Guide to choosing a startup payment method -:- www.deekpay.com

How to choose payment options for your startup?

Today's startups will be the corporate giants of the future. However, to succeed, startups must ensure that they provide a seamless customer experience, be it service, customer support or payments. Digital India's transformation has made everything online. It has transformed the payments industry, fuelling India's ambition to achieve a cashless economy. However, in the business world, the way startups make payments will largely determine the payment and checkout experience for customers. Therefore, choosing the right payment gateway for your startup is crucial. But how should you choose one? Let's find out!

Choosing the right payment gateway for startups

Choosing the right payment method for a startup is not a difficult task. However, it is vital to set up an online payment system using a payment gateway. Payment gateways make it easy for customers to pay and checkout by providing them with a variety of online payment options. All you need to do is to list down your needs and the features you want to have in a payment gateway and then look for a payment gateway that fulfils your needs. Here is a quick list of ideal payment gateways:

Low Merchant Discount Rate: Also known as MDR, this is the merchant discount rate for online payments. MDR varies between different payment gateways. However, it is clear that the lower the MDR, the higher the amount your startup will save.

High Success Rate: If payment errors are repeated, it can cause the customer checkout experience to become frustrating. Therefore, you should choose a payment gateway that offers the best transaction success rate to ensure a seamless payment experience for your customers.

Multiple Payment Options: Not all customers need to pay through UPI. Some may pay through NEFT while others may use RTGS, IMPS, UPI, mobile banking etc. Therefore, your payment gateway must support all payment methods. Also, whichever payment method your customers support, your payment gateway should also support the same.

Fast integration: the ideal payment gateway integrates quickly with your payment system and gets you up and running fast. The faster it is up and running, the better for your startup.

Fast settlement: Payment settlement is the time it takes for an accepted payment to reach your bank account. Whether you operate an e-commerce shop or a brick-and-mortar shop, the amount must be transferred to your bank account as soon as possible. The faster you receive payment, the better your working capital cycle, as you can use these funds for business operations and to pay vendors according to payment terms.

in a nutshell

For any business, especially startups, customer experience is the key to business growth. As a founder, you must keep these points in mind while choosing a payment gateway for your business. Ultimately, you need to offer the best online payment options to stand out from the competition, especially for B2C companies.

PayU supports 100% online registration and easy integration through API and SDK. Customers can pay through any medium as PayU supports more than 150 payment options. Features such as recurring payments, instant refunds, and simple and transparent pricing make it a popular choice for businesses, especially startups. Even international payments are no longer a barrier as PayU accepts payments in international currencies.

Frequently Asked Questions

Does the Payment Gateway support local or multiple languages? Yes. To cater to Tier 2 and Tier 3 cities, payment gateways like PayU also support checkout experiences in local languages and multiple languages, such as through Checkout for Bharat.

What integration options does the Payment Gateway offer? Here are the integration options you will find in the Payment Gateway: APIs (for desktops and websites), SDKs (for mobile apps), Plugins (for selling through third-party platforms and e-commerce shops such as Shopify, BigCommerce, etc.).

What about PayU's customer service? PayU provides 24/7* customer service. You can contact PayU's representatives at any time to ensure the continued growth of your business.