No doubt, digital payment has changed the perspective of many people. Now carrying wallets seems like a heavy burden to people when they can pay for anything using their smartphones and gadgets. But things were not the same. People have their fair share of doubts about digital payment. And still, a lot of people are afraid of putting steps in the digital payment method.
Many retailers think that payment gateways are the middleman taking the share of their profits while customers on the other hand are worried about the fraud.
Safety is the biggest concern among both merchants and end-users. So no matter how much convenience the best payment gateway in India offers, there are some challenges that affect the working of the best payment gateway in India.
However, we are going to cast light on the solutions to challenges too. On that note, if you are looking for the best payment gateway in India, then try Cashfree.
The use of digital payment modes is prevailing in India.
Common Challenges And Its Solutions That Are Faced By Best Payment Gateway In India
Payment Gateway is important if you are running any kind of business. Most people prefer to pay via digital modes, carrying cash seems a difficult task to people. So here in this section, we are going to cast light on the common challenges that make merchants worried sick about accepting payment gateways for their business. Not just this we are going to cast light on solutions too.
1. Security of Data
Online fraud and illicit activities are the major concern among many merchants. Such kinds of activities are common in India and the merchants are solely responsible for dealing with the aftermath of such actions. Not only does it affect their business reputation but create an impact on sales too. No customers want to do business with a business where they don’t feel safe. However, this challenge can easily be resolved by picking the best payment gateway in India that is PCI-compliant. Employing a PCI-compliant payment gateway is the right strategy to assure card data protection. PCI is a set of rules that every payment gateway must follow in order to process card payments.
2. International Transaction
Having an online store has lifted the restriction of doing business in your area only. Now people can do business in any part of the world. That’s why businesses prefer the best payment gateway In India. The reason for employing the payment gateway is it allows businesses to collect international payments. But there are various difficulties merchants face when it comes to collecting international payments such as currency exchange, security measures, banking norms, etc. This all can make business owners nervous about payment gateway. However, that is not going to be issued if you go with the trusted and reputed payment gateway in India.
3. Disputes and Chargebacks
Disputes and chargebacks are another major concern among the business. Chargeback is also referred to as friendly fraud. Such fraud is widely popular in the Indian market. Basically in this fraud, the consumer orders an item then files a chargeback to their issuing bank after getting the products or services. Irrespective of the steps taken to validate the purchase, the seller is held responsible if a chargeback is granted. To rub salt in the wound, when a chargeback happens, gateways will also issue a penalty fee to merchants since such actions can jeopardize the reputation of the payment gateway. However, that can easily be resolved if the merchants carefully read the disputes and chargebacks policy of the payment gateway.
4. Speed Issues
Speed is another big concern among merchants. Many times it happens that customers get irritated when the payment gateway takes too much time to process payment. Sometimes the amount gets deducted from the customer’s account but it won’t get credited to the merchant’s account. Such a situation puts both parties in a dilemma. That’s why businesses hesitate to employ the best payment gateway in India. However, you can easily put that hesitation in a corner if you go with a payment gateway that offers faster payment processing. There are many payment gateways out there that claim to take the least time to process payment.
5. Hidden Fee Structure
The main thing which keeps payment gateway and merchants at distance is hidden charges. Many payment gateways incurred hidden charges and asked merchants to pay insane amounts. But you can easily do away with it if you go for a payment gateway that is transparent about its charges. They don’t keep anything under wraps and charge modest fees.
6. Low Internet Bandwidth
Lastly, the low internet bandwidth is another important concern. At the end of the day, it all comes down to how seamlessly a payment gateway is working in an area with low internet speed. There are many regions in India where the internet is not that fast and it raises the issue of payment taking too much time or failure transaction as the payment servers are down. So always go with the best payment gateway in India that works without any difficulty in a low internet bandwidth area.
That’s all! Here we have listed out the main challenges and solutions faced by the many business owners in India. We hope that will help you pick the best payment gateway in India.