What is a Payment Gateway API?

Application programming interface (API) is the technology that merges your online processes. A payment gateway API helps connect the checkout system to a payment acquiring network. The distance between placing an order and making the payment must be simple, fast, and transparent for a user. 

An integrated payment gateway API ensures the complete security of the user’s financial information. It should offer all payment options and a custom checkout experience. It needs to be fast to execute orders in real-time. It should have the best success rate. There are varied payment gateway options for a merchant to select from in India. The payment gateway integration for websites or apps needs to be effortless for users.

Now, let’s have a look at payment gateway integration for different platforms:

How to integrate a payment gateway API in Shopify

Payment gateway integration on Shopify is adept and smooth – consumers have the option of integrating several gateways on the platform. You can start accepting payments via cards, UPI, wallets, internet banking, BNPL, and EMI with a spectacular gateway.

Click on Payment Providers, add a provider, and fill out an online form to integrate. That’s it. You’re good to go.

How to integrate a payment gateway in WordPress

There are some necessities before you can start accepting online payments on WordPress. You will need an SSL, a secure website for your business on WordPress, and a decent web host. WordPress accepts a couple of Payment Gateways in India, freeing you of the worry of processing payments on your own.

How to integrate a payment gateway into a Wix Website

With Wix, you as the consumer are free to accept payments the way you like. Wix has a robust Point of Sale technology that manages inventory and business payments. Wix offers several payment provider integrations, and you can follow the instructions online to set up your payment gateway integration. With digital privacy and safety being the top priority, you will be ready to accept payments in an instant.

What are the checks to consider while selecting a payment gateway?

Mentioned below are the crucial checks a business owner must evaluate before selecting a payment gateway –

1. While selecting the most appropriate payment solution, merchants should look at those payment gateways that provide facilities for collecting recurring payments. 
2. A merchant should consider selecting a payment gateway that allows for international payments and accepts different currencies. A presence on the Internet opens up the whole world as a market to you.
3. Data security is a prime factor while completing a transaction. In this modern world, cyber fraud has become ever so prevalent. A user is wary of sharing their financial details online. Only a trusted and reliable brand with a clean track record can give a user the confidence to share their financial details at the time of checkout. 

Hence, a merchant must select a payment gateway renowned for cutting-edge technology and has an extensive team devoted to security.

Summing up

So in parting, we can conclude that the right payment gateway is an essential partner to the success of a merchant’s online operations. An efficacious payment gateway API frees you from the hassles of developing the technology and delayed payments, enabling you to concentrate on other crucial aspects of your business.

Visit PayU India’s website for detailed information on payment gateways.

The post Ways to Integrate Payment Gateway API into Your Website appeared first on PayU Blog.

More than half of the global population has access to a digital wallet, and more than 40% of those people are expected to make purchases online by 2021. The Global E-Commerce Report by Forrester Research predicts that e-commerce sales will grow more than 8% per year until 2020, but with billions being spent on marketing, we need to focus on our customers’ needs rather than ours. 

The proven payment gateway strategy

PayU is a payment gateway that is used to process payments on your website. I can do this through credit card processing or debit card processing. In the case of PayU, they provide both services to merchants in many industries, including restaurants and hotels, and online marketplaces like Amazon and eBay. PayU also provides merchants access to data storage services for sensitive customer information and fraud protection features. This lets customers make purchases on their website without ever having to leave the page or enter their card details.

Challenges faced by businesses that PayU overcomes 

Introduce customer-friendly payment services across multiple devices and platforms to re-engineer the payment experience for customers and merchants.

PayU is a leading payment gateway and wants to introduce customer-friendly payment services across multiple devices and platforms. You have identified a need for a platform that will allow you to re-engineer the payment experience for both customers and merchants.

In this scenario, you have decided that PayU is the perfect fit for your needs:

• It offers all the functionality needed for eCommerce merchants, including risk assessment and fraud detection capabilities;
• It has extensive APIs (Application Programming Interfaces), enabling integration with third-party systems;
• Its apps are highly customizable, allowing them to be tailored according to individual business requirements;
• The company provides 24/7 support via phone or email at any time of day or night should there be an issue when using one of their products on any day except Sunday, which is their holiday, so this reduces risk even further!

