Are Online Payments Safe For Business In India?

Table of Contents:

Online Payments In India

What Is Online Payment Gateway?

Benefits Of Online Payment System

How To Make Safe Online Payments?

Why Opt For Online Payment Solutions?

Best Online Payment Methods In India

OkCredit In-App Payments Feature

Online Payments In India

Even before the dawn of the pandemic leading everything to contactless transactions was a prime goal for Digital India. All kinds of view and pay bill sales have been successfully turned into e payment, making online payment methods a primary requirement for any business. With many payment gateways with zero transaction fee making their way through the market, all businesses now enjoy liberties of payment processing solutions sitting anywhere in the country or the world. Despite what side of the trade you’re on, both as a merchant or as a supplier, you’ve presumably found yourself questioning “Are online payments safe?”

Security is a primary concern amongst most merchants, suppliers, and businessmen which makes them constantly debate on payments processing services. Various insta merchant pay solutions have been introduced earlier to solve the debate for smoother online transactions, still, most merchants hesitate due to security reasons. Before we jump to the conclusions or derive specific answers for Why security matters in online payments, we must weigh in the definitions, pros, and cons, for the same.

What Is Online Payment Gateway?

A payment gateway is an online payments' facility that, when blended with the e-commerce portals, is devised as the medium or channel to make and receive digital payments. After the demonetisation in 2016, the government has been pushing for a less-cash economy which resulted in the promotion of digital payments in India. Starting an online business has become easier since India has gracefully embraced digital payments.

However, thanks to the COVID-19 pandemic, online payment gateways has been seeing exponential growth. Having a population of 1.3 billion people, there are colossal possibilities you can get by using online payment processing methods.

Benefits Of Online Payment System

Online Payments System offers a lot of benefits to every consumer, retailer, and businessmen in terms of flexibility. You will be having the benefit of expanding your audiences to a global level, whilst also reducing the cost of transactions. Accepting online payments comes with lesser financial hazards for the merchant, in comparison to traditional old school methods. The speed of online transactions is instant which makes online sellers stay at peace. It offers an optimised customer journey by allowing shoppers to shop in whatever global market they desire and at whatever time of day they fancy.

Payment method acceptance provides numerous options to customers for picking their choice of transaction. Online payment solutions provide merchants with more marketing & distribution channels. In India, online payment options are very appealing to impulse buyers when you offer online payment features. Some companies offer additional discounts if you use the prepaid feature instead of opting for Cash on Delivery. This is an extra payment gateway advantage to consider.

How To Make Safe Online Payments?

Every feature comes with its issues, however, if you keep the following things in mind, you can manage your online payments much better-

• Research the internet thoroughly before making digital payments to a third-party website.
• Type peculiar website links, instead of clicking for reaching original websites.
• Issue a temporary credit card to avoid credit card fraud online. It will speed up your credit payment processing.
• Use a fixed email address for all transactions to receive timely invoices and keep a record.
• Use a password manager to encrypt otherwise plain text passwords.
• Avoid using Publicly available Wifi and computers, to avoid stealing data and other information.
• Don't save online payment details to random websites for the future and keep your data secure.
• Avoid third-party apps on your smartphones which you can't trust.
• Ensure to purchase from a reputed buyer, to avoid online payment frauds, opt for the COD option if possible in such cases.

Why Opt For Online Payment Solutions?

Some optimal reasons why you should prefer online transfer over manual payment methods are:

• Maintain accurate online bill check regularly.
• Manage all current bill payment anytime/anywhere.
• Option to chose between best online payment gateways.
• Facilitates access to multiple online payment methods for making merchant account online transfer easier.
• Make payment convenient and hassle-free via varieties of the online payment system.

Which Online Payments Are Secure?

The most safest options for online payments are- Credit Cards, Debit Cards, eWallets, Direct Debit, & Wire transfers.

Best Online Payment Methods In India

Let us talk in brief about- Which is the best payment app in India? Apart from the image provided above, there are a few apps considered as the best payment gateways in India - Paytm, Google Pay, BHIM app, PhonePe, & Amazon Pay. While for merchants and suppliers numerous billdesk payment gateway options are available but the latest one to look out for is the Ok Credit In-app e payment system.

OkCredit In-App Payments Feature

Quick bill payment online doesn't require multiple apps or cards anymore, as our new feature will help you manage and process all your online bill payment within seconds. Ok Credit app works wonders for SMEs across India, and now with our new Payments Feature, you can view and pay bill all under one tab in the blink of an eye.

Making payments is now hassle-free and rewarding with the new OkCredit In-App Payments feature.

Apart from bill check and quick bill pay via generation of instant invoice reports OkCredit also helps merchants clear off all debts between suppliers and retailers. Our newest payment supplier feature will do just the same for you by bringing all features like- Insta merchant pay and current bill online payment under one roof.

Also Read:

OkCredit Introduces In-app Payments: The Ultimate Supplier To Merchants Payments Solution.

OkCredit: All you need to know about OkCredit & how it works.

OkCredit: Simple, Paperless & Secure solution for businesses

Stay updated with new business ideas & business tips with OkCredit blogs in- English, Hindi, Malayalam, Marathi & more! Download OkCredit now & get rid of your bookkeeping hassles.

OkCredit is 100% Made in India.

FAQs

Q. Is online payment safe in India?

Ans- Digital Payments in India have taken a humongous surge since 2020. Online payments made to authorised shops, sellers, retailers, and merchants are safe. Apart from that transactions done via NEFT, RTGS, IMPS, etc. are also secure due to instant record tracking present in the banks' apps.

Q. Which is the safest online payment app in India?

Ans- The safest online payment app in India is- Google Pay and PhonePe.

Q. What is the safest payment method online?

Ans- Credit Cards are considered to be one of the most secure and safe payment methods whilst making any online bill payment.

Q. What are the risks of online payment?

Ans- Some of the common concerns regarding online bill payments are as follows:

• Credit/Debit Card frauds
• Cybercrime
• Data Breach
• Identity Theft
• Swift to follow and Adaptable Crime
• Data Hacking

Q. Which online payment is best in India?

Ans- These are the top 10 best payment gateway in India (2021) for online payments:

1. RazorPay
2. PayKun
3. MobiKwik
4. Atom
5. PayU
6. Instamojo
7. Paypal
8. Paytm
9. CCAvenue
10. Cashfree