At least until the early 2015, online payment was only an alternative. And then suddenly there was a change due to the increased ecommerce sale and demand for quick payments which effectively helped promoting online payments in India. There are many payment gateways in India providing various options like credit cards, debit cards, cash cards, wallets, mobile payments, etc. Today’s news from RBI clearly shows that online payment is the future.
RBI allows banks to use e-payments for imports
In order to facilitate e-commerce, RBI today permitted banks to enter into pacts with Online Payment Gateway Service Providers (OPGSPs) for import payments. The facility, the RBI added will “only be available for import of goods and software (as permitted in the prevalent Foreign Trade Policy) of value not exceeding USD 2,000”.
Online payment gateway for small business
When a small business wants to find out if they need an option for online payment, they are a few questions most commonly asked:
- How much does it cost to get one?
- Why should I still get one knowing the fact that I lose a certain percentage in every transaction?
- Technically how difficult is it to manage?
We believe that small businesses SHOULD start using Online payment gateway as their primary option because:
- It costs you “zero setup fee” to get an account with online gateway provider
- The fact that online payments offer users with easily accessible multiple payment choices, your customer pays quickly thus decreasing payment defaults.
- It is not a technical nightmare. You don’t need a full time white collar executive to help you understand or operate online payment gateways. I just needs a one time setup and very rare updates & maintenance to your code. Processing payments are just a few clicks away and you can do it at the comfort of your home!