The world has started to enfold in smartphones with us moving at a fast pace towards complete digitisation. Every consumer needs, starting from online shopping and hotel bookings to acquiring loans, we can do everything through our mobile phones. But have you ever wondered which is the most crucial part of these activities? The online payment method! Yes, no online shopping or booking facility is complete without a reliable payment gateway that gets us through the process. None of us can deny the fact that UPI payment options have made our lives easier! But how safe is the gateway that you are using? Yes, the safety and reliability of the platform matters a lot!
There are a couple of UPI (Unified Payments Interface) gateways in India that work on national and international platforms. While some websites might direct you to a specified payment option, most of them will give an option to choose your preferred gateway. So, how will you decide which one to choose? For ending up with the best one, you must know about the factors of consideration for a UPI payment gateway. Let us understand these determinants to make a safe online payment.
Using a UPI payment gateway eliminates the burden of entering card details with every purchase!
Essential Factors To Speculate While Choosing UPI Gateway
Did you know? There are nearly 660 million Indians who have used or are using an online payment method, as per the latest reports. In 2019, online payments accounted for a significant percentage of 769% of India’s GDP. Yes, we are moving towards Digital India with each passing day! Let us see what you must consider while choosing the best UPI payment gateway for yourself.
The User Interface
The user interface plays a crucial role as you must lookout for an easy-to-understand portal. Go for the one that specifies instructions clearly, has a clear interface with eye-warming graphics. The speed of the portal also plays a crucial role, as none of us wants to wait for several minutes before choosing your option!
Ease of Payment Integration
Payment integration has become the easiest these days! You do not need to enter the OTP (One Time Password) manually as the UPI payment gateway detects it automatically. Yes, the most latest versions of UPI gateways do it all for you! No wonder the estimated monetary value of mobile transactions in 2020 was INR 36.5 trillion in India!
Gateway Fee Structure
Some UPI gateways may demand a certain fee or GST (Goods and Service Tax) charges for processing a payment! You must not get to these platforms as there is no such mandatory demand for any convenience fee.
Availability of Payment Receipts
Make sure you end up choosing the UPI gateway which offers payment receipts for every transaction, even the smallest one! These receipts are crucial as you need a proof of payment for every purchase to claim refunds and returns.
The Authenticity of UPI Gateway
For every UPI payment you make, you need to give all your bank details, mobile number, email address to the service provider. It stays registered on your account till the time you use it! So, verifying the authenticity of the UPI gateway must be your priority. Go through the reviews and ratings of the gateway you choose.
Settlement & Refund Policies
What if your payment fails, but the money gets deducted from your bank account? You need a reliable service provider who will offer easy settlements and will follow your instructions. Check the refund policies and settlement norms before registering yourself on the portal. These small details play a huge role in your online shopping experience. Reports suggest India will contribute a significant share of 2.2 per cent to the digital payment market in the world. So, why not be a part of this share by using a safe portal?
Cashbacks & Discounts
The increasing number of UPI payment gateways has created an organic competition in the market. So, most of the service providers offer exciting cashback and discounts to the customers. However, you must not fall into the trap of some enormous and unlikely discount without checking the reliability of the platform.
Customer Support Service
With every service and payment procedure online, you need backend support no matter what! Therefore, the customer service department is also a significant part of the payment process. If you are stuck with a payment or your refund is still under processing, you need someone to speak to and clarify your doubts. So, you have to get a UPI gateway where it is convenient to seek help from the service department.
A UPI payment gateway should justify all the given criteria and meet the market standard for you to enjoy uninterrupted services. The best you must do is to find the one payment gateway option to depend upon as a reliable option for your business needs. Enjoy the world of digitisation through a payment portal that understands your needs!