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Busting the Common Myths About Using a Payment Gateway
Jan-23, 2021

Busting the Common Myths About Using a Payment Gateway

by admin

The importance of getting access to a reliable payment gateway is known to all merchants. However, the common myths and misconceptions associated with payment gateways at times make them sceptical about choosing the right one. In fact, the misconceptions, such as considering that all payment gateways are the same, might end up making them go with any service provider without proper research and assessment. With that in mind, here’s clarifying some of the common misconceptions about payment gateway services that you need to stop believing in.

1. All payment gateways provide the same services

There are many myths about payment gateway, but the biggest one is that all payment gateways provide the same services. Different service providers set different limits on loan capabilities, cash advance, e-commerce solutions, gift cards, and so on. Moreover, not every gateway will offer multiple payment options or international card acceptance.

2. Debit and credit card fees are the same

The fees for debit and credit cards are usually different. In most cases, the companies charge a bit more for credit cards compared to debit cards. Considering a number of aspects and risk factors, debit cards have lower fees processors pay.

3. A lower processing rate means a better company

Though low processing rates are certainly attractive to you, do not make it the only or foremost factor that you consider. Price is not an indication of the quality of services, so a low processing rate is not an indication that you have chosen the right services. Crappy software and hardware, bad customer reviews, lengthy waiting times for processing, and incompatibility are the things that might come with an extremely low processing fee.

4. It is better to work with the local bank

Yes, there is no harm in working with a local banking service. However, local banks don’t necessarily get you the best deals ever. It is better to look around for the best package on offer in the world of payment gateways. And, the chances are that you won’t find that best package at your local bank.

Now that all your misconceptions have been cleared out, it’s time to contact one of the finest online payment gateway providers in India: Grezpay payment gateway. We will make payment processing easier and faster than ever for you. So, join us today in revolutionizing payment processing for your business.

 

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Who All Is AnIntegral Part Of A Digital Payment Transaction?
Dec-20, 2020

Who All Is AnIntegral Part Of A Digital Payment Transaction?

by admin

Businesses that belong to the same industry or niche market operating in the digital space compete with each other round the clock and strive to gain an edge over another by meeting customers' satisfaction levels. To allow customers to enjoy a unique online shopping experience, many e-commerce stores have lately integrated reliable online payment gateway.

While setting up your online store, make sure that you choose one of the trusted online payment gateway providers in India. Ensuring it will help you offer your customers fast and secure online payment transactions and skyrocket your e-commerce business's growth.

To make an informed decision, you should know who all is an integral part of a payment transaction that takes place online.

E-Commerce Store

Partnering with an acquirer or a merchant bank is imperative. It accepts online payments on your behalf that customers make using credit cards—the merchant bank deposits payments into a merchant account.

Consumer

Using a debit or credit card can allow a customer to make online payments for purchased products successfully. The issuing bank is the one that permits the customer to make online payments hassle-free.

Technology – Payment Gateway & Payment Processor

You need to rely on two different technologies, which facilitate you and your customers to carry out online transactions with the utmost ease.

·      Payment Gateway: Availing payment gateway services is imperative. An online payment gateway is instrumental in connecting your e-commerce website's shopping cart to the card processing network.

·      Payment Processor: It is also known as merchant service and performs all strenuous activities that include online transaction movement, sending billing statements, dealing with your bank, and many more.

E-commerce, customers, and technology are an integral part of an online payment transaction. Keeping these in mind can certainly help you make an informed decision.

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The Role Played by a Payment Gateway in an Online Business
Nov-24, 2020

The Role Played by a Payment Gateway in an Online Business

by admin

Payment gateways have a pivotal role to play in the entire online payment ecosystem. You are relying on the wrong gateway to receive payments from your valued customers and can send the whole payment procedure on a steady downward spiral. 

But, what is it exactly that makes the payment gateways so crucial for an online business? Here's outlining the role of a gateway to answering this question for you.

The bridge that reduces physical and social distance

The payment gateway services lay in the middle of the entire payment processing system. It connects the buyer and seller's bank, the issuing bank, and the acquiring bank, irrespective of the temporal, social, or physical distance. And, when this bridge is not stable enough, the entire system falls into chaos.

The certifier that makes sure of the quality

After the customer enters the card details, the gateway is expected to authenticate the card information by watching out for any discrepancies or loose ends, and finally give the sign to continue with the rest of the process. In this way, the gateway ensures that there is no fraudulence involved in the payment activity.

