The Online Payment System has changed the entire market payment process. It’s crucial to know easier and relevant methods to compete with the market. So, what are some benefits of Using Real-Time Payment?
Covid has forced many merchants and businesses to switch to E-Wallet and Real-Time Payment Method. As per Statics, Venmo was used by 14% of consumers in 2020!
But why? Because it’s a relevant, easier, and fastest method to transfer payment. Online Payments is also being used as a Merchant Payment Solutions, only for a few common reasons. Don’t waste time here, read below:
What are the true benefits of real-time payments for merchants?
Merchant, a person who deals with selling and purchasing of the product, involves a lot of chaos. The payment of dealers, the shipping cost, labor cost, and the supervision cost, everything involves payment and bank transactions. That’s why merchants were arrested from RTP( Real-Time Payment ). Have a look!
Value Brought by RTP – Real-Time Payment brings a lot of benefits, but the most important ones are:
Fast Payments – When we step into the merchant world, instant fund requirements and payment confirmation play an important role in the whole merchant and industry thing.
Without a doubt, Real-Time Payments had taken the process to the next level. The RTP market had grown from USD 6.8 billion in 2018 to USD 25.9 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.6%.
Merchants deal with buying and selling of the product; their entire system depends on the exchange of goods with money. Be it paying or receiving the payment, it’s easier for both consumers and service providers.
The improved infrastructure of the Payment system – Improves Infrastructure of Payment, how?
For instance, Return and Policy in comm business. Consider today a year where RTP isn’t well developed, just imagine how messy the refund would be. You need to assign a specific team for a refund, collect all the bank details, and transfer manually.
The timeframe you need to follow for a refund will be in months. Don’t you think all these can be smoothly done using Real-Time Payment? Just transfer the payment as soon as orders are picked up from the buyer, that’s it!
Cost-Effective – Real-Time Payments are considered as cost-effective Merchant payment solutions. Several circumstances show the effectiveness of Real-Time Payments. Payments are cost-effective as well as easier to track. There are two advantages:
Easy to track: You can manage all the transactions along with hand proof. Every transaction is stored in your account details and transaction ids are the proof of payment.
Merchants can keep records of Invoices, orders completed, pending payments, and also the records of credited and devoted amounts.
Use RTP Data as an opportunity to Manage Better Finances: All the tracks can help merchants to manage the system effectively. You can track and identify the areas where it’s taking more investment and where the company needs to cut off the costs.
Payment methods like Paypal, PhonePay, Google Pay have seen a huge spike in their user base. Also, Covid created a tangible need to switch to Cashless and Contactless methods. RTP is one of the best Merchant payment solutions to increase business opportunities. It’s just a start number of the new methods being introduced to make payment easier.
Operational Benefits of Real-Time Payments: Merchant operates at various levels of blockchain, from the start of product processing to the end product of the Real-Time Payment.
There are numerous benefits of using real-time payment, some of them are listed below:
- Real-Time Payment comes with Real-Time Confirmation
- Instant purchase of goods and services
- On spot payments and also bills are generated
In case of urgency, you can immediately ask for a loan.
Be it Business to Business or Consumer Business, everywhere the payment system is switching to online payments. Merchant business payment solutions are seizing the market, and the improvement in contactless payment is making things much more lenient.
Contactless Payments and Wallets are two industry trends that are buzzing around in the tech world. Wallets are a new market trend, merchants join for convenience but stay for a secure network. Popular wallets like Apple Pay, keep the card details hidden and still let you pay. Wallets are much easier to handle. Wanna know more about Virtual Payment and its merchant benefits? Try using any of the methods at least once, you will know.
If you are someone who owns a business or manages the finance, then certainly your first choice is going to be Real-Time Payment Methods. Merchants and business owners already made their move. To stay relevant, be aware of the benefits and the industry standards.
It’s your turn to switch to the most advanced and effective method to make payments.
Nikunj Gundaniya, Product manager Digipay.guru, one of the leading fintech solution providers, which provides mobile finance application development services. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.