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Online payment modes have become the go-to option as everyone owns a smartphone. Even in a country like India, where people prefer cash transactions, the sudden rise in digital payment methods is unprecedented. Millennials and Gen Z, the torch bearers of this trend, have shifted the way people now approach shopping and payments.
In recent years, online payment systems have become secure, user-friendly, and accessible. But numerous business owners are still resistant to accepting digital transactions due to myths and half-truths.
“What if they charge extra money?”, “What about my data?”, “What if I wake up one morning and find all my money gone?”
We are going to debunk these very myths and any lingering doubts you may have about online payment options.
Myth 1: They will steal all our money
Thanks to myths and Chinese whispers, mobile phishing is now almost synonymous with magic. Digital payment service providers have doubled up their efforts to ensure that the consumer and merchant experience remains safe and transparent. Stringent data encryption methods govern everything, be it your personal data (credit card, debit card, and UPI credentials) or bank account passwords.
As banks, data providers, and fintech service providers are slowly creating a space of stringent digital banking security checks, this myth will soon become obsolete.
Myth 2: Small Businesses don’t require Online Payment Systems
“I don’t need a website or an online payment system; my business isn’t that big. My customers live nearby, and my business is going strong,” says Priya, a local clothing designer. But does this sound like a really wise choice? Does it hurt to enhance your customer’s experience by offering them convenience and a hassle-free payment option?
Introducing an online payment system is the first step to raising your brand value by a couple of notches. Flexibility forms the core of any business. Once you set up digital payments, you’ll soon find that you’re open to more business expansion ideas, such as shifting online. And who knows, maybe that’s what the future holds!
Myth 3: The Set-Up Process Is Complicated
Now that Priya has taken a step toward setting up an online payment system, anxiety about dealing with technology starts to worry her. Priya doesn’t have a tech background; won’t the set-up process be a hassle for her? Absolutely not! Setting up online payments is relatively easy, and service providers are always there to guide you. For example, integrating Simpl’s Pay-in-3 or Pay Later feature onto your website or app is easy. Furthermore, the APIs and SDKs are lightweight and compatible with Shopify, Juspay, Woocommerce and Razorpay.
Myth 4: Implementing Online Payments is Expensive!
Just when Priya figured out the set-up process, another worrisome thought hits — The cost of setting up online payments. Surely it must cost a stupendous amount, right?
Online payment implementation costs are incredibly affordable when fintech providers host the servers. The advantages are two-pronged. First, business owners have to spend minimum energy and time maintaining the new payment system on their website. The provider has it all covered. Second, suppose you want to reduce the cost of maintenance down to zero. In that case, you can simply eliminate the credit and debit card machine, thereby having the online payments completely replace the latter.
Myth 5: Buying in person is always better
There is a certain amount of authenticity felt in real-life shopping. Directly touching, seeing, and smelling a product is a completely different experience.
While we agree this is missing in online shopping, customers also stand to get a lot more. Lucrative offers and rewards, easy product returns and refunds, and the streamlined searching of products help in finding the perfect choice. Lest we forget, the convenience of not having to step out and visit multiple stores just to find and buy one thing. With all these factors combined, buying online ranks quite the same and often, higher, than shopping in person.
Now that we have removed your worries around online payments, we hope you, as a business owner, don’t miss out on the e-payment boom any longer. The prospects are huge considering the new normal at hand.