All You Need To Know About Online Payment Solutions

LetsPe Payment Gateway is the top payment gateway solution company that is responsible for handling the online fund transactions of the businesses enrolled with them. In this article, we have covered everything about Online Payment Solutions as well as the top online payment gateway service providers of India.

Online Payment Solutions

Online payments are an integral part of the regular life of most people. Now as the process needs to be handled responsibly, any entity has to take on this and make it far more secure and easy. LetsPe is that entity that helps all the big and small businesses to transfer funds online with no worries and simple methods. 

Online Payment

Online payment simply means transferring funds using online modes. Most of the Buyers today use this method to buy products/services online. There are various methods included like debit/credit cards, net banking, and digital wallets. Payments for all internet subscriptions, phone and DTH recharges, and so on conducted through e-commerce businesses are made simple with the use of online payment gateways like LetsPe.

The process of online payment include four entities:

• The Consumer
• The Merchant 
• The Consumer's Bank (Issuing Bank)
• The Merchant’s Bank (Acquiring Bank)

Online Payment Process

Customer selects the payment method after buying the product/service. Details encrypted via a payment gateway and sent to the payment processor. The sale is authorized. The customer's Card Issuer, Bank, or Digital Wallet approves the transaction. Funds are sent to the Merchant’s Bank after deducting the processing fees. During the online payment procedure, more than one entity is engaged; the entire process is electronic and accomplished in seconds.

Online Payment Processing Fees

It is essential to be aware of possible fees associated with accepting online payments, which can include the following:

• The card issuer or payment method provider charges a fee.
• The credit card association charges a fee.
• The merchant bank charges a fee for completing the transaction.

Authorization (A fixed fee imposed by the payment processor for each transaction (whether granted, refused, or returned). Of course, there are ways to maximize the value of your payment processing system. Merchants should opt for a payment processor that has a straightforward, cheap transaction price with no startup fees. Need for Online Payment Solutions

The need is high for Online payment solutions like:

• Sellers can receive immediate payment for their goods and services.
• Sellers can offer their consumers many payment methods.
• Merchants can get their bills paid in a variety of ways.
• Reduces late payments.
• The money was received and confirmed instantly.
• Builds the client's trust.
• Setup is quick and easy.

Benefits of using Online Payments

By selecting the most reliable online payment platform, buyers and sellers can get numerous benefits from online payments. Among the advantages are: Productivity - Increase sales by reaching out to more customers.

• Safety - Improved payment security.
• Reduce costs for merchants.
• Better Flexibility & Easy Access.

Types of Online Payments

Among buyers and sellers, paying money online through trustworthy platforms is the safest and finest online payment method. The following are some examples of common sorts of online payments:

• Credit Cards
• Debit Cards
• Third-Party Payment Services
• Electronic Cheques
• Bank Transfers

Online Payment Solutions for Small Businesses

Any emerging business can connect with LetsPe, an online payment solution for small businesses. By Small Business we mean those emerging companies that are still developing. 

All these small businesses require top payment solutions and for that they must connect with the leading payment gateway service like LetsPe Payment Gateway. 

Letspe Payment Gateway

LetsPe is the leading payment gateway service provider in India, with headquarters in Gurgaon, Haryana. This company offers distinctive advantages such as: Minimum Service Fees - Both setup and annual fee are free of charge & Transaction fees starting at 2% + GST minimum. Various Payment Options - Debit card, credit card, phone payment, google payment, net banking, amazon pay, paytm, and nearly all other methods. 

• Integration with Ecommerce 
• Instant Settlement (Even on Saturday’s and Sunday’s)
• Minimal Onboarding Time - 24 hours only.

Read in Detail - Start Accepting Payments Instantly With Letspe

Conclusion

All the details you need to know about Online Payment Solutions is  given above here in this article. You can connect with LetsPe and learn more about online payment solutions and take their top service of payment gateway.