Proving Solutions for Secure Transaction

Develop a customer-friendly payment gateway that supports multiple browsers and devices, ensuring secure transactions; improve collections and settlement processes with the Ensemble analytics platform; create a merchant portal using eLink Commerce Suite, serving as a single point of access for testing, reporting, booking and maintaining accounts; integrate various reporting tools for robust reporting capabilities; implement recurring payments to simplify transaction cycles for both customers and merchants; provide online subscription management to facilitate onetime payments or recurring subscriptions.

PayU: A payment gateway is a solution that enables companies and their merchants to accept payments from customers using a wide range of devices, browsers, and operating systems. The PayU payment gateway supports multiple browsers and devices, ensuring secure transactions for both customers and merchants.

The Ensemble analytics platform allows for improved collection and settlement processes by providing data on how much money has been collected, what was charged to the customer’s card, how much money was returned to the merchant, and when payments are made.

The merchant portal allows for testing, reporting, booking, and maintaining accounts and creating a single point of access for users who want to manage their accounts online. 

The recurring payments feature simplifies transaction cycles by allowing customers and merchants to make onetime or recurring payments without entering complex transaction codes each time they want to pay someone back (or vice versa).

The payment gateway also provides online subscription management features so that merchants can offer onetime or recurring subscriptions directly through their website without having to worry about handling complex payment processing systems that may not be compatible with their needs (or even understand them!).

Zero setup fees and instant activation

You can pay without having to create an account or register. You just have to enter your credit card details, and you’re done!

The zero setup fees and instant activation make it easy for merchants and customers alike. There are no hidden charges or fees that come with using PayU Wallet: no sudden charges on your bill, no extra money spent on the transaction itself—just a quick payment process between two parties who trust each other enough not only to send money but also for it to be received in full by both parties involved (and without any mess or fuss).

Easy integration with leading shopping carts and marketplaces

Mode of Payment (MOP) is the most common method of payment for online transactions. It’s also the easiest and fastest way to get started. You can easily integrate with leading shopping carts, marketplaces, and payment gateways using PayU for 2022’s MOP API integration service.

You’ll be able to accept payments from customers all over the world with one click with PayU!

Comprehensive customer support by phone, email, and chat

You will be able to get customer support by phone, email, and chat. The team at PayU is available 24/7 to answer your questions and speedily resolve issues at their website. If you prefer live chat with a representative, please feel free to use their online chat feature which is available 24x7x365 days a year! One can raise a ticket to their website for any issue. Learn more here. Payment verification specialists are on standby 24/7, ready to assist customers who need assistance with their transactions on the platform as well.

Choose the best mode of payment for your business and scale it up fast.

Choosing the best mode of payment for your business and scaling it up fast is essential.

The most common methods are credit cards, debit cards, net banking, and e-wallets. But there are others such as cash on delivery (COD) payments where you can pay offline directly to a courier service provider.

A good choice will be based on the following factors:

• Your existing customers’ preferences–Do they prefer online or offline payments? How long has it been since you last used them? What were their previous experiences with such services? Are there any special requirements that need to be considered when choosing a mode of payment for your business?

Conclusion

If you are looking for a reliable payment gateway, then there’s no better choice than PayU. They have the best payment processing solutions available in India and abroad. They provide our customers with a complete range of services like quick setup, zero fees, and instant activation, along with easy integration with leading shopping carts and marketplaces. With their extensive support team at your disposal 24/7, they ensure that your business is always in excellent hands when it comes to payments!

So, what are you waiting for? Sign up now.

The post The Complete Guide to Mode Of Payment PayU for 2022 appeared first on PayU Blog.

Choosing the Right Payment Gateway for Startups

Choosing the correct payment method for startups isn’t a difficult task. However, it is vital to establish an online payment system using payment gateways. Payment gateways provide multiple online payment options to customers, thus making it convenient for them to pay and checkout. You just need to list down your requirements and features that you want in your payment gateway and search for the one that fulfils your needs. Here’s a quick list of an ideal payment gateway:

