Why would consumers prefer mobile payments?

The question is why not?

We have already seen the benefits of mobile payments for businesses. (if you still don’t know read it here)

6-Reasons-Why-Your-Business-Should-Use-Mobile-Payments

6 Reasons Why Your Business Should Use Mobile Payments

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And if you are still not convinced, let’s try to visualize mobile payments from the consumer’s point of view. 

Consumer benefits of mobile payments

  • Mobile payments are Convenient
  • Security
  • Variable payment modes
  • Time-efficiency
  • Pay whenever, wherever
  • Ease of paying
  • Management of expenses
  • Deals and offers

Mobile payments are Convenient

This one is pretty obvious. Do we go anywhere(and I mean anywhere) without our mobile? Someone might forget their pen, IDs or even wallets or leave them at home unintentionally, but mobile? No way!

Mobiles are always within reach, they are becoming an extension of all the daily tasks and mobile payment service providers are making it easy to pay via them. It is already catering to customer’s needs by ordering food, shopping online, so if mobile is going to assist customers in paying their bills, why would they want to carry around their heavy wallet?

No more shuffling for exact change, carrying cards everywhere and remembering card details, it is just a matter of convenience.

Security:

Mobile payments offer secured payment options for customers by providing an extra layer of security. This includes biometric, fingerprint scanning, 2FA, etc. In addition, customers don’t need to carry cash or debit or credit cards with them, so they are less likely to be stolen.

Mobile payment service providers are implementing new techniques like tokenization, blockchain so the customers’ data will be safe and the mobile payment transaction will be secured.

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Variable payment modes:

Customers can pay with any option they like or are comfortable with via mobile payments. Mobile payment service providers offer a variety of payment modes like debit and credit cards, internet banking, mobile wallets, UPI, etc.

Mobile payment can also be carried out by paying directly from the bank through ACH.

Time-efficiency:

Payment via mobile payments increases the checkout process. It eliminates the need to look for cash or to wait in the long line. Customers can place an order, pay via mobile payment and receive their purchase, as simple as that.

Pay whenever, wherever:

The internet and online shopping websites allow customers to shop whatever they want whenever they want. And, with mobile payments, customers can pay for their shopping whenever and wherever. No need to go to the shop, searching for cash or, worse, running out of cash.

Ease of paying:

Mobile payments can save the first payment option as the default(card or bank). As the default payment option is always available, customers can pay when they are ready to make a purchase.

Management of expenses:

Managing daily expenses is an important task for all of us. Many of us use expense management applications. Many mobile payment service providers offer management or finance tracking addon with the application.

Mobile payment applications or mobile wallets can be easily integrated into such applications and can help customers keep track of what they’re spending, how often they are spending and where they are spending.

By adding a default payment method and using it for all payments, it makes it easier to track/manage finance as payment is done by only one card.

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Deals and offers:

Mobile payment providers often attract and target customers through special deals and offers. These deals and offers are received by the messages or pop-ups integrated into the mobile payment application (Remember the “buy one get one” pizza deal?).Mobile payment users have easy access to great deals and customers love to use these offers and deal without a doubt.

Mobile payments are fast and they enable fully digitized financial transactions. With all these benefits, customers will absolutely prefer mobile payments. And this scenario implies that merchants and businesses also have to start accepting digital payments.

For Mobile Payment Solution that your Customers will Love

Making payments is all about convenience, security, and speed. India’s payment system evolved from the barter system to cash to cards to digital payments.

Each system is more convenient and advanced than before.

Small business owners or startups who don’t have e-commerce websites needed a secure solution where they could collect online payments and manage their transactions along with boosting their sales and growing the business.

And customers would prefer if they don’t have to download and log in to different online payment applications each time they want to make an online payment.

So, As the payment modes evolved both customers and merchants started to look for a more seamless way of making payments, and thus, payment via links came into the picture.

What is a Payment Link?

In simple terms, a payment link is an online payment method where a request for online payment is generated and shared by the merchant to the customer, to make instant online payments.

Accepting payments via link sharing is the easiest and fastest way for both customers and merchants. The payment collection is done either via the payment link or a QR code.

How do payment links work?

how-does-payment-links-works

Generate a payment link, share the link and collect payment instantly, it’s as simple as that.
To elaborate further,

  1. Merchant generates a payment link
  2. Merchant shares the payment link
  3. The customer gets the link
  4. Customer clicks on the link
  5. The link then redirects the customer to the secure payment page
  6. Customers make an online payment with offered methods(wallet, UPI, cards, net banking, etc)
  7. Merchant gets notification after successful payment.
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Benefits of payment links for merchants:

Security:

Creating and sharing a payment link is backed with a secured payment gateway. Most payment link solutions come with fraud and chargeback handling and assist merchants and customers with hassle-free transactions.

Reduce overhead cost:

Accepting payments via link eliminates the need for any external physical payment acceptance devices (like POS terminals) or any third-party application.

This saves time and cost for installation, maintenance, and training.

Customized messages:

Payment links can be shared on any social media or messaging platform, Merchants can attach a customized message while creating a payment link to attract customers, to promote other products, etc.

Bulk orders/ split payments/ EMI Payments:

Accepting payments via payment links allows merchants to create payment links for flexible, variable payment orders, or accepting payments in installments.

Better customer experience:

Accepting payments via link sharing caters to the need of an Omnichannel business, as it is always available on the merchant’s mobile phone.

Payment links offer on-the-spot payments with faster transaction rates.

This improves the overall customer experience contributing to an increase in revenue.

Happy Customers

Payment acceptance via link sharing improves the service level and increases convenience for merchants as well as customers.

With flexible payment links, customers can pay from wherever they want with the preferred payment option.

It increases customer satisfaction and can be used to build a loyal customer base.

Give your customers the flexibility to pay and they will surely love to shop with you.

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Benefits of payment links for customers:

Customers Don’t Need an additional App To Pay:

There are many digital payment service providers in the market and people use the application they find more convenient.

The customer need not have the application merchant is using for payment collection. On this off chance, there might be some issues.

Payment via payment link is an easy solution for this problem. Customers don’t need to install and login to any additional application, as these links are shareable via the messaging platform.