Ensures the seamlessness of the process

It is the gateway's responsibility to assure the business and the customer that the right amount has been between the right places at the right time. With that end, the gateway provider checks the authenticity and validity of the customer's payment details, the issuing bank's authorization, and the transfers made by the acquiring bank. In this way, it is what brings all the participants of the process to work together seamlessly.

The role in minimizing hassles

With the right payment gateway at work, making online payments becomes a breeze for both the sellers and the buyers, regardless of how far they are from each other. Moreover, these solutions reduce security risks and the need for manual intervention, along with considerably bringing down online transactions.

  • Now that you know all the roles that a dependable payment gateway can play for you is searching for the right solution? Well, let your search end at Grezpay, one of the most reliable online payment gateway providers in India that can make payment processing super easy and safe for you. With the fast and straightforward onboarding process, you can go live with Grezpay in thirty minutes.
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The Art of Evaluating Your Online Payment Gateway
Oct-11, 2020

The Art of Evaluating Your Online Payment Gateway

by admin

Most businesses these days are switching to online payment gateway methods. It is considered to be one of the easiest, quickest, and most flexible ways of performing business transactions. But every business has its specific requirements. They must meet the criteria that your business demands. Here are some pointers to evaluate Payment gateway services!

Will it support the currencies and the nation where you will run your business?

Some gateways support transactions only in specific nations and functions with particular currencies. However, some payment platforms allow multiple gateways. These are suitable for global businesses that have such a requirement. So this is another aspect that you will need to keep in mind. You will need to make sure that you are picking the right payment gateway solution as per your requirement. 

 How reliable and reputed is the service, and what about the SLA?

It is essential to have a clarified understanding of the gateway’s SLA, payment system reliability, and more. To retain customers, businesses need to be very specific about the choice of their payment gateway procedure. There cannot be any kind of compromise as customers are highly conscious about the payment modes you offer, and it is evident for anyone to be concerned about their hard-earned money. 

How did they handle any service interruption before?

There can be service interruptions caused due to many reasons in many situations. But the question is, how reliable are they when it comes to handling these situations. Businesses require quick resuming of any interrupted transactions. Make sure you drill down into specific details via past client feedback, reviews and testimonials, and more. 

What to expect when it comes to onboarding experiences?

Not all of the gateways are created on equal grounds. So here are some of the points you must consider as a business. 

  • How fast will they be able to onboard new consumers?
  • What type of self-serving tools do they offer, and what capacities do the tools have?
  • What self-serve options do they have?
  • Do they network with proper banking firms?

However, each online payment gateway providers in India offers different advantages. Currently, GrezPay is one of the top choices of businesses when it comes to adapting to online payment methods. Make the right choice for your venture now. 

 

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What Is the Buzz About Online Payment Gateways, and How Do They Work?
Oct-11, 2020

What Is the Buzz About Online Payment Gateways, and How Do They Work?

by admin

Transactions used to be a huge issue in the early times for big ventures and businesses. People had to travel miles to collect the fund, take frequent bank trips, or fall prey to some kind of fraudulent practices. Bounced cheques also used to be a massive issue for businesses collecting money from different sources. However, the emergence of online payment gateways has evolved things and ways for businesses significantly. 

A lot of the businesses in today's time are adapting to Payment gateway services to make their transactional operations quicker and easier. A payment gateway is a hassle-free and simple way of collecting online and digital payments from applications and websites. Here is a quick idea about payment gateways if you are still in uncertainty.

  • The customer selects what they want to order and clicks on submission or an equivalent option on the site. 
  • As this takes place, the site then takes the consumer to a page where he or she needs to key in the required information. The user is then taken to the 3D secure page by the PG to validate that the transactions he is making are authorized. 
  • As soon as the gateway attains the transaction's approval, the bank validates if the consumer has enough balance in his account to complete the transaction. 
  • The merchant receives a text from the payment gateway accordingly. If the bank responds with a No to the merchant, he sends an error text to his consumer. But if the response is yes coming from the bank's portal, then, in that case, the merchant attains the transaction from the bank. 
  • The bank then settles the money with the payment gateway that, in return, settles the fun with the particular merchant. 
  • After completing this procedure, the consumer receives a message of confirmation saying that the order has been placed. The message also contains other necessary information about the order as per the company regulations. 

However, as said and done, GrezPay, as one of the leading online payment gateway providers in India has become the number one choice of cooperates, small, and medium businesses. 

A lot of entrepreneurs prefer it for its business savvy and industry-centric features. It offers users access to primary debit cards, credit cards, and net banking. 

