Digital Payment Solutions For Small Businesses In India

The days of cash based transactions are not over, but the trends of making digital payments is picking up in India.

Specially in mega-cities, most of the vendors and businesses accept payment digitally!

Digital payment solutions provide a convenient and secure way for small businesses to accept and process payments from customers.

These solutions can help simplify accounting and make billing and collections easier.

They also provide a means to better manage cash flow, eliminate the need for manual payment processing, increase customer satisfaction, and reduce costs associated with payment processing.

Top Digital Payment Solutions

There are several payment solutions available in Google and Apple store. You can just download the app, register and your business will be ready to accept payments!

Paytm: The leading digital payment solution in India, and it is the go-to choice for most small businesses.

It can be used for both online and offline transactions and has the ability to accept cards, wallets, UPI, and net banking payments.

The setup process is simple and the businesses can get an all-in-one payment solution.

RazorPay: Online payment gateway that enables small businesses to accept payments both online and offline.

It accepts 80+ payment gateways including credit/debit cards, wallets, and UPI.

The gateway supports multiple currencies, has easy integration and has powerful analytics tools.

Instamojo: Popular online payment solutions in India. It can be used to accept payments online and offline.

The setup process is quite easy, and the payment gateway supports multiple payment methods including credit and debit cards, wallets, UPI, and net banking.

PayU: Secure payment gateway that enables small businesses to accept payments from customers both online and offline.

It supports several payment methods including credit/debit cards, wallets, UPI, and net banking.

The gateway also has powerful analytics tools which allow businesses to track their transactions.

Paytm Payment Gateway: An all-in-one payment solution for small businesses. It can be used to accept payments online and offline.

The setup process is easy and it supports multiple payment channels such as credit/debit cards, wallets, UPI, and net banking.

Cashfree Payment Gateway: Secure, reliable payment gateway that allows small businesses to accept payments from customers in multiple ways.

It supports payments through credit and debit cards, UPI, wallet, and net banking. The gateway also supports PayPal and other international payment gateways.

PayPal: PayPal is one of the oldest digital payment solutions and is used by small businesses for both online and offline transactions.

It offers a single point of payment collection, a secure payment gateway, and powerful analytics tools.

Mobikwik Payment Gateway: Payment Gateway that provides an easy to use and secure payments for small businesses.

It can be used to accept payments from customers in multiple ways such as credit, debit cards, wallets, UPI, and net banking.

Google Pay: Google Pay is one of the most popular digital payment solutions in India.

It is integrated with the UPI, so customers can pay through the digital wallet or directly from their bank account.

It is preferred by most businesses due to its security, quick setup process, and ease of use.

Amazon Pay: Amazon Pay is a secure digital payment solution that enables small businesses to accept payments online and offline.

It supports multiple payment options such as credit and debit cards, UPI, wallet, and net banking.

The setup process is simple and easy, and the payment gateway offers data security and fraud protection.

Requirements To Use a Digital Solution

Setting up a digital payments solution for your small business can be a breeze! But you do need some doucments for the process though!

Specifics vary accorinding to the platform, but there are some commom requirements across most of them –

PAN card: You may need to provide your Permanent Account Number (PAN) to open a digital payments account.

Aadhaar card: You will also need to confirm your Aadhaar details before setting up the account.

Bank account proof: A bank account will be needed to deposity money through digital payments account. You can use savings or current account.

GST registration: GST registration certificate can be mandatory for some accounts.

Business documentation: If you are a business owner, you will need to provide business registration documents such as incorporation or partnership deed.

Cancelled cheque: Some providers ask for a cancelled or passbook cheque as proof of your bank account.

Know Your Customer (KYC) documents: You many need to have KYC documents to confirm your identity.

These include address proofs such as voter ID or Aadhaar card, passport size photograph and other identity proof documents.

Benefits Of Using a Digital Payments Solution

The digital payments solution brings numerous advantages to small businesses.

They put small business owners on the same level as large businesses when it comes to payments.

Convenience: Digital payments solutions provide convenience for small businesses, as transactions can be done quickly and securely.

This saves time and money, as your business no longer need to wait for payments to clear through traditional banking systems.

Security: Buyers and sellers can both be assured that their money is secure and that the transaction is legitimate.

Lower Fees: Traditional payment methods such as credit cards and cheques incur higher fees than digital payment solutions.

By using digital payments, you can reduce overhead costs, saving money in the long run.

Easy Tracking: These solutions can providing you with detailed information on who has paid and when.

This makes it easier to keep accurate records and manage finances.

Easy Reporting: For easier and quicker reporting to the government, these gateways can be of great help.

Your business can stay compliant with applicable laws and regulations.

Increased Reach: You can reach a larger pool of customers, beyond the traditional banking channels.

This can help to grow your customer base and expand the business.