Multiple Payment Options:

Payment links service providers offer a wide variety of payment modes. Customers can choose any mode they are comfortable with.

These modes include payment via net banking, credit cards, debit cards, UPI, mobile wallets, etc.

Security:

Payment links are backed with a secured payment gateway.

All payment link service providers make sure that their solution complies with government norms in regards to customer data security.

The applications come with 3ds protocol and PCI DSS compliance.

If the customer is using mobile payment, it just adds an extra layer of security like 2FA, biometric, PIN to make payments via sharing links secure

Make payments from anywhere:

With payment links, customers can make payments from anywhere. It doesn’t need to be the on-the-spot payments, via payment links, customers can pay from their homes, offices, from anywhere they want and at any time they want.

Payment link-based transactions give customers the flexibility to make payments.

Flexible omnichannel experience:

Offer full payment flexibility, accept a down-payment in-store then follow up for the rest with a payment link on any sales channel.

This gives customers a great shopping experience without any interruptions.

Recommended: Replace your POS machine with Epos Payment Link Application

Payment links are used by, used for:

Generating and sharing payment links for payment acceptance is perfectly suited for all businesses, online and offline.

Payment links for Businesses without a website:

Small merchants like tutors, catering service providers, consultants, etc that do not own a website. Payment link sharing is the easiest option to collect payment in this case.

Payment links for Social media stores:

Payment link sharing is the easiest option to collect payment from the customers. It builds credibility and trust among customers.

Payment links for Shopping stores:

Payment links can be useful to eCommerce business, travel, and tourism business, shopping stores, retail businesses.

And many more like the Insurance business, Financial services business, Manufacturing business, Education business, Pharmaceuticals business, Healthcare business, etc

use-of-payment-links

Payment links can help businesses, how?

Abandoned carts:

Increase revenue – complicated checkouts often lead to cart abandonment. Customers prefer a simple and easy checkout or payment.

Payment via link is fast and allows customers to make online payments easily. Accepting transactions via payment links reduces chances for incomplete payments and card abandonments and leads the way to increase your Sales Success.

Pay on Delivery:

Many businesses offer home delivery options. In these cases accepting payments via a link can be beneficial for both merchants as well as a customer as the money will get directly deposited in the merchant’s account eliminating any third-party interference.

Broadcasting the link:

Merchant can generate a payment link and share it among their customers to collect bulk payments (payments from multiple customers)

Recommended: Generate Payment Links using Whatsapp

Social Commerce:

Many merchants run a business on social media channels like Whatsapp, Facebook, etc. As payment links can be shared via any social media channel, they offer payment flexibility and provides customers with an instant payment option.

Transaction management:

Merchants can keep track of all transactions.

How can you get started accepting payments via links?

All payment link service provides have a more or less similar procedure, which is:

Follow this procedure:

  1. Install application from an online store (google store, app store)
  2. Get on board with the service provider (you have to submit required documents)
  3. Start accepting payments via payment links

 

Didn’t get what you were looking for?

Contact Us, we will be happy to help you

Read about the latest trends, news, and fintech updates here

 

 

 

6 Reasons Why Your Business Should Use Mobile Payments

The evolution of money goes from the barter system to coins, papers, plastic, and now phones, i.e. digital money. Demonetization played a very big role in replacing physical wallets with a virtual wallet known as a mobile wallet(or m-wallet). Mobile wallet, in simple terms wallet in your mobile, is considered as one of the best innovations in the technological field and the mobile payment market is gaining momentum.

A smartphone is becoming one of the “basic needs” for people. It is changing the way how people live, travel, eat, and now the way they make payments. This is why businesses should embrace mobile payments.

What is a mobile money transfer?

Mobile payment or mobile money transfer is a transaction where payment is initiated via mobile. 

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What are the current payment collection problems?

Every business has its own set of problems when it comes to accepting payments. These problems are majorly based on the business modules. Some of the businesses require to accept payments in installments, some of them are required to accept some percent of payments in advance, and some of them even don’t have a website or online store but still need to accept online payments(maybe due to transportation problem), etc.

Here are some of the challenges faced by small businesses:

  • Payment collection orders are always changing and so are the invoices and receipts.
  • There is a lack of compatibility between payment acceptance solutions.
  • Many businesses need an external physical device or a third-party application to accept money/payment online.
  • Growing security and fraud concerns about transferring /transacting online.
  • Provision of the payment methods requested by customers.

What can a mobile money transfer App Accomplish?

Everyone and anyone have a mobile, it is one of the ‘basic needs nowadays. So accepting payments via a mobile application that caters to all the business needs is the solution. It is easy for merchants and customers will surely enjoy the convenience!

Mobile money transfer are in demand

The growing demand for mobile payment can be considered a driving factor for digital India. With the variety of applications available along with UPI and BHIM, RBI forecasted a 50% increase in mobile-based transactions in its 2021 vision document.

Mobile-payments-statistics-in-India

Here are the top 6 reasons why small businesses should adopt mobile payment technology

1) Mobile payments are convenient

Online Mobile payments are convenient, for customers, merchants, and the staff working for the merchant.

With mobile payments, customers get lower waiting times, fast checkout, and eliminate the need to carry physical wallets. This helps in increasing customer experience and satisfaction.

Transactions with online mobile payments are a lot quicker and people have their mobile devices by hand(literally) which makes mobile payments the most convenient way.

2) Mobile money transfer are secure

Mobile payments are secure as they have multiple security layers including dynamic encryption. Various advanced methods are being integrated to make these transactions secure and keep sensitive credit card information safe. With security measures like PIN, biometrics, etc. mobile payments are considered to be more secure than EMV chip card payments.

3) Mobile Payments can boost your sales and expand your business

Online Mobile payments allow your business to accept payments online, virtually anywhere, expanding your business footprint. These tools save your time fumbling with cash and trips to the bank. Which in turn allows you to focus on providing excellent customer services and boosting sales.

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4) Mobile Payments offer powerful management tools

Mobile payment services offer different management tools. From bookkeeping to tracking and managing the transactions, generating and sharing the invoices, generating and sharing digital receipts, data entry, etc. with the help of mobile payment applications, businesses can track the customer trends and inventory. Merchants can use this information to understand customer demands and improve services and increase sales.

