Electronic Payment System: Why Does Your Business Need One?

MARKETING

Digital transformation is at the core of any modern business, whether it’s a Retail giant or Kirana shop – Sairam Veeraswamy, VMWare

If you own a business, accepting online payments is the demand of current times. Businesses that provide deeply personalized, contextual digital experience to their consumers will set the benchmark for commerce in this era.

CUSTOMER DEMAND DRIVER

Anytime, Anywhere Payments

India’s journey towards digitization through E-payments are getting comfortable for merchants, as well as customers adopting new digital technologies. Furthermore, an amazing journey of digitization in payment solutions is taken by Innoviti – Fintech leader.

Customers feel more comfortable browsing and shopping from anywhere at any time with just a few clicks. E-payments are gaining great popularity with the rise of eCommerce and online shopping.

Nowadays, online payment acceptance and an eCommerce site is crucial to have for any business as customers are getting comfortable with online shopping.

The trend toward digitization of payments is undeniable. Thus, Innoviti tapped into the market providing its great digitized products generating huge revenues for merchants. By 2025, the value of digital payments transactions is estimated to reach USD 8.7 trillion globally. In China alone, probably the world’s largest digital payments sector, transaction value has already surpassed $1.6 trillion in 2019.

Superior User Experience & Personalization

Customers have become accustomed to convenient, rich and highly interactive user experience offered by Innoviti and other payment providers worldwide. Customers are looking towards the similar hassle free, easy and fast experience for their payment needs.

Payment as an experience is getting highly personalized with inducement of loyalty programs, customized rewards and offers based on buying and consumption patterns provided by Innoviti’ Genie.

ELECTRONIC PAYMENT CLASSIFICATION

E-payment is classified into two categories, i.e., cash payment system, and credit payment system.

Cash payment systems include E-check, E-cash, Stored-value card and direct debit while Credit payment systems include credit cards, E-wallets and smart cards. These E-payment methods help consumers pay instantly and securely providing quality user experience.

WHY DOES YOUR BUSINESS NEED ELECTRONIC PAYMENT SYSTEM?

Around 3.8 billion customers use the internet actively, which has transformed business dynamics in a globalised environment where technology is always evolving and developing. Electronic payment system has eliminated the need of going to banks for transactions and other related activities. Here are a few amazing benefits of an electronic payment system for business.

Low Risk of Theft

Money is the lifeline for running a business. The capital is vital for the business and day-to-day life. However, accepting payments through cash is against safety and quite risky. Due to the exponential increase in crime rate, depositing money in a bank is pretty unsafe with several chances of money getting stolen.

Innoviti uses an E-payment system that minimizes the risk of theft by providing secure and safe payment transactions with multiple payment options . Moreover, the record of all transactions can be tracked by the end of the day. Now innoviti has gained consumer trust by reducing double debit.

Increase Sales for Greater Revenue

Every business wants to target high significant revenue for development and progress of business. According to the latest survey and reports, it has been proven that consumers use e-payment to spend on buying products and services. This in-turn increases the rate of revenue for business progress. know how SMEs are Expanding their business with their new growth partner- Innoviti

Transparency Wins Trust

Transparency is one of the essential factors for business. Consumers are highly concerned for their data privacy and are willing to protect it. According to research, more than 50 % of customers would switch companies if their data policies or data sharing practices failed to protect consumer data.

Innoviti’s electronic payment system acts as a benchmark by providing transparency by offering details of transactions for a better user experience.

Reduces Carbon Footprint

The use of paperwork has been reduced, for instance, paper receipts with digitization in eCommerce payments systems. Modernized Innoviti’s e-payment ecosystem offers digital equivalent to the customers by saving money on paper, ink, and printers.

Saves Processing Cost

Processing cost is a metric used in cost accounting to assign and collect costs in manufacturing units. It averages the entire cost of the process across all of the manufacturing branches. When you offer payment services to clients, for example, you’ll require a card processor, who will allow payment transactions in exchange for a high-cost value.

However, electronic payment does not impose high costs; you must pay a set subscription to your service provider in accordance with the agreements and laws.

Instant Payments Equals Happy Consumers

Everyone is struggling with job, relationships, finances, health, and a range of other challenges. The conventional technique is a demanding and hectic process since it is typically sluggish and time-consuming. Electronic payment systems, such as credit cards and e-cash, decrease turmoil since they are faster and more clear.

Electronic payments can be made using Innoviti’s electronic payment app from anywhere by saving time and energy that ultimately deducts the need to go to banks.

Security and Peace of Mind

One of the most fundamental worries of every company as it expands into the internet realm is security. Payment security is critical for a business to secure its customers’ data and information from fraud and other threats.

The electronic payment method is the most popular in the world for numerous reasons, one of which is security. Innoviti offers clients a greater degree of payment security by using various encryptions, SSL, tokenization, and other methods. Clients don’t have to swipe cards again and over since One Time Password saved card information.

According to polls, some businesses do not use e-commerce payment technologies and instead rely on traditional payment methods, which causes security difficulties and limits their ability to service a larger number of customers.

FINAL THOUGHTS

As a business professional, you have a lot on your plate, and one of the things you want to keep easy is generating revenue. Well, that’s what keeps your business running. Innoviti has deep dived into merchant’s issues and came up with one stop payment solutions like– GENIE, UnipayNext that generated significant revenues in businesses.

It is fraught with challenges since the majority of Indians do not pay their bills on time or in full. Your revenue stream will be hindered as a result of the above. However, providing the most convenient payment methods encourages consumers to pay instantly or on time.

People are laying a greater value on digital payment options as they become more prominent across all industries. They prefer electronic platforms and would seek out service providers that provide them. As a result, businesses need to accept online payments to attract revenue.

It appeals to customers and provides them with several benefits. Not only that, but it streamlines many of the tasks performed on a regular basis. By eliminating other workloads and adopting these technological solutions, business will be able to devote more time to its core operations. Now retailers can easily get a payment system installed within 72 hrs just by registering online. isn’t it so simple!

About the Author

Manisha Duggal

Product and Brand Marketing Intern | IIM Ranchi