Payment Modes That Ease Your Tedious Shopping Experience!
ECommerce industry is literally spreading across the globe. Every entrepreneur – big or small wants to have his online presence. With eCommerce, entrepreneurs are getting local and as well global recognition. Today, not only clothing but we can send food grains, electronics and several other items via electronic methods. Not only this, but advertising, marketing everything is now a click away! Amidst this, payment methods play an integral part! While setting up your store from leading eCommerce platforms in India, they make sure to provide you with the best payment gateways. So when there is a payment gateway, there are various payment modes too, so let’s glance upon some of the most prominent payment modes in India.
Prepaid cards: Credit cards, debit cards, cash cards or prepaid cards, PayUMoney, PayTM and Netbanking are the modes that come under prepaid cards. In this mode, you make your payment right away as soon as you buy. But make sure to have enough balance while using the cards except for a credit card. On credit card, payment will depend upon the credit limit that you have. While in PayUMoney and PayTM you have a virtual wallet wherein you can make payment. Amongst this netbanking is considered to be safest as you go on your bank website to make payment and bank websites are well-equipped with security measures.
Reward or loyalty points: several times when consumers buy products, they are rewarded with some points for shopping. Not only this, but when they register with the website, their account is credited with points. These points can be further reimbursed to buy products. This payment mode is becoming popular day-by-day as consumers are getting goodies.
Cash on delivery: this mode is very popular in India because India’s major population is deprived of bank account and debit/credit card. Moreover, Indians still have reservations about online shopping and thus prefer cash-on-delivery over other modes of payment. Unless and until banks do not reach every nook and corner of the country, CoD is going to be the most prominent mode of payment.
EMI: this is another mode of payment that’s taking a plunge while buying luxury products or even home appliances. We all are aware that refrigerators, washing machines and other necessary appliances are reaching new heights at a skyrocketing price. Sometimes, buying these appliances on cash is impossible, thus the EMI system has been initiated in online shopping too! The procedure for EMI is initiated by the concerned website itself!
Online Transfer: bigwigs in eCommerce industry are now out of the league of online transfer, but small and start-ups continue to use this payment mode. In this mode, as a seller you have to provide all bank details like IFSC, branch address, account name etc. However, once these sellers stand out in the competitive market, they buy payment gateways and prefer modes that are mentioned above. Some sellers also ask the customers to deposit cash in their respective account which is one of the safest mode. However, due to inaccessibility from a buyer’s point of view this option can be dropped.