How to Make an Online Payment at Cubber Store – Features, Advantages, Eligibility Conditions
It is a mind-boggling fact that payment through online modes crossed $850 billion dollars last year, the highest growth seen in over a decade. Online payment has become a part of our day-to-day lives. Businesses, be it big or small, are accepting payments through various online modes. One can pay not only via credit/debit card but can also use UPI, net banking, and wallets. Online payment is a simple, elegant, and convenient way of buying products from all over the world.
The Covid-19 pandemic taught us how payment gateways are the way forward. Today, cash is hazardous as it can be a medium of spread whereas online money transfer ensures safety both technically and physically. One can observe a surge in people opting for payment gateways. These gateways not only conduct transactions related to sales but can also be used to send money online instantly to anyone anywhere. With businesses trying to capture global markets, money transfer online has become a lifeline.
Q. What Is A Payment Gateway And How To Send Money Online?
A tunnel that connects your bank account to the platform you need to pay is known as a payment gateway. In other words, a combination of hardware and software allows one to transfer money via the internet by using modes like net banking, credit/debit card, UPI, and online wallets. Gateway plays a 3rd party role in getting your money from one spot to another securely and swiftly.
Here’s a quick description of the terminology used:
- Payment Gateway:
A module service that receives payment requests and transfers them from the website to the payment processor.
- Payment Processor:
A module service that receives bank details and provides connections to acquiring banks. This module checks whether the transaction is valid and approved. The transaction is authorized if the customer has sufficient funds and money is taken from the customer’s account. The website is notified.
- Payment Service Provider:
The company that operates payment gateway and payment processor services.
- Payment Service/System:
The place where payment providers give payment gateways of multiple types along with different pricing and features. Each type is an individual payment service/system.
- Merchant Account:
An account specifically made to hold funds transferred from the main bank account via online modes. To implement online payments, it is necessary to set up a merchant account with your payment provider.
Moving on, in order to send money online, you first need to register on a payment gateway or if you are paying on eCommerce, you need to enter banking details. Select the amount that is to be transferred. A one-time password (OTP) would be generated and sent to your mobile number, in some cases you may be asked for a pin. Enter these details and wait for the transaction to go through. The amount would be deducted from your bank account and a confirmation message for the same would be sent.
Q. What Are The Benefits Of Payment Gateways?
Now you must be aware of the basics of payment gateway and how to transfer money online, lets understand the benefits associated with it. They are as follows:
- Immediate Payment:
Online payment gateways not only break geographical boundaries allowing instant payment but also ensures that customers don’t default on their orders. The notification system reminds them of due dates keeping it all in check. This reduces late settlements and accelerates business significantly. It also gives an option to the customers to order from anywhere around the planet.
- Security:
One receives multi-layered security by implementing online payment gateways in your business. It keeps your as well as the customer’s money safe by keeping all intimate information away from scammers. It also provides real-time messages so that transactions can be cross-checked. The facility of online money transfer helps in gaining the trust of customers and in turn, increases brand advocacy.
- Better Experience:
When you eliminate the hassle of physical payments, it makes life for both businesses and customers easier. Customers get the option of availing themselves of your services from the comfort of their homes whereas it gives your business a good reputation and notably decreases the work required to process a payment. Online payments providers provide intuitive interfaces that enhance the experience even more.
- Get Impulse Buyers With Good Offers:
The offers provided on online transfers lead to several buyers making last moment purchases. The convenience also makes them want more as the process is easy and fast. An affiliate marketing program can also do wonders for business and increase sales as people receive great benefits. All of this also gives customers the best deals and saves a significant amount of money for them via cost-free benefits.
- Decreased Work/Cost:
A good online payment gateway decreased the workload and cost of the company in several ways. Well, the designed user interface facilitates by eliminating the task of issuing bills. There are fewer walk-ins or mail payments, decreasing work significantly. On the other hand, it saves huge amounts spent on printing and paper bills. The operations are streamlined which elevates the morale of the employees. With the recurring billing option, customers get weekly/monthly bills sent directly to their inboxes.
A recent survey suggested that India is moving towards a digital economy faster than ever. People are keener to conduct their transactions online and the rate at which this technology is moving forward is unimaginable. Today, monthly chores like paying electricity bills or gas bills are also being done by online modes. As these numbers increase, it is essential to understand that inducting an online transfer facility into your business is of utmost importance. Here are a few features you should look for while doing so.
Q. What Are The Top Features Of Online Payment?
- PCI Compliance And Fraud Management:
The PCI defines a set of specific data security standards regardless of transaction value or revenue. It detects fraudulent activity, encrypts sensitive information, and uses reliable means of authentication.
- Multiple Processors:
By integrating multiple processors instead of restricting them, one gives merchants the choice of acquiring a bank they want to use. It also helps you provide competitive rates and keep the market alive via competition.
- Scalability:
As the requirements grow, the platform too should have the capability to accommodate the needs simultaneously. As the security standards get better a payment gateway must be able to improvise.
- UPI Integration:
Other than including the usual option of online payments like debit/credit card, net banking, and wallets, integrate UPI payments as well. The portal must be accommodating to the varying merchant preferences.
- Security Seal:
In order to ensure people that your platform is a safe place to conduct transactions, add security seals and credit card logos. It can be displayed at checkout or also on the footnote of the platform.
For Guidelines On Eligibility Criteria Visit:
Summing up, an online payment gateway can serve both B2C and B2B requirements. If you are looking for a B2B solution, the best in business is Cubber Store. One-stop solution for all requirements. It consists of all features and provides amazing benefits to users. Register today!