5) Mobile Payments can improve the customer experience

Using mobiles to accept payments makes it easier for customers. It provides an opportunity for customers to pay at any time and it speeds up the checkout process, impacting the entire customer experience. It allows engaging with customers, which is an essential step for increasing brand loyalty.

6) Mobile Payments can reduce merchant’s expenses

Mobile payments allow you to send and accept money via mobile. It eliminates the need for any physical devices that need to accept the payments. A merchant’s mobile can be converted to a POS or card reader just by installing an application. Merchants can send invoices and receipts via email or share them via messaging app eliminating the need to print them and subsequently need for paper and ink. By accepting mobile payments online, businesses can reduce bank charges and overhead costs.

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Why mobile money transfer are not picking the pace

1) Security concerns

As mobile money transfer technology is evolving, so are the hackers. Security is and always will be a top concern among merchants and customers.

2) Lack of awareness

Many customers, as well as merchants, are unaware of mobile payments, the lack of awareness is majorly related to security, data privacy, etc.

3) Acceptance

India is a country with a growing number of businesses. Not all merchants need to accept mobile payments. (It is a high chance that they accept digital payments, but not mobile payments)

4) Slow adoption

Some customers still believe that making payments via cards or cash is better than paying via mobile application. They prefer using traditional forms of payments or using credit or debit cards.

5) Tracking the transactions

Every transaction made by mobile payment leaves a digital track, raising questions about privacy.

6) Number of mobile payment applications

70+ applications provide payment acceptance via mobile and many more are in the development is a high chance that the merchant accepts some form of mobile payment but not the one that the customer uses, or vice-versa.

Learn how whatsapp can eliminate this problem

7) Mobile

This one is pretty obvious, all the transactions done via mobile payment are tied to the mobile users in those transactions. If that mobile is stolen or lost or even runs out of the battery……….

Summing up,

Mobile payments create a positive and better customer experience and can help to build a better customer relationship. They are becoming more and more customer-oriented and let’s hope that mobile payments will show an increase of two to three-fold coming years

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Best mobile payment app for small businesses.

There are mobile applications available for almost everything.

They are majorly defining everything for us, the way we eat, the way we spend our free time, the way we live, and the way we make payments.

Using apps for online payment transactions is an easier, safer, and most convenient solution for business owners as well as for customers. 

India is a country with a growing number of businesses, many of them don’t have a registered website, but for any kind of business, small or big, getting on the spot and real-time payments is an essential requirement.

There are all types of businesses, retail stores, home-based businesses, social media-based businesses, private tuition’s, catering, etc. All these small businesses may not have the funding to invest in physical payment acceptance devices like POS, so what is the best payment application to receive payments for such businesses? The answer may contain the word ‘mobile’.

What are the payment collection problems for businesses?

Every business has it’s own set of problems when it comes to accepting payments. These problems are majorly based on the business modules. Some of the businesses require to accept payments in installments, some of them are required to accept some percent of payments in advance, some of them even don’t have a website or online store but still need to accept online payments(maybe due to transportation problem), etc.

Here are some of the challenges faced by small businesses:

  • Payment collection orders are always changing and so are the invoices and receipts.
  • There is a lack of compatibility between payment acceptance solutions.
  • Many businesses need an external physical device or a third party application to accept money/payment online.
  • Growing security and fraud concerns about transferring /transacting online.
  • Provision of the payment methods requested by customers.
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What Can a Mobile Payment App Accomplish?

Everyone and anyone has a mobile, it is one of the ‘basic needs’ nowadays. So accepting payments via a mobile application that caters all the business needs is the solution. It is easy for merchants and customers will surely enjoy the convenience!

Advantages of mobile payments:

Online Mobile Payments offer multi-channel payment methods. Customers can choose any payment method like card, wallet, etc. to pay online via mobile. 

Most of the mobile payment apps are easily downloadable, have a simple user interface and supports most of mobile devices.

WhatsApp is the most preferred choice for communication in urban India and it has been gaining rising coverage in rural India.  

Mobile payment is not limited to transferring money, merchants can do much more than that. Merchants can manage their transactions, raise invoices, create digital receipts, etc.

Mobile app developers are coming up with all types of advanced techniques. For example, many mobile applications are integrated with card readers or many mobile payment applications support contactless payment methods (like NFC)

Another interesting development in the mobile payment industry is,  merchants can create online stores, manage inventories and link their businesses with social media platforms.

Mobile Payment application is becoming all in one solution for small businesses.

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Best mobile payment app for your small business

Lyra Epos

Lyra’s EPOS(Electronic Point Of Sale) sits right inside the merchant’s mobile and eliminates any need for bulky and expensive physical hardware for accepting payments. 

Lyra’s EPOS can be considered as the best mobile payment app. Here’s why!!

Why small businesses should use Lyra EPOS:

Why-small-businesses-should-use-Lyra-EPOS

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Lyra WhatsApp Payment Solution:

For the first time in India Lyra is offering payment collection via WhatsApp.

Many small businesses use WhatsApp to expand the customer base and to engage with customers. It is considered to be a great messaging application. So, wouldn’t it be beneficial if as a business owner you can start accepting payments via Whatsapp? Just imagine how convenient it would be for you as well as for your customers!

With a direct partnership for payments with WhatsApp, It is Lyra’s objective to help small businesses achieve smooth and seamless online payments

Should small businesses use WhatsApp payment solutions to accept digital payments? The answer is undoubted YES, and here is why!

Online mobile payment acceptance via WhatsApp provides a standalone business solution where merchants can connect with their customers, promote products, accept online payments along with, customer experience assessment, creating a follow-up driving their business growth to higher levels, and overcome online payments acceptance challenges.

Here are the features of WhatsApp payment Solution

WhatsApp-Payment-features

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Want us to guide you to chose the best mobile payment solution for your business

Read here about fintech news and updates

 

Online payments and small business

How can small businesses receive payments online? The question remains popular despite the launching/ introduction of all sorts of new apps and solutions which can accept digital payments. 