• Low Merchant Discount Rate: Also known as MDR, the merchant discount rate online payments. It varies amongst different payment gateways. However, it’s evident that the lower the MDR, the higher the savings for your startup.
• High Success Rates: Unsuccessful payment errors create a frustrating checkout experience if held repeatedly. Therefore, you shall select a payment gateway that provides the best transaction success rate to ensure a seamless payment experience for your customers.
• Multiple Payment Modes :Not all your customers need to pay through UPI. Some can pay through NEFT, while others may use RTGS, IMPS, UPI, mobile banking etc. Therefore, your payment gateway must support all the payment methods. Further, whatever application the customer supports for the payment, your payment gateway should support the same.
• Quick Integration: An ideal payment gateway quickly integrates with your payment systems, and you get swiftly onboarded. The faster it gets operational, the better it is for your startups.
• Quick Settlements: The payment settlement is the time required for your accepted payments to reach your bank account. The amount must be credited to your bank account at the earliest, whether you run an eCommerce store or a brick-and-mortar establishment. The faster you receive the payments, the better your working capital cycle operates, as you can use the funds for operations and fees to your vendors per the payment terms.

In a Nutshell

For any business, customer experience is paramount for the organisation’s growth, especially for startups. As a founder, you must keep the above points in mind while selecting the payment gateway for your business. Ultimately, you need to provide the best online payment methods to stand out from your competitors, especially for B2C companies.

PayU enables 100% online onboarding for businesses with easy integration through APIs and SDKs. Customers can pay through any medium, as PayU supports 150+ payment options. Features like recurring payments, instant refunds and simple and transparent pricing make it a preferred choice among businesses, especially startups. Even international payments are no longer a hurdle as PayU accepts payments in international currencies.

FAQs

The post How To Choose The Payment Method For Startups? appeared first on PayU Blog.

Here’s what we’ll be finding out about payment gateways.

What is Payment Gateway?

A payment gateway is a transaction medium between a merchant and a consumer. It may be on an offline outlet or online website or through a payment service like UPI, NEFT, RTGS. There are four parties that involve in the payment gateway process: the customer, the merchant, the issuing bank, and the receiving payment or acquiring bank. It is an easy and simple process.

The customers transfer their personal and financial information between the merchant and customer by swiping their credit or debit card or processing their bank account information. Security layers encrypt this exchange and prevent sensitive information from falling into the wrong hands. It determines the number of funds in the customer account used for the purchase and, accordingly, notifies the approval or decline of the transaction.

Payment Gateways vs Payment Processors: What’s the difference?

We have explained above how the whole payment process works. Hence, it requires two basic components: payment gateways and payment processors to be successful and secure. Following are some differences between the two:

1. The payment gateway receives the customer’s information and forwards it to the payment processor for verification through the card system. Payment processors relay the data and verify that the card details are valid and secure.
2. Payment gateways inform customers and merchants of approvals and declines of transactions. Through data transmission between issuing and receiving banks, payment processors communicate the response to the payment gateway.
3. When transferring data to the payment processor, the payment gateway needs to encrypt and certify it as an ISO 8583-compliant platform. Thus, payment processors have higher development costs and longer development times than payment gateways. Payment gateways need a simple SSL encryption.
4. Payment gateway is more economical regarding certification and development costs, making it more suitable for startups and small businesses.

Three Types of Payment Gateways

With the advancement of technology, many businesses have moved from direct bank transfers to a more convenient, secure, and credible way of accepting payments using a payment gateway. Here are some of the most common types of payment gateway:

Hosted payment gateways

Using this payment gateway, when a customer clicks the ‘buy’ button on the merchant website, the system redirects the customer to the payment service provider’s website. Now, the customer needs to enter the relevant card or bank information. Upon confirmation, the customer then gets back to the merchant’s website to receive their order confirmation message. As a way of ensuring customer confidence, merchants can include their logo on the payment page.

Self-hosted payment gateways

This type of payment gateway, also known as pro-hosted payment gateways, involves the client providing card or bank details on the merchant’s website. Customers may need to submit information in a specific format. Upon submission, the data is then transmitted to the payment gateway’s URL. As it is on the merchant’s website, it makes the customer experience better.

API hosted payment gateways

The customer inputs their credit card or bank details on the merchant’s website in this payment gateway. Instead of directing to the URL page, the payments are made via HTTPS queries or APIs. The merchants have complete control over the whole purchase process. However, to provide this facility, merchants must possess SSL certification and DSS compliance.

Considerations for Choosing a Secure Payment Gateway

A reliable payment provider is critical for merchants to provide a smooth customer experience and increase traffic to their offline or online portals. Today customers can easily download the payment service providers’ app on their phones. One such example is the Bharat QR code in the android app.