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How Do You Know That Your Online Payment Gateway Is Secure and Efficient?
Oct-11, 2020

How Do You Know That Your Online Payment Gateway Is Secure and Efficient?

by admin

With the emergence of e-commerce industry, the dynamics of purchasing and selling products have significantly evolved. There are more and more people becoming reliant on this concept of purchasing and selling goods and services. The choice to shift to online payment methods is ir5respective of generations, genders, or ages. As per sources, the percentage of global online payment method users is constantly increasing every year.   

Not just people, but even giant corporate and small to medium-scaled businesses are falling reliant on Payment gateway services today. However, when you place your search for a payment gateway, you will find plenty of options on your plate. You must choose a reliable and reputed service as it is very different from the usual services. Based on your customer’s security and your business security, here are some pointers to keep in mind before choosing your gateway.

The reputation-

One of the foremost things to mention before diving into the details is the reputation of gateway. It is important that you are assured about the reputation that it holds in the current market. Reliability often comes through reputation, and you have to see if it is reliable for your personal transactions or business. Going through its reviews, checking on feedbacks, and success stories are some of the things you can brush on.

Does it go with the product? 

Now, when you are selling goods and services online, the payment provider is needed on each website. It is the medium to help customers pay for the service while the company receives the fund quickly and stress-free. You have to evaluate if your payment solution is adaptable enough when it comes to the choice of the products. 

Will it give a good payment experience?

Your customer’s comfort and security is your responsibility. The payment experiences shall be a significant part that will be reflecting your brand’s image. This is where the importance of choosing a gateway with a comfortable interface and features comes into attention. 

Make sure that the interface is comfortable for both your customers and employees to understand and handle. It must be flexible to cover a wide range of minds using your payment system directly or indirectly. GrezPay is one of the widely chosen online payment gateway providers in India today. 

You can explore the service details on their official website. 

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Consider These Before Choosing An Online Payment Gateway For Your Business
Sep-10, 2020

Consider These Before Choosing An Online Payment Gateway For Your Business

by admin

All merchants selling online and with e-commerce or business websites must have a premium payment gateway integrated into their business portals. Merchants are free to receive payments through other means, including post-dated cheques.

There is a problem with this process. It is lengthy, laborious, and lacking, with tech-savvy customers preferring paying though the newest cashless payment methods. Among these are credit and debit cards, cash cards, net banking, and more.

Businesses without a payment gateway in their e-commerce website are losing out on a great many prospective customers. It is high time that they start the process of integrating a modern payment gateway.But, which payment gateway is going to suit them the most. We are going to discuss this below.

Choosing one based on their requirements

A payment gateway integration has to satisfy all the needs of businesses. There are payment gateways that require a set monthly fee. There're those that charge based on how many financial transactions an e-commerce website does. Businesses must get one they can afford and won’t waste their money on. Brick-and-mortar businesses can also sell through a payment gateway, but they may need two merchant accounts.

Businesses selling internationally should get Payment gateway services that allow payments with international cards, including MasterCard and Visa. What about businesses with an extensive domestic buyer base? They should get a payment gateway that allows payments with debit cards and various net banking modes.

A wise payment gateway integration is one allowing payment through numerous modes. A payment gateway that allows 100+ payment options is great.

Research-

Merchant account payment gateways remain a part of online business websites for long. Thus, businesses must take time to pick one. A gateway that details all fees openly and has a transparent functioning mode is preferable. It shouldn’t have hidden charges. Businesses must be wary of those with hidden charges that aim to draw the capital money out of a business’s wallet. Thus, businesses must compare the fee arrangements of major payment gateways in India.

Payment and user-friendly Features.

The top online payment gateway providers in India offer an impressive set of features. They help with greater success rates of dealings and enable greater buyer satisfaction. Some offer “Auto-Retry” and “Smart Routing” features. They help businesses enjoy the greatest payment success rates. A payment gateway has got to offer businesses SSL security and conform to PCI DSS standards.

Meta: It is that businesses have Payment gateway services integrated into their e-commerce or business website. Grezpay can be an ultimate choice.

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Businesses Can Be Free From Cash-Based Transactions
Sep-06, 2020

Businesses Can Be Free From Cash-Based Transactions

by admin

Cash has been the leading mode of payments and transactions in India for a long time. However, the scenario is rapidly changing with merchants and consumers resorting to effective and safe cashless methods of transactions and payments. More and more small and large-scale businesses are taking to cashless methods of getting payments. Cashless digital payment systems offer merchants, particularly small businessmen, several benefits. 

