MSME- Micro, Small, and Medium Enterprises is an umbrella term that represents all businesses with investments that amount to less than INR 1 crore or annual turnover of less than INR 5 crores. In the fiscal year 2021, MSMEs contributed a staggering 27% to India’s GDP. Most Micro enterprises often function with little or no support and do not prioritize revenue earnings. The advent of digital technology has a radical impact on every sector and the rapid advancement demands even micro businesses functioning with limited capital and revenue, to adapt the digital technology with an improved pace and scale, to be a stakeholder in the current marketplace.

Pay10 offers practical as-well-as reliable and dynamic solutions to the requirements of MSMEs.’ FinTech ushers in the advent of Digital Payments technology to micro, small, and medium enterprises, enabling them to be active stakeholders in the digital era. As a small business owner, you do not need to master the FinTech industry with technical expertise to digitize the business. Here are 6 simple precursory checks every smallbusiness owner needs to know, before setting up a Digital Payment Platform- Payment Gateway.

As a small business owner, when choosing Payment Gateway, the basic feature you need to look for is the payment modes. The fleeting interest of the consumers is facilitated by FinTech services- such as Debit/Credit Cards, Net Banking, UPI (Unified Payments Interface), BNPL (Buy Now Pay Later), Wallets, LendTech, and numerous other payment modes in the marketplace. When choosing a Payment Gateway, ensure to make a choice that caters to widely used and popular Payment Modes in the current marketplace.

The security of the consumer’s payment information- static and in transit, is paramount to the choice that you make as a small business owner. PCI-DSS Level 1 Certification is a precursory check that you can actively look for when choosing a secure Payment Gateway to handle your Payment transactions. Make certain that all security measures are robust and in place with meticulous checkpoints and multiple audits with strict in-house policies.

The Secure Payment Gateway of your choice must support a well-designed analytical dashboard that records more than just the payments. The easy-to-use Analytical Dashboard should be built to generate insightful information that facilitates business decisions critical to revenue generation and improved ROI (Return on Investment).

One of the metrics that measure the efficiency of a Payment Gateway is the Transaction Success Rate. This refers to the number of attempted payments by the consumer, successfully completed by the Payment Gateway. This slashes down the cart abandonment rate drastically and ensures that your customer has a smooth payment experience which in turn adds positively to customer gratification.

Ease of API (Application Programming Interface) integration when availing FinTech services is an essential checkpoint. Easy Onboarding- clean and hassle-free integration that supports an agnostic platform saves time, and resources, and ensures speed of installment and ease of use. Also, cloud infrastructure offers improved and quick scalability of services that benefits small businesses immensely.

The payment Gateway of your choice needs to offer dedicated customer support and guarantee easy conflict resolution with a minimum TAT (Turn Around Time). Ensure to choose a Payment Gateway Provider offering dedicated customer support that follows protocol and warranties swift payment settlement cycles. Dedicated customer support from your Payment Service Provider ensures easy payment resolution and better customer gratification, in the limited marketplace that a small business operates.

For a small business owner, vital importance is placed upon choosing the right Payment Gateway to ensure that you earn and build on the customer base in the limited marketplace in which you operate. Here is a detailed handy checklist to choose the Best Payment Gateway. Make an informed decision to have an efficient payment processing system. We at Pay10 offer innovative, ultra-proficient, and multifaceted FinTech services empowering your business with easy, reliable, and secure digital payments.