in the state of Gujarat. The payment gateway industry has got the enormous potential to contribute to the growth of Indian economy. This is the only way through which the Indian economy can be extremely transparent and the government can collect the right amount of taxes for the Nations growth.
Having said many things about the top 6 reasons to be addicted to payment gateways I would also like to let you know that the payment industry in India still in the nascent stage. This means that merchants still do not negotiate with their payment service providers. This is because most of the merchants are using payment gateways for the first time. Merchants must take quotes from different service providers and try to find the best possible solution which is cost effective and technologically most advanced.
Let Quadrapay become your support system in finding reliable processors. No matter what solution you need we will assist you. We can introduce you to the best ach payment gateway companies in USA and can also help you setup payment gateway in India. We can also help you reduce your chargeback percentage. Send an email to [email protected] today!