Efficiency-

Online payment gateways offer customers and merchants unmatched efficiency. Merchants who use these payment gateways can get payments for sales easily in their online banking accounts. Buyers can pay through credit and debit cards, online and mobile banking services, digital wallets, and more. The merchants process the payments effortlessly.

Several ways of making and receiving payment-

Providers of online Payment gateway services offer buyers several options to pay through merchants' online payment gateway system. They can pay in any of the several prevalent international currencies, including USD, INR, GBP, etc. They don’t need to convert to the local currency of merchants. Moreover, the numerous more cashless payment options, including online banking and digital wallets, are a boon for small online merchants. They can easily take payments from their buyers worldwide.

Secure payments-

Online payment gateways are a very secure way of processing online payments. These systems are capable of blocking suspect online transactions. Thus, they save buyers and merchants precious time that otherwise goes into identifying and resolving online payment frauds. Moreover, these systems thwart losses from duplicate currency, which are common in payments. Small-scale businesses, including local cable service providers and local grocery stores, can now facilitate online transactions for their clients. 

Faster transactions-

Cash-based transactions indeed appear efficient over the short run. However, online payment systems have chances of saving effort and time for consumers and merchants. Online payment gateways have been designed to offer customers unimpeded transaction and payment processing. They also take care of the comprehensive verification and sanction of a payment process. Online transactions are a highly appropriate payment process for non-profit organizations. They can take payments or donations from parties without using an ATM for payments done with RTGS, NEFT, and IVRS. 

India is experiencing an enormous rise in cashless payment methods. The reason is that they offer consumers and merchants clear benefits over customary cash-based methods of payment. There are several reputed online payment gateway providers in India to choose from.

Meta: Online Payment gateway services are the order for the day for businesses, and there is a good reason for this trend. They have a number of benefits.

 

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Why Do Businesses That Wish to Have a Payment Gateway Pay the Payment Gateway Provider?
Sep-06, 2020

Why Do Businesses That Wish to Have a Payment Gateway Pay the Payment Gateway Provider?

by admin

Businesses with a payment gateway can offer several payment options to their customers on the checkout page. They can gather payments across platforms. A payment gateway provider associates with banks, card networks, including Visa and various payment service providers, to enable online payment collection. The important point is that payment gateway service providers incur charges.

Payment gateway charges comprise of several charges, including charges for setup, TDR, and more. Next, we will discuss the standard payment gateway charges separately.

Setup Fee

It’s a one-time fee paid by businesses for integrating a payment gateway in their website/application. It’s a non-recurring fee. The fee covers expenditures on

  • Getting a business on board
  • Infrastructure cost (For every net banking option enabled, a payment gateway service provider must share merchant particulars with the concerned bank. Next, the bank activates the account. The bank could charge an amount for this)

Annual/Monthly Maintenance Charges

Businesses could have to shell out a fixed monthly/yearly fee to a payment gateway provider for maintenance. These charges cover operating expenditures, technology up-gradation, and software maintenance costs).

This annual/monthly fee varies based on some factors. They are:

  • Payment modes activated
  • Sorts of integration (Businesses that have web checkout will incur lower maintenance charges. Charges are likely to be high when businesses do radical integrations, an example being seamless integration)
  • What payment gateway features are opted for (auto-billing service and integrated refund management are likely to be additional features)

Some providers of Payment gateway services also offer various risk and fraud prevention and management services. Businesses that wish to avail of these could have to pay extra.

TDR

True to the name, this charge is based on all transactions that a business processes via the payment gateway. The rate varies based on what payment mode the customer uses. The TDR is going to be low for a customer paying via net banking. It is going to be higher for payments made with international credit cards.

With a good number of payment gateways, the TDR decreases with a growth in sales.

Now, a payment gateway service provider doesn’t get the entire TDR. These fees are divided between several parties in a transaction. We will see how a 2% charge is divided.

  • The issuing bank gets 1.25% for card payments
  • Card networks including Visa and other intermediaries get 0.15%
  • The acquiring bank gets 0.25%
  • The Payment switch provider gets 0.10%
  • The payment gateway provider that gets the business onboard gets 0.25%

Businesses keen on offering customers various domestic and worldwide payment options can pick from several online payment gateway providers in India. Their payment experts will understand a business requirement and propose the best blend of features for the business.

Meta: Businesses need a provider of Payment gateway services for integrating a payment gateway in their website/application. However, they need to pay the provider a fee.

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