Know how to use FinTech to boost E-Commerce Sales numbers.
TThe FinTech industry has contributed to the development of the E-Commerce sector and its rapid advancement worldwide. For every need, be it an essential or luxury product, e-commerce has become the first touch point for the customer. From micro businesses to international conglomerates, they have progressively adopted FinTech innovations to capitalize on the e-commerce penetration in every sector.
According to Statista, the E-Commerce market boom during the pandemic charted a phenomenal growth of 38.5% in 2020. The requirements of each sector, of each size of business are wide and varied- FinTech sector has the pressing need to produce quick, innovative, and scalable solutions to accommodate the unanticipated surge in the e-commerce sector. Some of the innovative solutions to support faster and streamlined payment collection are Payment Links & Payment Forms. Here is a quick read about how they can be used by businesses in the e-commerce sector.
Payment Links
The E-Commerce sector is not confined to traditional business practices. In fact, it has widely proliferated past the conventional business channels spilling over to businesses in social media sites. This mode of e-commerce business might not fall into the conventional realm of business practices but requires the same features when processing payment.
The payment needs to be fast, smooth, secure, scalable, and accept several different payment modes just as it does with a conventional e-commerce business. Payment Links is the perfectly designed FinTech solution for accepting payments from customers. Here is a list of features that specifically cater to the needs of the flourishing e-commerce sector.
- Payment is easy and hassle-free with a simple URL that can be shared with your customer via SMS, WhatsApp, email, messenger on Facebook, Instagram, DMs on social apps, or even a chatbot on a website.
- It is a simple 3-step process to generate a Payment Link.
- The security features remain the same across all payment modes. The payment and customer information are secure.
- Payment Links cater to diverse product range and dynamic pricing.
- It comes equipped with an analytical dashboard that helps monitor your P&L over a specific time period.
Payment Forms
The E-Commerce sector has diversified and adopted innovative business practices to accommodate the popular demand for subscription services. From furniture to electronic appliances, product-oriented businesses have forayed into service-oriented businesses.
For example: Water purifiers were once a sales and service business, with customers receiving and owning the whole unit for a full payment and acquiring service-on-demand over a specified period based on usage. But the current e-commerce advancement has led to water purifier businesses foraying into a complete service-based business. Customers can now avail themselves of the same facilities and have the same unit installed and only pay a subscription fee that is 10 times lower than owning a unit and servicing it every year.
The subscription-based business model straddles both product & service-oriented businesses. This unique and niche business model requires FinTech services that caters to streamlining recurring payments. Employing Payment Forms to collect and simplify the payment process for subscription-based business models. Here is a list of features that aid in collecting and streamlining subscription payments.
- Payment Forms are the hassle-free solution to collecting recurring payments for your product/service-oriented business model.
- The payments are secure across all payment modes.
- Payment Forms are easy to create with value addition services listed at an extra cost. Collecting recurring payments are automated which is simple and easy to use for both customer and the business.
- It comes equipped with an analytical dashboard that helps monitor business P&L over a specific time-period.
E-Commerce sector is growing rapidly owing to the innovations of the FinTech industry. Payment solutions are built to support fast, secure, and efficient payment processing. Payment Links & Payment Forms are two such innovative payment solutions that cater to the dynamic needs of the e-commerce sector.
Digitize payment services for your business and provide your customers with an easy, hassle-free, secure payment experience. We at Pay10 might be the payment solution that your business needs with an innovative, ultra-efficient Payment Gateway, Payment Links, Payout services, Billing service, Reseller services, and more.