In today’s time everything is online just by click of a mouse shopping, train and flight reservations, payments everything are often done easily. Hassle.-free payment is the main criteria for online payment. Most of the companies are accepting the payments online. Online payments help the companies, customers to save time, do it faster and save maximum efforts for the clients. Online payment system allows the users to pay the amount conveniently.
Online Payment Methods
Many financial companies provide a variety of payment options as per your convenience the method can be chosen. Payment can be done through following ways –
1. Net Banking
For using the Net Banking facility one needs to register first. Once registration is done, then detailed information about your transaction will be mentioned in your net banking account. It is a convenient way through which users can avoid missing payment due dates and avoiding the penalties.
2. Mobile Banking Application
Today financial institutions are offering mobile and browser-based applications which need to be installed from the Play or App store and then log in to see the transactions and make the necessary payments. Today we have mobile app for every bank and financial company which is used to get the statement and make payments etc.
3. NACH Facility
Using National Automated Clearing House Payment facility you can prevents the troubles for follow up on credit bill payments every month. By using this facility you can be automate your bill payment by linking the existing current and savings bank account . eNACH facility makes the repayments easy but it is very important for the users to know everything related to the NACH facility..
4. Payment through NEFT
NEFT means National Electronic Funds Transfer it is an electronic mode to transfer funds. It allows paying bills from an account under any financial institution. One has to provide the details such as payee name, payee account number, bank name, IFSC code and branch location to make payment using NEFT.
5. Paying Using IMPS
IMPS is available throughout the year even on bank holidays, payments can be done instantly, irrespective of the working hours, Immediate Pay Service is the key. Customers can avail the payment method as per their convenience. Various payments become trouble-free and smooth,
Benefits of online payments
1) Instant Payment: The advantage of online payment is that it is quick and instant. Payments can be done comfortably by being at home or office. The setup is quiet easy and simple and some companies even offer zero setup fee and very low transaction rates.
2) Merchant Reliability: Customers today consider merchants reliable that accept payment online through their site. Online invoice payment offers consumer protection against the fraud that secures their money.
3) Credit Card Payments: Customers use their credit cards to make payments, even when they don’t have money in their bank account. The payment can be done in instalments also whenever required.
4) Getting a competitive edge: There is the option to receive online payment which helps to improve the reputation, allowing it to gain the trust of the customers.
5) Influences buyers: Online invoice payment method influences the customers to purchase items listed on their website. The transaction is quick and easy, and there is option to pay by credit cards, so the buyers can get great deals also. Merchants often offer cost-saving deals to attract the customers to their increase sales.
6) Reduced Transaction Costs: While there are no additional charges for making a cash payment, there is no fees usually one needs to swipe the card and pay online.
7) Keep updated: Customers can review the account balance, look their payment history, and track their future payments. They can keep better records and confirm all their bills are up so far . Online payments enable the customers to generate alerts for their bills due date to avoid late payment charges. These alerts helps the customers to appropriate accounts for payment processing.
Selecting then executing the right payment gateway has to be understood for doing it correctly. All you need is to do proper research and consider the factors, before choosing and implementing the right product for you.
Online Payment Methods are:
• Amazon Pay
• Apple Pay
• Google Pay
• Visa Checkout
• American Express
Customers can make electronic payment which allows making cashless payments for goods and services through cards, mobile phones or the internet. Online payments improve profitability and give businesses the opportunity to focus on more important priorities.
As the technology is developing, people are now opting the option to pay the plastic instead of paying with cash or checks for convenience of paying. There are 2 types of cards that people use: credit and debit. Both of these methods of payment make the payment process much easier for both buyers and sellers so it preferred by smart payers in present time.