Here are some things to consider when choosing a payment gateway:

• Businesses must consider how many payment methods and currencies they wish to include in their payment process. The more payment options available, the more comfortable and satisfied their customers will be.
• To provide good customer service, the speed of the entire sale process is essential. This includes the transfer of funds from the customer’s account to the merchant’s account.
• Another aspect to consider is the transaction fees and service costs. Fees depend on the volume of transactions, frequency of transactions, and many other factors.
• Merchant accounts are a must for some payment gateways. In comparison to other options, they charge lower transaction fees. Also, they are considerably more safe and secure, especially for large volume businesses.
• Payment gateways must be 3D secure and compliant with PCI data security standards-the highest level of security.

Conclusion

After reading the above article, you should have a fair idea of what a payment gateway is. Analyze your business needs and then choose the right payment gateway. Today, payment gateways like PayU come with a variety of web and mobile applications. It is a complete payment gateway solution with low processing fees, low commissions, and enhanced security. Build your automated payment process with PayU.

The post Payment Gateway: Definition, Types, and All appeared first on PayU Blog.

What is Priority Settlements?

Priority Settlements is a PayU product that solves the cash flow problems of your business. Get your online customer payments instantly & run your business 24×7.

Why Do You Need It?

As the payment settlement process takes time, it’s difficult to receive your online collections instantly. Here are a few problems that PayU Priority Settlement mainly solves for your business while reducing the payment settlement time:

• Making timely payments
• Needing cashflow to meet capital expenses
• Providing instant refunds to your customers

How Does it Work?

Once a customer pays you, the money is deducted from their account instantly. Money moves from your customer’s bank to your bank via the payment gateway. With PayU Priority Settlements, these customer payments come to your bank account in just 15 minutes.

Know more about priority settlements in this video.

The post Boost Cash Flow for Your Business with Priority Settlements by PayU! appeared first on PayU Blog.

Let’s understand the importance of maintaining healthy cash flow first!

Importance of Cash Flow

Cash flow is the amount of money your business has at any given period of time. Maintaining a healthy cash flow: 

• Enables you to meet your financial commitments 
• Helps you plan for the future 
• Ensures smooth day-to-day business operations 
• Supports through ups and downs in sales, and unexpected expenses 
• Powers growth in your business 

Now that we understand the importance of cash flow, let’s find out ways to have a healthy cash flow.  

How to Maintain a Healthy Cash Flow?

There are several ways of maintaining a healthy cash flow & here are three of them:

Receive Your Payments Early

Reducing account receivable time is one of the ways of maintaining cash flow in your business. Here’s how you can reduce the time in which you receive payments in your account: 

• Shorten payment terms 
• Build a strong relationship with your customer 
• Reconcile payments frequently 
• Provide early payment discounts 
• Settle payments faster using Priority Settlements for PayU Payment Gateway 

Increase the Time to Make Vendor Payments

Here’s how you can increase the time in which you can make vendor payments without letting it affect your cashflow:

• Evaluate the relationship with your vendors
• Build a cash reserve
• Set up payment reminders
• Budget aptly
• Look for discounts
• Streamline your workflow

Reduce Unnecessary Spending

Here’s how you can reduce your unnecessary spending and maintain a cash flow that will go a long way:

• Track your expenses
• Manage your variable costs
• Identify processes that don’t add value
• Use expense management tools

Now that you know different ways of keeping a healthy cash flow, find the one that suits you the best. Click here to know more about how to get your Payment Gateway settlements faster.

The post How To Boost Your Cash Flow? appeared first on PayU Blog.

What is Settlement?

Settlement is a simple process by which any business can collect payments via a payment gateway. The settlement process is completed when the payment made by a customer reaches your bank account.

Payment Gateway Settlement Cycle

Here’s how the money movement happens.
There are three main stakeholders in a payment gateway settlement cycle:

1. Issuing bank is the customer’s bank
2. Payment gateway
3. Acquiring bank is your bank

Once a customer pays you, the money is deducted from their account instantly. Money moves from your customer’s bank to your bank via the payment gateway. This money movement takes T + 2 days. After deducting payment gateway charges, the remaining amount is then transferred to your account after T+3 days. This is what a generic payment gateway settlement cycle looks like:

In the case of card payments, the card networks connect the issuing bank & acquiring bank to enable online payment. The entire payment gateway settlement cycle remains the same.  