Demonetization and increasing customers’ demand gave a much-needed push to the escalation of digital transactions.

Though there still are doubts, it is time for businesses to consider accepting digital payment modes more seriously because digital payment is here to stay.

The year 2020 has barely started and the government is on the fast track to making businesses go digital by,

  1. Introducing waived off MDR
  2. Introducing a fine for not accepting digital payments

The government is constantly trying to introduce new ways to scale up digital penetration. By planning on offering retailers subsidies to digitize operations and considering a framework to finance POS machines the government is trying to help small retailers to go digital.

Still, small retailers are hesitant to adopt to POS systems as these card swiping machines, as banks charge both customers and owners some percent when owners already have a small margin (their set up, maintenance cost, etc. are another issues), which makes accepting digital payments a much-needed solution.   

What is a digital payment?

Digital payment can be considered as an umbrella term used for different modes(digital instruments) used in different ways to collect payment online (i.e. without cash – cashless) with an electronic medium interface.

Lack of awareness on merchants’ side and fear of being cheated are two of the major reasons why merchants are skeptical about accepting payments online. 

So, before starting on how can small businesses receive digital payments in India, let’s start with WHY should small businesses go for digital payment solutions: (so, as a business owner, if you are still hesitant on going digital, these points will definitely make you think otherwise.)

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Why digital payments?

Digital payments have a positive impact on all small businesses. It is a convenient tool for accepting payment which is secure, fast, lowers the cost to the company and increases company revenue.

  1. More customers: More and more customers are preferring shopping online and making online payment via mobile wallets, credit/ debit cards is becoming the norm for them.
  2. Online presence: Online presence is becoming a dominant factor for businesses to increase their customer base and revenue. Customer experience is an essential part of online businesses, hence online businesses are trying to focus on the best way to receive payments online in addition to making active and reliable websites and supply chains.
  3. Mobile payments: As per a report, there are over a billion mobile phones and 330 million internet users in India and mobile-based transactions are expected to grow by 50% in the coming year. 
  4. Global reach: Most of the small businesses do business locally, but thanks to the internet they are able to expand their reach more than that. Accepting payments digitally is the best option as payments can be collected anytime, anywhere.
  5. Customer satisfaction: The more seamless is the checkout experience, the more satisfied is the customer. In addition to seamlessness, online payment collection is more secure, safe and fast.
  6. reduce overhead costs: Accepting digital payments can reduce overhead costs like set up, maintenance, bank charges, etc. for physical payment acceptance devices, for physical devices.
  7. Save time and efforts: Collaborating with e-commerce and automating certain processes like processing invoices saves time and effort. online payment services reduce manual interference and increase productivity.
  8. Recurring Billing: There are many businesses, where customers need to pay in installments on the monthly, quarterly, etc. basis. Many digital payment acceptance modes enable recurring billing option which is not only convenient for customers but also can guarantee on-time payment collection.

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How can small businesses receive Digital payment?

Receiving payments online is one of the important keys to grow business and profits. There are multiple online payment methods to accept payments digitally.

List of digital payment methods:

Payment gateways:

Integrating the business websites with payment gateway allows businesses to collect payments online via processing credit/ debit cards and net banking. Payment gateways use platforms like VISA, MasterCard, etc. There are two options to do this: 

    1. Integrating with a third-party payment gateway
    2. Integrating with the bank’s payment gateway. In addition to these payment modes, Lyra’a payment gateway also offers to process payments digitally through e-wallets, UPI, etc.

E-checks:

E-check is an electronic version of a paper check. It is a form of online payment service where the money is passed through the ACH (Automated Clearing House) network and then electronically transferred from the customer’s account to the merchant’s account. This payment method saves both papers as well as time.

E-Wallets:

It is a popular mode of online payment which is similar to a pre-paid account where a user can store his/her money for any future online transaction.

The app is linked with customers’ credit/debit cards and requires a registered mobile number and a verification process.

NEFT, RTGS or IMPS:

These are online fund transfer modes for mobile or net banking.

Payment links:

Many small businesses or startups don’t have a website. For such a scenario, payment links are the easiest, most secure, and instant way to collect online payments. They have advantages like split payments, tracking payments, bulk payments, sharing payment links via social channels, etc.

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UPI:

Unified Payment Interface is a real-time bank to bank fund transfer application developed by NPCI, India. With a 2FA it provides a hassle-free online payment transaction.

Want to use a more creative way to accept digital payments and attract more customers: 

WhatsApp Payment Solution:

This is a secure payment collection solution that does not require a customer to share any type of bank or personal information.

In this link-sharing-based solution, all transactions happen in real-time and on the spot.

A merchant can create and share the payment link via Lyra’s WhatsApp payment solution and also can customize the payment messages (which can help build customer relations).

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Need a Digital Payment Solution for your Business?

Read here for latest trends, news and fintech update here

Broadly, the majority of people have an understanding that mobile commerce is same as mobile payments, or that, “they are same with slight differences”. But if we dig deep enough, we will come to know that both represent different things/ideas.

Are they different? Are they same?

So, what is the difference between mobile payment and mobile commerce?

Consider the following situations (don’t worry, every situation starts with shopping, and who doesn’t love shopping)

  1. You initiate buying/commerce via mobile but pay cash on delivery. {Mobile commerce}
  2. You initiate buying/commerce at the store but pay via mobile (to get those rewards, am I right?) {Mobile payment}
  3. you initiate buying/commerce via mobile and pay via mobile (a win-win situation, who needs to leave the house?) {Mobile Commerce and mobile payment}

These examples are exactly why many of us are confused by both of the terms. 

And yes, as you see, they are very much different.

Let’s start by defining them.

What is mobile payment?

The mobile payment system, as the name suggests is making payments using a mobile. Going one step ahead, a mobile payment solution can be a transaction/payment which is initiated on the mobile. So, instead of paying via cash or swiping a credit card, a customer needs to pay via mobile. The online transaction process has many parts.

After initiating the transaction on a mobile device, the next step is an authorization of the transaction and facilitating the transfer amount from the customer’s account. And all this in real-time. 

Also known as mobile money transfer these payment services operate under government finance regulations.

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How mobile payment works?

How-mobile-payment-works

What is mobile commerce?

