UPI’s wide range of business applications is quite an exciting thought, isn’t it? Well, don’t get too excited. It’s important to ensure that business is conducted in a secure way. A payment gateway offers businesses strong capabilities and benefits. The UPI infrastructure is a payment gateway that has been built using the latest in technology and allows businesses to benefit by sending and receiving payments over the internet, with ease.
If you want to know how to use UPI payment?, then the answer is simple, UPI payment is the quick and secure payment method app from your bank. Easily send and collect money from any UPI contact in your address book. Easy reconciliation of orders through the dashboard. Receive notification via webhooks once you receive a UPI payment, and choose to customize reports by applying filters. Check the settlement status of particular orders by entering their order IDs. Using a payment gateway helps make life easier for merchants. You don’t have to worry about signing contracts with different banks in different countries or setting up partnerships. This saves you time, so you can focus on running your business efficiently and effectively.
This is a small percentage fee that you have to pay on every transaction via the PG. Interestingly, this rate differs according to the payment mode used by your customer. UPI transactions tend to have the lowest TDRs of all the payment modes. Rather than having a direct cost, platforms and risk fees are collectively charged by banks to handle settlements, refunds, and disputes. The UPI transaction limit per bank is Rs 1 lakh. This limit varies from one bank to another, depending on their setup. You can make 10 transactions per day (including P2P and P2M combined). However, if you are using a payment gateway, you can make any amount of transactions any number of times. In fact, you can choose to specify the transaction frequency and amount.
Typically, payment gateway settlement is done on T+2 days. This means that the payment needs to be initiated two working days before the transaction. If a transaction is initiated on Friday, it will take 2 working days to reflect in the bank account. On the other hand, instant settlement cycles are achieved within 15 minutes. UPI-based solutions can help you streamline the payment process and enable seamless disbursals. Moreover, they also allow for instant reconciliation of payments made by customers. UPI-based eCommerce platforms provide numerous benefits to both customers and merchants.
The UPI infrastructure allows faster automated refunds as well. These refunds can be processed for online orders or COD orders. Moreover, it can facilitate faster payment processing, without entering card details all over again. The payment gateway can be integrated with your website or mobile app for easier and quicker payments. You can accept payments through UPI directly on your website or mobile app. Integrating your payment gateway with UPI will help you to simplify your payment processes by just making one integration.
In today’s fast-paced world, customers expect nothing but the best. They want to make payments on the go and expect that their payments get processed quickly. Mobile app UPI integration will allow your customers to make UPI payments through their cell phones. In addition to that, the customer experience will improve drastically due to a faster checkout experience. Payment collection via a UPI payment link allows you to generate a link that can be easily shared with your customer over email or SMS. The customer clicks on the link to pay for the purchase. This dynamic UPI QR code is like a shortcut to paying money and so, it saves customers time. Once you’ve set up your merchant account, this feature makes it easy for a customer to do transactions right away.
