E-Commerce Businesses- 5 Ways to automate your Payment System
E-Commerce (or Electronic Commerce) is buying and selling of goods or services on the Internet. It requires an intuitive and responsive system of data, structure, and tools to facilitate online buyers and sellers. The e-commerce sector has charted an unprecedented growth during the Covid-19 pandemic. Owing to the increased internet penetration in India and favourable market conditions, e-commerce sector in India was approximately USD 22 billion in 2018 and the number is estimated to reach USD 350 billion by 2030. The Payment Systems play a critical role in the smooth functioning of e-commerce businesses.
Payment Systems for E-Commerce requires more than just accepting payments for a sale.
E-Commerce sector requires a sophisticated Payment System that helps create an autonomous system that allows seamless transactions- accepting payments using different payment modes, processing refunds and recurring bill payments, handling vendor commissions, speedy reconciliation, and payment analytics. Here are 5 things you need to look for, as a stakeholder of the e-commerce business when looking for a holistic Payment System.
- Payment Analytics
- Processing Returns & Refunds
- Handling Vendor Commissions
- Unified Payment System
- Several Payment Modes
E-Commerce businesses rely on several external factors in the marketplace. The generated ROI (Return on Investment) for a specific time aids in driving business decisions and marketing endeavors for the future. Payment Gateway that powers a unified analytical dashboard benefit in generating relevant payment analytics. This automated feature contributes towards making the right business decisions that help scale and build on the revenue and ROI.
In the E-commerce sector, the most common and standard feature is processing returns and refunds. The Payment System is not limited to just accepting payments, there must be an impeccable refund system that limits manual intervention, reducing manual errors. Processing returns and refunds require a sophisticated autonomous Payments System that facilitates smooth payment experience for the customers, which in turn adds to a positive customer experience while building a reliable and transparent brand image.
Most e-commerce businesses are reliant on vendors or third-party suppliers. Efficient handling vendor commissions is an essential for an e-commerce Payment System that can help accept payment from customers, deduct corresponding vendor commissions, and schedule timely and contracted percentage of payment to vendors or service providers or delivery partners.
The seamless transition between brick & mortar stores to digital stores is of vital importance to the business. Unified Payment System with POS (Point of Sale) terminal and a digital payment gateway elevates the experience for both customer and the stakeholders of the e-commerce business by providing a hassle-free and transparent payment experience.
The objective of any e-commerce business is to make the final sale i.e., entice the customer to purchase the product or service. The final payment is the end goal of making a sale. Providing a hassle-free and smooth payment experience is essential. The basic feature every e-commerce business needs to provide to their customer is a Payment Gateway with several payment modes that are reliable, prevalent, and trending.
The reliable and the commonly used method of accepting payments via., Debit/Credit Cards & Net Banking, the popular payment method of UPI (Unified Payments Interface), and the most recent and trending payment modes such as BNPL (Buy Now Pay Later), Wallets, LendTech, etc.
The right Payment Gateway with all the essential features, helps create an autonomous Payment System for the E-Commerce business that aids in processing payments and all manner of transactions with ease and with minimal human intervention. We at Pay10 offer innovative,
ultra-proficient, and multifaceted FinTech services empowering your business with easy, reliable, and secure digital payments.