Mobile commerce can be defined as electronic sales and commerce done by mobile(It can be said that mobile commerce is an adaptation/advancement of eCommerce). Getting more to the basics, M-commerce is buying and selling goods and services via mobile devices. If the commerce is initiated via mobile, it is m-commerce, making a place or time insignificant.

How mobile commerce works?

How-mobile-commerce-works

Why do we need them?

Mobile dominance and dependence are increasing and many mobile payment applications are being developed which allow consumers to pay conveniently. M-commerce and m payment can be done from anywhere and anytime which redefined the shopping experience. Cashless transactions are becoming a new trend and both of these can be considered as the major business growth influencers that can not be ignored.

Advantages/benefits of mobile payment systems

One-click Payments:

No one has time in their busy lifestyle and people prefer that their mobile remembers them, their preferred payment method and that they can buy any service/solution with just a click. Online mobile payment offers a quick check-out process that customers can customize themselves.

Fast payments:

Searching for a change and not finding any or waiting for a chip card transaction only to find out it is unsuccessful can be embarrassing. Payments via mobile can be done anytime from anywhere and they minimize the time spent while performing a transaction. Mobile payment simplifies the transaction process not only for the customer but also for business owners.

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Secure mode of payment: 

Paying via mobile renders the need for carrying the cards or a huge amount of cash with you all the time. It enhances payment security by adding more security layers like biometric authentication, 2FA (two-factor authentication)

Advantages/benefits of mobile commerce

A better customer experience: It provides customers with a better shopping experience by giving,

  1. Competitive pricing
  2. On the spot buying
  3. A variety of products

More than just buying and selling: M-commerce provides

  1. Mobile banking
  2. Utility bills payments
  3. Stock market trading
  4. Mobile ticket booking 

It helps businesses target their customers according to  various criteria

It gives an omnichannel experience

Types of mobile payment

NFC payments: NFC(Near field communication) payments is a contactless form of payment that uses NFC technology is used to exchange information between payment devices. NFC-enabled payments need a reader device that can accept contactless payments. These payments are secure as they use dynamic encryption.

MST payments: In MST (magnetic secure transmission) payments, mobile emits a magnetic signal which is then identified and picked up by a card terminal. This method uses a tokenization system making it one of the secure contactless payment acceptance methods.

QR code payments: QR (quick response) payments are one of the popular types of online mobile payment technologies used throughout. In this mode, payment is done by scanning the QR code with a QR scanner app or mobile cameras. It is equivalent to the POS system, without a POS machine.

Mobile wallets: mobile wallets are becoming pretty popular these days. They are pre-loaded with cash and truly provide a one-click seamless payment option. Payments via mobile wallets are faster and more convenient.

Mobiles as credit card terminals: In this, mobile devices are used as a reader for credit cards to accept payments. Payment done via this method is secure fast and beneficial for small or home-based businesses.

Mobile web-based payments: This is the mode via which, a customer can access web pages through the mobile or using a mobile payment gateway

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Types of mobile commerce

  • Food delivery apps
  • Restaurant booking apps
  • Ticket apps
  • Retail store apps
  • Social apps
  • Gaming apps (in-game purchase)
  • Banking apps

The future of mobile commerce and mobile payments

The future of mobile commerce and mobile payments looks brighter than ever.
According to a report, The mobile payments market was valued at USD 1139.43 billion in 2019 and is expected to reach a value of USD 4690.65 billion by 2025, at a CAGR of 26.93% over the forecast period of 2020-2025.

Here are the reasons:

  • The number of mobile users is increasing day by day and it is becoming a necessity for everyone in social, personal and business life. 
  • Mobile devices have a great influence on consumers
  • Instant access to the internet and simple to use mobile payment apps making the shopping experience more convenient.
  • Both mobile commerce and online mobile payments can help a business by getting a larger and global market

Demand for online payment processing is increasing and so are the problems because ‘Online Shopping’ is here to stay! 

And it is not related to shopping anymore, people can do much more than just shopping, they can,

  • Pay their utility bills
  • Book movie tickets
  • Book and pay for restaurant
  • Pay for other services via online banking or mobile payments applications

Why do people love to shop online? It is easy, quick, they have a lot (and I mean a lot) of options. Customers can do this while traveling, sitting in the office or while relaxing at home. Shopping online as well as paying online for services meets one of the most critical and important criteria in today’s day and age: Do it from anywhere at any time. 

What is an online payment processing platform and how does it work?

In simple terms, payment processing is automated transactions between the merchant and the customer. Merchant account, payment processor and payment gateway are the three major components of any online payment processing platform. Other entities involved in the process are customer, merchant and their banks.

Here is an image explaining online payment processing steps:

how-does-online-payment-processing-works

 

Online business owners are paying attention to the modification and up-gradation of their payment acceptance process to provide customers with a unique, secure and swift buying experience. Setting up and improving such an online payment process with continuous monitoring can be challenging. 

Despite the technological advancement in online payment processing and increasing demand from customers for payment features, there are still some unique challenges.

Online payment processing steps:

  1. The transaction is initiated by a customer
  2. Payment gateway transfers the transaction to the processor
  3. Processor approves the transaction after verification
  4. Customer’s bank transfers the money to the processor
  5. Processor transfers the money to the merchant’s account/bank
  6. The status of the transaction (either approved or failed) is sent by the processor to the payment gateway
  7. The merchant receives the status of the transaction through the payment gateway
  8. If the transaction is successful, the merchant receives the payment

Online business owners are paying attention to the modification and up-gradation of their payment acceptance process to provide customers with a unique, secure and swift buying experience. Setting up and improving such an online payment process with continuous monitoring can be challenging. 

Despite the technological advancement in online payment processing and increasing demand from customers for payment features, there are still some unique challenges.

List of Common Problems in Online Payment Processing

Collecting money/ payments online is not always easy, it can be confusing and sometimes risky, many online service providers are upgrading their systems to deliver perfect service, but some problems are just inevitable. Here is a list of common problems for Online payment processing on Business website

Choosing the Best Online Payment Solution

Problems start with choosing the best online payment processing solution for the business. Choosing the right solution depends on a variety of factors and every factor has its own importance. Making the right choice of payment solution will help you improve your brand and increase revenue. Here is the guide on how to choose the best online payment solution for your business.

