When it comes to running your online store, considering the way your customers pay for your products or services is one of the most important decisions you’ll be making. After all, if a customer comes to your website, is really interested in your products but can’t pay because you don’t accept what they use, they’re just going to leave, and you’ll have missed out on a sale.
UPI is one of the latest payment platforms to hit the internet and is rapidly becoming more popular than NEFT and IMPS. In addition to the reason above, here are four reasons why you should think about bringing UPI to your online store.
- Free Fund Transfer!
By far, one of the greatest reasons to start using UPI is the fact that fund transfers are free! Remember when you had to pay a 5% fund transfer fee when using services like Visa and Mastercard? Not any more, thanks to UPI that is so affordable that banks have made the transfers free. Easy.
We also love the fact you can request money from other people. Say you’re selling B2B or someone has used your service and you’re waiting for them to pay you, you can simply use the request money feature to bill them directly, and then they can pay you directly, making the act of having to chase up money super easy.
- Multiple Accounts in One Place
To make life easy for your customers, you can offer the UPI payment platform. Instead of having multiple bank accounts all over the place, your customers, and you, can connect all your bank accounts to the UPI platform. This means you can access all your accounts in one place without messing around with all these different accounts, numbers, passwords, etc. In short, UPI makes life easy.
3. Bank Account Privacy
Privacy and online security is all the rage right now, and customers are more conscious than ever about putting their bank details into websites out of fear of being hacked. However, UPI ensures this isn’t a problem since it hides your customer’s bank details, adding another layer of security. This means they’re much more likely to spend money in your store because they know they’re protected!
4. It’s Instant
We love instant payments and hate having to wait days for money that’s our own. Since UPI is based on an IMPS platform, you can receive payments to your bank account at any time. It doesn’t matter whether there are holidays or the purchase is made at the early hours of your morning; your money is going straight into your account.
As you can see, there are some strong benefits to using the UPI platform on your online store, and this is just scratching the surface of what’s on offer. Give it a try for yourself, and you can be sure you’ll be blown away by the results.