This table will help you understand how much time each payment mode needs to settle: 

As you can see, the money movement is not immediate and depends on bank processes. So now you know why you don’t receive your online collections instantly. 

Can We Fast-Track These Settlements?

Yes, there’s a way fast-track these settlements!

With PayU Priority Settlements, you can get your customer payments any time of the day in just 15 minutes. It works 24×7, supports all payment modes, and lets you choose your settlement cycle.

The post Payment Settlement Guide for Businesses appeared first on PayU Blog.

Prospects of Online Payments 

The astronomical rise in the number of mobile users and data usage in India indicates the prospects of online payments and the importance of a secure and robust payment gateway. By the end of September 2021, India had 834.29 million internet subscribers (broadband and narrowband). Notably, 37.67% of the internet subscribers belonged to rural areas. The monthly average data consumption per wireless data user in India stood at 14 GB in June 2021 as per the Department of Telecommunications (DoT) report. In March 2014, the data consumption per wireless data user monthly (average) was 61.66 MB. These numbers indicate the potential in the online payment market, as well as reflect the needs of the users who look at a diverse experience led by robust security networks for transactions on online payments platforms.

However, the question remains: Which payment gateway is supported by Shopify and how can I integrate the payment gateway of my choice?  Let us take each of the questions one by one.

Payment Gateways Supported By Shopify

Shopify Payments India gives you the freedom to select the payment gateway and begin your online selling journey within no minutes. The right choice of payment gateway is crucial to starting a fulfilling user experience journey. It is also essential to support it with well-integrated online payment solutions. In a bid to integrate your chosen payment gateway on Shopify Payments, you need to have the required plugins built by the respective payment gateways on the respective payments platform for a fast interface. “PayU India provides you with a well-integrated payments platform” that makes your pos payment experience, a story of just a few clicks”.

Acceptance of A Boutique of Payment Sources  

Shopify store supports a slew of payments sources, such as:

• Credit cards
• Debit cards
• Net banking
• Digital wallets
• Bank transfers
• UPI
• Cash on delivery
• EMIs

It also supports Buy Now and Pay Later online payment methods that can help you enhance customer experience and customer loyalty to the brand. PayU, India’s robust payment gateway, allows you to switch and choose among the various payment sources with ease and convenience.

Shorter And Smarter Payment Settlement Period

The payment settlement period is the time taken by a payment gateway to interact with the source to fetch money and settle payments. The payment settlement period is a success for both the customer and vendor if it is shorter and smarter. With a robust infrastructure, this can be achieved through payment gateways, such as PayU. The “right choice of payment gateway enables you to get settlements on the same day”, choose PayU. 

The High Transaction Success Rate

The loading time to the “payment success page is essential to a good customer experience” as it is when your customer decides to choose a payment gateway. It is, therefore, critical for a payment gateway and the online payment processors involved to record a high transaction success rate, which will magnify the brand visibility among customers across online payment channels. PayU India’s smart algorithms enable its users to record the highest transaction success rate without hiccups.

Steps To Integrate Payment Gateway On The Shopify Store

A few simple steps can enable you to integrate the PayU payment gateway on your Shopify store. Follow the instructions given below:

1. Go to Settings on your device and select the online payment provider. 
2. Click and add the online payment provider. 
3. From the DropBox, select a third-party payment gateway.
4. Fill out the online form.
5. Click to activate your online payment gateway.

Payment Gateway Fee On Shopify

The payment gateway fee or online payment fees is critical when selecting a Shopify payment gateway. Payment gateway providers ask for different charges. As a business or individual seller, you should be aware of all payment gateway charges before choosing. Some of the common charges asked by a payment gateway provider include:

1. Setup charges for payment gateway
2. Maintenance charges for a year
3. Integration charges for a smooth online payment experience 
4. Merchant discount rate for an enhanced experience

It is important to note that, along with these payment gateway charges, Shopify platform charges are also applicable. Therefore, “before you click, do a quick check on payment gateway” for integration level, transaction success rate, additional features offered, and overall payment charges involved.

The post Choose The Right Shopify Payment Gateway For Your Website | A Quick Guide appeared first on PayU Blog.