Fraud

The online payment processing system is evolving and so are the fraudsters. It is the reality of the internet age. Though payment solution providers are implementing and improving the techniques to keep the data safe, fraudsters are constantly looking for loopholes to breach the security. The most common types of frauds are data theft, phishing, and charge back.

  • Data theft is a common fraud practice. The hackers can steal sensitive card details. The stolen credit/debit card data can be used for committing fraud. Payment gateways and websites mostly used encrypted data or methods of tokenization to prevent data theft. 
  • Phishing is a practice of sending fraudulent emails or messages claiming from reputable and legitimate companies in order to steal one’s personal information like username, passwords, credit card details, etc
  • Chargeback is a return of money to a consumer. It is a major challenge for merchants which can impact brand equity. Also known as friendly fraud, this is a practice of ordering items/services online and then initiating a chargeback claiming that the purchase was made fraudulently. Chargebacks often cause gross merchandise value losses and business can face a negative impact. 
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How to fight it:

  • Assessment to identify vulnerabilities
  • Using PCI DSS compliant solutions
  • Implementation of tool which can identify customer behavior patterns
  • Implementation of tool which can identify and prevent fraud
  • Audit of online payment system/solution
  • Anti-fraud tools
  • The excellent customer support which can respond to customer queries as soon as possible

Security issues – Customer’s trust

What comes hand in hand with fraud is security. If a customer is trusting an online business with their money and information for a purchase, it is a merchant’s responsibility to maintain that trust and provide them with a secure and seamless buying experience. A business needs to guarantee customers’ safety and that their information is safe with the company.

How to fight it:

  • Proactively developing new security solutions
  • Using customer validation services
  • Tokenization
  • SSL certificate on the website
  • PCI-DSS Compliance
  • Two-Factor Authentication
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Technical integration

Most of the business owners don’t have the technical knowledge which is needed to integrate payment solutions with the business website. They are unaware of API integration, drag and drop or developer option. Hence, integration becomes a painful and difficult time-consuming process for them. With the number of regulations and complexity of the system, integration can cost more for many small business owners. Integration should be simple and accept all kinds of payment options

Solution: Choose a payment solution provider who can provide a simple to integrate and time effective payment acceptance system with a seamless experience. Pick the solution that doesn’t require additional software.

Omni-Channel Payments

Payment modes: Customers prefer different methods to transact online, the methods they are more comfortable with, like, mobile wallets, net-banking, cards, etc. so, it is important to have a processor that can accept all local and global payment acceptance modes.

Payment channels: In the age of the internet, every business needs the ability to accept payment via all online channels be it over a website, mobile or social media. 

Payment currency: The Internet is bringing the world closer and closer, and customers can buy from wherever they want. Accepting multi-currency can attract customers and can be beneficial for the business. And with the major players in the online payments acceptance business introducing their specified currencies, the solution needs to be interoperable.

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Processing Fees

Setup cost and Processing cost is an important decision making factor for any business that wants to implement online payment acceptance solutions. These fees depend on various factors like methods used for accepting payments, transaction volume, etc. 

Solution: Finding a solution/service that will cost less and has a simple fee structure that will be profitable for a business.

The online payment industry is getting more and more active and there are lots of payment services provides available in the market. Not every business owner has all the knowledge about pitfalls and online payment processing problems. It is important to choose a solution based on business needs.

For a solution that tailor-made for your business, contact us.

Go digital, start accepting payments online and increase your customer base and profits.

 

Best Retail EPOS (Electronic point of sale) systems in 2021

Having a retail business means, you consider keeping your business up to date so as to keep up with the pace of advancements.

The most important function being conducting a thorough research for your product’s demand, you devise a business plan to trigger the success with enough and sufficient supply to the market.

For any retail store, the seamless and swift shopping experience is a must.

The one thing customers hate is wasting their time waiting for a transaction to happen.

The traditional cash payment takes too much time sometimes, both merchants/vendors and customers face problems like the odd amount, lack of change on customer or vendor side, etc.

As a solution, many merchants shifted on using a POS machine.

But the customer being a customer not necessarily carry his/her credit or debit card everywhere, not especially when he is in a hurry to buy shampoo or when in urgent need of 2 kg of rice or sugar.

What they have with them all the time is mobile.
That’s why it is important for a retail store to adapt to the future of payment collection – EPOS

What is EPOS?

E-POS is advanced technology available in the form of an API (Application) on your mobile phone.

Apart from making your transactions quick, secure and convenient, this technology is apt for an omnichannel aspect of your business.

Read more: Best EPOS App for 2020 

Lyra’s EPOS application is a must-have solution for any retail business. It is an app that can be downloaded from the google play store.

With the easiest interface, Lyra’s EPOS allows merchants and customers to have a seamless and swift transaction. This is a link sharing based payment collection solution.

Let’s see why Lyra EPOS is a good investment for a retail store.

Available right from your mobile play store:

Lyra’s EPOS is an online payment collection service that is available in the google play store as a downloadable application for Android as well as iPhone user merchants. 

Improve the service level / Increased convenience:

This solution enables digitizing and streamlining the shopping experience. It is extremely convenient to use this app with the simplest functionality and it offers on-the-spot payment collection.

Integrated with popular payment methods:

Nowadays many customers choose to pay with digital payment methods instead of cash.

It is important that customers can choose whichever payment method they are comfortable with.

Lyra’s EPOS offers popular payment methods such as EMV chip cards, UPI, net banking and mobile wallets.

Backed by strong and secure technical support:

Lyra’s EPOS is backed by a robust and secure technical support to provide the customer as well as a merchant with a hassle-free transaction.

This service offers maximum security with fraud and chargebacks minimization. With this merchant can avoid revenue loss and can maintain customer loyalty.

Savings on time and cost:

This solution eliminates the need for a physical POS terminal. This saves time and cost for installation, maintenance, and training.

Speeding up the transactions’ process is a great way to provide your customers with a great experience and increase productivity amongst employees.

