Merchants are today all eyeing up expansion and want to grow at a faster pace. However, the most important thing they need in this competitive and dynamic landscape is -a payment gateway – that can either refrain from their development or propel them to expand their business.
For businesses looking to scale fast, the hunt is for the payment gateway provider that adopts technological advances and puts them to the best use for the businesses and their customers.
Did you know? Global payment gateway market is expected to grow from US$ 30.6 Bn in 2016 to US$ 86.9 Bn by 2025 at a CAGR of 12.4% between 2017 and 2025.
Unlike the hard-to-use legacy systems, emerging payment gateways are working to build a holistic ecosystem for startups and medium scale businesses. And why not? These startups’ major requirement is to save cost while scaling business – and that can be achieved with a single provider offering a comprehensive set of services apart from providing just a gateway for payments.
New payment gateways like EaseBuzz are coming into the picture which are designed to be simple and effective for all parties involved – merchants, developers, and end users. They are developed with the aim to provide not only one service but a bouquet of services in one platform by which SMBs (small and medium businesses) can easily scale their online business.
As many of these businesses find it difficult to go online, they need a partner who can help them keep visitors on the site for the entirety of the checkout experience, take care of subscriptions and memberships, create and manage events, and deposit payments to bank accounts. It’s also an alluring solution for freelancers working from home who lack in technical knowledge or have no IT support but want an easy and cost-effective solution for a smooth business.
Subsequently, payment gateway companies with old or conventional approach and payment mechanism have become very lean as their focus has only been on building technology stack with the banks at the back-end. They have not caught up on the front-end technology, where users interact with them and would need more services from them. This has opened up new opportunities for market penetration by the new players who are embracing new technologies to build an all-inclusive payment solution for various industries.
Let’s consider an example – Stripe – a technology platform for online businesses. Stripe brought into market powerful and flexible tools for the technical, fraud prevention, and banking infrastructure, much needed by the businesses. Stripe had become very popular in the USA in 2011-2012 because it was approaching issues in accepting payments on the Internet in quite a different way than the legacy companies like PayPal and Authorize.net were doing at that time.
Changing scenario in Indian Market
After so many years, the same sort of trend is seen in the Indian market where emerging payment gateway companies are trying to provide a comprehensive solution, which the conventional payment gateway providers fails to offer.
These new payment gateway companies like EaseBuzz and Razorpay have started to gain popularity because of a lot of good reasons with the key one being the new and sophisticated technology stack in the backend. The new platforms haven’t been built up in a lean fashion and are thus easier to change. Such companies can quickly adapt changes and are able to work aligning with the market needs. The tragedy with the long-time conventional players is that they had built themselves into one kind of ecosystem where they only needed an EPR for payments, and today they are unable to change themselves fast.
Gradually, these new entrants are seen posing threat to the old and traditional payment gateway provider, by leaving them behind in the fast-changing market ecosystem. Companies like Easebuzz handle end to end payment flow for growing businesses across India, with a combination of elegance on both front end and back end. They promise:
- Reliable and secure payment solutions that businesses demand
- Seamless and intuitive payment experience that customers love
- Simple robust APIs that developers look for
These are some of the value added features that they offer:
- Scan QR code to pay:Using smartphones, scan a QR code and pay quickly.
- WhatsApp Payment solution: Pay via link solution on Whatsapp
- Email and SMS Marketing: A model to retain customers and keep them engaged with Email and SMS marketing.
- Reports customization and subscription.
- Real-time notifications and support: Immediate notification via SMS for every payout.
- Event hosting and attendance tracking: These features make collecting event fees convenient for both attendees and planners.
- Showcase other products and offers to existing customers on successful transactions.
The future of payments is changing and businesses should be partnering with a payment gateway company that offers the easiest way to accept, process and disburse digital payments in India. This way they can focus on their critical business decisions and leave the burden of payments overhead to their trusted partner.