Financial services were one of the first industries to see the potential of the Big Data revolution and the surge of innovation that has accompanied it – including Artificial Intelligence (AI). AI is a powerful technology that has already been used extensively in the financial services industry. It has a lot of potential to make a positive difference if organizations use it with enough caution, wisdom, and care.

FinTech firms are more likely to utilize AI to launch new products and services, whereas incumbents are more likely to improve the existing ones. A growing number of FinTechs are taking a product-oriented perspective to AI implementation, delivering AI-enabled solutions as a service.

For the FinTech industry, AI is offering novel solutions. AI can evaluate enormous amounts of data incrementally over time via machine learning. Artificial intelligence is being utilized to recognize fraudulent activities unusual transactions and overall provide a rise to handling sensitive financial data – all with a lower possibility of privacy risk – by identifying suspect behaviors.

Why Is FinTech Lagging?

Finance, like other sectors, has already undergone several changes as a result of the digital transformation, including information sharing, financial consumer and shareholder engagement, and increased data analytics. 

However, a significant reason is that most institutions are still restricting themselves and operating in minor ways. Some of this may be owing to the regulation established in the sector. Additionally, it will not be easy to change. However, our perceptions and behaviors account for a significant portion of the lag.

Enter into the digital domain and make greater use of the resources available to you. The earlier we conform to how the financial scene has already altered, the quicker we see the results and keep pace with other technologically advanced industries.

The Need For AI in FinTech

In FinTech, AI can assist businesses in achieving their growth goals, an advantage over competing and becoming more accessible to their customers. It can also help them in lowering operational costs and streamlining internal operations. Customers can benefit from this by better managing their finances.

Here are a few instances where FinTech is helpful:

Security & Fraud Detection

FinTech apps provide new and innovative ways for users to digest information, resulting in better financial decision-making. Data analysis through applications becomes simple because of machine learning and visualization tools, translating it into understandable insights.

Offers Better Security

Financial cybercrime will rise as digitalization procedures become more popular worldwide. Thanks to AI, users and businesses can now protect themselves and their credentials.

Algorithms can detect questionable conduct and, even further, alert consumers. Because these technologies can closely and constantly monitor abnormal trends, there is no need to stay attentive 24/7.

Personalized Banking Apps Powered by AI

Many banking applications provide tailored financial guidance to help users meet their financial objectives, monitor their income and expenditure, and more. AI-powered FinTech developments are primarily responsible for this personalization.

Customer Service

The best AI application is bots. ML algorithms have only gradually begun to gain traction, even though they have been here for some while. One can observe the rise of intelligent chatbots that can communicate with consumers and respond to a range of customer queries on a real-time basis.

Asset Management

For a long time, investment funds have depended on complicated algorithms to create reliable forecasts and models. Several asset and wealth management processes have been restructured, and additional services such as the introduction of wealth management tools.

App users may now access their bank statements and conduct important transactions on any of their gadgets. Most significantly, AI and machine learning technologies give users the option of reducing the rate of intermediaries. As a result, asset management cuts expenses by eliminating redundant processes.

AI-powered Payments

Transaction banking is a sector with the ideal conditions for AI to thrive.

In the payment business, artificial intelligence can drastically reduce fraud detection. An AI-powered payment system calculates a risk score based on various parameters. The payment gateway sector can now execute large transactions with greater precision and lower mistake rates thanks to AI.

Use Cases of FinTech Innovation Driven By AI

As per the FinTech 5×5 survey, 67 percent of FinTech organizations believe AI will significantly impact the industry over the next decade. Ignoring a technology transition in the finance industry means depriving your company of the prospects for proper growth and development that AI in FinTech may offer.

ZestFinance has used AI to construct an automation interface that enables FinTech firms to screen potential loans more quickly. The software assesses the risks and provides employees with a rapid image of whether a potential borrower is trustworthy.

Payoneer and Skrill, both online payment providers, use AI to evaluate complex data.

Crest Financial Group uses the DataRobot machine learning platform to study client activity, and create predictions to detect and prevent suspicious transactions.

Privatbank, a prominent Ukrainian bank, employs AI-powered chatbots that utilize Natural Language Processing to address fundamental questions of users and give advice using the bank’s different services.