This way the employees can successfully spend their time making efforts on those aspects that can benefit the business at the end of the day.

Thus, the time saved from not having to spend energy and efforts on taking each order physically from worker to the employer helps in faster processing and more utilization of saved time in doing something more beneficial for the business. 

Think Lyra EPOS App is for you? Click here to get Lyra EPOS for your Business

Business assessment:

With Lyra’s EPOS system, merchants can keep track of individual staff performance. The EPOS system successfully records the staff activity and helps the business in monitoring the performance of staff on a daily basis.

It helps the business assess and ascertain the high performers amidst the employees.

Some businesses highlight their top employees based on the number of items processed/delivered/served in an hour to the customers. It helps them create a competitive environment in the business environment and makes its employees perform well.

If one is not working in an environment where this is a useful metric, EPOS systems still provide a way of recording staff activity.

One can keep tabs on who has been voiding transactions, who dealt with a particular customer.

The ability to have this information recorded and to review is a great way to reduce fraudulent activities and maintain integrity in the workplace. This helps merchants identifying where exactly the business needs improvements.

It surely increases the business’ reach and the convenience to receive payments on the spot even while sending home deliveries. 

All in all, offer a better customer experience:

It caters to the need of an Omnichannel business, as it is always available on the merchant’s mobile phone.

As many retail stores do door to door deliveries this app helps on the spot payments with faster transaction rates.

The mobility enabled by using Lyra EPOS streamlines customer interactions and improves the overall customer experience contributing to an increase in revenue.

Lyra EPOS – a glimpse

Best-Retail-EPO-(Electronic-point-of-sale)-systems-in-2020-infographic

Get Started with EPOS for your Retail Business

Contact us and our sales team will contact you as soon as possible

 

What is Payment Switch – Working, Architecture, Features, and Benefits

Simply said, Payment Switch is a tool that facilitates communication between different payment service providers.

Switch typically provides a merchant-driven rules-based authorization and switching solution.

It dynamically routes payment transactions between multiple acquirers and Payment Service Providers.

It sits at the center of the payment processing and dynamically acquires, routers, switches, authenticates, and authorizes transactions across multiple payment channels.

The switch enables an extension of the payment network by adding new payment methods and providers easily, without enormous integration costs.

Protect Your Company from Payment Providers’ Downtime & Outages

Several high-profile FinTechs and PSPs have experienced multiple outages for card processing.

Aggregators need a constant connection to multiple new endpoints. Banks, PSPs, and facilitators are implementing and opting for 24-by-7 payment options.

A number of service providers are implementing multiple online payment options.

But having more providers makes the transaction process vulnerable to acquirer failures and prone to transaction failures with connectivity and security issues.

This issue will not only irritate customers but ultimately can lead to revenue loss and a damaged reputation.

And that’s where Switch comes in.

Switching process

 

Payment-switch
Payment Switch

Payment switch – How it works

After the payment request is initiated, the payment switch authorizes the merchant and transaction. Based on the status of the transaction (either failure or success), it is further processed.

Switch then dynamically routes authorized payment transactions based on the rules.

These rules include routing by bin (bank identification number), routing by amount, routing by the time of the day, etc. Based on the bin identification, switch formats and send a message to the provider, and receive a back response from the provider.

It again formats the received response and returns back to the caller.

Learn Lyra Switch Features

What to look for in a payment switch:

Nowadays, merchants sell on a global level with multiple acquirers, in order to provide uninterrupted service to the customer following requirements must be fulfilled by a Payment Switch.

Dynamic routing: Acceptance rates of different acquirers differ based on multiple variables, switch considers these variables as rules and uses them to dynamically route the transactions, maximizing payment acceptance performance and minimizing transaction failures

Fraud Management: Every PSP should offer a perfect balance between a seamless experience and effective fraud management.

Lyra’s Switch handles tens of thousands of transactions making it difficult to spot suspicious behavior, so in order to detect fraud, a Payment Switch must support 3DS processing and provide real-time notifications.

Extension of payment network: Multiple PSPs: Customers generally pay online with the option they are most comfortable with.

There are plenty of PSPs in the market and the number will keep increasing.

Above all payment, Switch should support the integration of multiple PSPs and global acquirers minimizing the integration cost for the merchant

Security: One of the most important aspects of online/digital payments is security.

For the security of customers as well as merchants, payment Switch should be compliant with PCI DSS offering encryption and tokenization tools.

Lyra’s Switch – A robust and secure switching solution

Lyra’s Payment Switch saves merchants from connectivity and security issues.

Apart from debit cards and credit cards, a payment switch also processes transactions such as immediate payments, ATMs, POS, MPOS, etc.

Know Switch Clearing and settlement Guide

Lyra Payment Switch Architecture

Lyra Payment-switch-architecture
Lyra’s Switch Architecture

How Lyra’s payment switch is beneficial?

  • Lyra’s switch dynamically routes payment transactions between the acquirer and payment service provider revamping the transaction success rate. 
  • It encrypts sensitive payment information prior to them transmitting it to the processing bank. 
  • Easier to integrate multiple payment methods and providers, the software solution is tailor-made for customers’ requirements. 
  • With direct connectivity with card schemes, Lyra’s payment Switch also provides services like reconciliation, fraud and chargeback management. 
  • It processes all payments in real-time between the point of customer interaction and the processing system.
  • It has direct connectivity with card schemes and supports Visa, Mastercard, Maestro, and Rupay

In conclusion, Lyra’s switch along with Lyra Payment gateway provides an independent transaction solution with fewer hops as no 3rd party software is included. This maximizes acceptance rates, improves approval rates, and reduces payment processing fees. This is a sensitive system and hence Lyra constantly maintains multiple data centers to avoid downtime. Payment switch boosts financial inclusion, growth, and Customer Lifetime Value.

Get started with Lyra Payment Switch

Contact us and our sales team will contact as soon as possible

Read about the new trends, news and fintech updates here

For the first time in India Lyra has introduced an extremely convenient and on-the-spot online payment collection solution – Lyra WhatsApp Payment Solution.

So, what is this WhatsApp Payment Solution? How does WhatsApp Payment work? What are the features of the WhatsApp Payment Solution? How is payment via WhatsApp beneficial for my business? Read on to find out why you need WhatsApp Payment Solution for your business.

