Starting one’s own business/brand is exciting, but also an ordeal. While it signifies the establishment of one’s brand, it also comes with its hassles. Every brand is required to have an online presence today. Social media, websites, apps, blogs, all of these help a business grow and gain a customer base. Another vital part of any business is making profits from this customer base. These profits are directly or indirectly from sales, subscriptions and other payments. Thus, a brand’s website or application needs to have direct debit facilities.
Selling products online is the best way to grow a customer base, and payment gateways are conducive for this effort. A direct debit facility allows customers to make payments by setting up a payment gateway linking the customer’s bank to the website.
Setting up payment gateways has become effortless with organisations that specifically provide this service. These organisations offer a complete package that takes care of payment-related functions end-to-end.
A payment platform organisation sets up payment protocols that allow customers to choose any payment mode – debit or credit card transactions, net banking, online wallets and others. This wide range of options motivates people to become customers.
These payment platforms help set up a direct debit facility for recurring payments. Once a customer subscribes to the business, payment protocols debit the amount from their account monthly, quarterly or annually based on the subscription plan.
Payment platforms also set up in-site or in-app invoice protocols. Once a customer makes a payment, the protocols trigger invoice generation for both the customer and the business. These invoices help in keeping track of funds. This instant generation of invoices ensures the accuracy of data as well.
Organisations that set up direct debit facilities also take care of customer sign-up forms. They can help specifically design these forms for each brand, and ensure that they are compatible across all platforms and devices. This ease of signing up encourages customer engagement with the business, increasing brand awareness and loyalty.
A payment platform organisation helps broaden the international reach of a business by allowing multi-currency payments. The brand has to only set up basic instructions for cross-currency payments (like the delivery fee for long-distance deliveries), and the payment platform takes care of the rest. It is a cost-effective payment solution for cross-border payments.
Another convenient service offered by these platforms is their analytics. These organisations can set up protocols for the analysis of payment data. Organisations can use this data to find customer trends which help formulate business strategies. The reports are based on actual payments, ensuring the accuracy of the data collected.
Handling of Failed Payments
Payment platforms use effective payment routing systems to collect recurring or one-time payments from customers, reducing the risk of failed payments. Even in the event of a failed payment, there are protocols set in place to notify the customer, and the automatic rebilling systems ensure collection of funds. This protocol prevents a business from facing any revenue loss.
Safe and Secure
Any payment platform must be authenticated by the PCI, to ensure that both the customer’s and the business’ banking and financial data are secure. The PCI examines their payment gateway, routing systems, tokenisation solutions and payment vaults to check whether they meet the highest security level. This authentication is doubly beneficial, as it increases customer confidence in paying the business.
Payment platform organisers are truly versatile solutions in today’s world of online retail. Every business or brand has to have some form of an online presence to build their business. These platforms are especially beneficial to small-time business owners who rely on customer payments as their primary revenue source. The services they provide ensure the collection of funds with no revenue loss, which ultimately helps businesses make money online.