These solutions have the same purpose – to boost FinTech organizations’ productivity. You can considerably reduce the stress on your human personnel by deploying data analysis automated processes and chatbots.

Conclusion

Because of artificial intelligence in FinTech, companies in the financial services sector have entered a new age of progress and expansion. These technologies are becoming increasingly important in a wide range of processes. This is the right time to leverage the possibilities of machine learning and AI as a driving factor for your FinTech company’s survival and prosperity.

The post How Has AI Entered The FinTech Space And Its Management? appeared first on PayU Blog.

Let’s get started with understanding how a trusted Payment Gateway can be fruitful for your business.

How Can A Payment Gateway Aid Your Business Operations?

The consumer’s financial data is sensitive and critical in a business operation. As the users share their data during the checkout process, the merchant must ensure that the payment gateway selected for their business should be secure and efficient. The role of an effective payment gateway is to ensure that:

• Fraudulent activities are minimized.
• The latest technology is used for data encryption.
• It is convenient to install and operate.
• It offers the maximum possible payment options for your business.
• It operates seamlessly, without the need for frequent maintenance.
• It is fast.

WooCommerce—Get Started With Your E-commerce Business Instantly!

As India has seen a boom in the online shopping sphere, many businesses, new and old, have rushed to create their online store. To avoid the inconvenience of building a website from scratch, increasingly, merchants are turning to platforms like WooCommerce to get help with creating their digital stores. 

WooCommerce has emerged as the preferred option for many to set up their online venture. All the features are convenient and easy to use. The WooCommerce Payment Gateway plug-in feature offers a convenient and ideal solution for a merchant’s payment processing needs. WooCommerce offers more than 1000 themes to its users.

How To Integrate A Payment Gateway Into Your Online Store On WooCommerce?

The option for a custom payment gateway in WooCommerce offers ready solutions at the checkout stage of the purchasing process. To integrate third-party payment gateways in WooCommerce India, you can follow these steps:

1. Install the payment plug-in from the WooCommerce website. You can choose the appropriate payment gateway as per your requirement. In India, PayU India offers exemplary services and attractive terms for use as a payment gateway for your e-commerce business venture. You can download your chosen WooCommerce payment gateway integration option in your online store. Once the plug-in has been installed on your WooCommerce store, you need to click on the ‘Enable’ option from the ‘Payment’ option. The ‘Payment’ option will be available on your dashboard.

2. Now, an important step is to configure the plug-in selected. Configuration can be done by clicking on the ‘Manage’ button from the dashboard. Settings that need to be configured will be visible now. These settings will allow you the choice to include API keys. For the WooCommerce payment gateway API configuration, you need to sign up with your selected payment gateway. As you get registered with the payment gateway service provider, you will receive API keys that need to be added to the settings in WooCommerce.
3. Once the process is completed, the various modes of payment options will be displayed on the checkout page of your store.

WooCommerce allows you the option of ‘Test’ and ‘Live’ environments. It is recommended to do extensive testing on all parameters before you take the process forward for live transactions.

Charges

Although you can install most payment gateway options for free in WooCommerce, there are specific fees for using the payment gateway services. The WooCommerce Payment Gateway charges can be of the following types.

Set Up Charges

The Gateway provider might charge some amount as set-up charges. However, nowadays, in most cases, the Payment Gateway waives the set-up charges and offers the user to install the Payment Gateway plug-in for free.

AMC

Certain payment gateway companies have fixed costs to be recovered from the client towards the annual maintenance charges. These amounts are disclosed on the payment gateway service provider’s website, and the user can ascertain the cost to be paid before proceeding with the installation.

Transaction Discount Rate

These are the transaction charges applicable when the services are used. Usually, this fee is charged as a percentage of the transacted value. In some instances of above-average high-value transactions or microtransactions, you can contact your payment gateway company to check if they can offer customized pricing for your type of business.

Conclusion

To wrap up, we can say that WooCommerce provides integral support for your online e-commerce venture. A systematic operational approach allows you to create an effective online presence. You can integrate PayU India’s Payment Gateway effortlessly into your WooCommerce site, and the entire process is user-friendly. So you can now start planning for a wider reach for your targeted audience and grow your business exponentially on the Internet.

FAQs

The post Steps To Integrate Your Payment Gateway Into WooCommerce appeared first on PayU Blog.