What is WhatsApp payment?

WhatsApp Payment Solution is a convenient and seamless payment collection solution. It uses WhatsApp messenger to collect digital payments. But it offers so much more than just a way to collect payments. Not only it provides personalized user experience but it also ensures secure payments.

Lyra’s WhatsApp Payment collection option provides an integral, standalone business solution where merchants can connect with an individual as well as a group of customers, promote company and travel packages information, assess customer experience, create a follow-up and collect online payments driving business growth to higher levels and overcome online payments acceptance challenges.

How does Lyra WhatsApp Payment work?

Just follow these four steps:

STEP 1:  Merchant creates a Payment Order

STEP 2: Lyra Generates a payment link and sends it to the customer

STEP 3: Payment Processing

STEP 4: Merchant receives the Payment Confirmation message

Every business has it’s own share of payment collection problems. Read here to find out how Lyra WhatsApp Payment Solution makes payment collection easy for retail business owners.

But, more than this, it covers a wide spectrum of sectors from E-commerce to Brick-and-mortar store, from travel- tourism to the education sector, and from retail to the BFSI sector.

All SMEs can use this as a payment collection method. Let’s see what are the features and benefits of payment collection via WhatsApp in detail.

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Here are the 9 features of Lyra WhatsApp Payment Solution

  • Real-time payments 
  • Errorless payment collection
  • Customer Engagement
  • Saving, saving and more saving
  • Secure transaction
  • Uncomplicated and simple service
  • Care for customer
  • Care for merchant
  • Any type of Payment Collection

1. Real-time payments

This solution uses WhatsApp messenger to collect payments, it is a direct payment method. It can be used as face to face and for non-face to face payment collection in real-time. So, you’re never more than a few clicks away from acquiring a payment. 

Better yet, you can collect payments online whenever you want, wherever you want.

2. Errorless payment collections

Payment collection via WhatsApp minimizes error opportunities by taking the human element out. The whole transaction process happens within the WhatsApp application without any manual intervention.

3. Customer Engagement

WhatsApp Payment Solution is a tailor-made payment collection solution for each and every one of your customers. With customized messages payment via WhatsApp increases engagement with customers and can be used to close sales immediately.

Think Whatsapp Payment is for you – Click here

4. Saving, saving and more saving

With Lyra, merchants can get on board without any additional costs. A specially designed API helps to send bulk payment orders. As the complete transactions happen within the WhatsApp application, it has a couple of benefits:

1) This payment collection solution eliminates the need for a physical POS terminal saving on the installation and maintenance charges.

2) It eliminates the need to use a third-party application.

This feature reduces the time taken to complete the end to end process for both merchants and customers, hence saving both money as well as time.

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5. Secure transaction

WhatsApp messenger uses encrypted messages and all the transactions.  And these transactions are processed through Lyra’s most preferred and secure payment gateway.

This solution is PCI DSS v3.2.1 compliant and certified by VISA and MASTERCARD, making payment collection via WhatsApp one of the safest and secure solutions.

6. Uncomplicated and simple service

Nobody likes complicated applications that are hard to understand. Payment collection via WhatsApp is as simple as sending a text message, no, IT IS a text message.

Merchant just has to enter the amount, currency, and contact number of the customer and send the message, that’s it!

7. Care for customer

Customer is King, always is, always will be. With the WhatsApp Payment collection solution, merchants can customize the collection messages according to the customers. These messages can be used to build a customer relationship strategy.

They can assure customers a safe and secure transaction as there is no need to share any personal or bank details such as IFSC code or account number. This service offers multiple payment options, allowing customers to choose the option they are comfortable with.

8. Care for merchant

Customers will always be the king, but self-care is important too. Lyra WhatsApp solution provides a dashboard for a clear overview of all transactions and day to day auto-generated reports for all the transactions.

This can help in the business assessment. With maximum security and fraud, chargebacks minimization, merchants can avoid revenue loss and can maintain customer loyalty.

9. Multiple Payment Collection options

Lyra WhatsApp Payment solution allows merchants to collect

  1. On the spot payments
  2. Face to face / non-face to face payments
  3. Payment orders with a variable amount
  4. Payment in installments
  5. Partial payments

Just a few clicks and the payment collection order is sent to the customer. Not only that, but the merchant will also receive a notification in the chat window, once the payment is done online.

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Still, have questions?

Here are some frequently answered questions for you to get to know WhatsApp payment Solution:

How can I collect online payments via WhatsApp?

Simple, you can apply online here for the onboarding process. Once you get on board with Lyra, you can start accepting online payments. (Just a reminder, Lyra is known for its quick onboarding, so collecting digital payments via WhatsApp is extremely easy)

What do I need to accept digital payments via WhatsApp?

Collecting online payments via WhatsApp requires only basic things like a smartphone, a free WhatsApp account, and an opening account with Lyra. Once you have these three you are all set up for WhatsApp payment collection.

How to create a payment collection order?

WhatsApp Payment Solution requires minimal input to create a payment order. A merchant only requires to put an amount, currency, and customer’s WhatsApp number. After submitting these details, a customized payment order/ payment link will be shared with you which you and the customer.

How can I collect bulk payment orders?

There is a specially designed API through which you can collect bulk payments.

Can I view the transaction history?

Yes, you can. Lyra provides a dashboard that gives a clear and detailed overview of all transactions. The dashboard also generates daily reports.

Is there a limit to creating or accepting payments?

There is no limit on the number of transactions

Is WhatsApp payment secure for merchants and customers?

#WhatsApp communication is always encrypted and payment transaction processes through highly secured Lyra Payment Gateway. Lyra WhatsApp Payment Collection Solution is PCI DSS 3.2.1 compliant and is certified by Visa, MasterCard. Online payment collection via WhatsApp does not need your customers to share their personal or bank information. Lyra is compliant with the government’s rules on data security.

So, if you are facing problems like

  1. Collecting on the spot payment
  2. Collecting partial payment or EMI payments
  3. Interoperability issue between payment acceptance solutions 

Lyra WhatsApp Payment Solution is for you.

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