Retail Business Payment Collection

Thanks to the digital India initiative and demonetization, digital payments are witnessing thriving growth. Nowadays there are a lot of digital payment options when it comes to accepting payments like UPI or NEFT.

Most of them use third-party applications or external hardware. But both businesses and consumers are interested in a more convenient payment option – as convenient as sending a text message.

How to Collect Payments in your Retail Business?

There are many payment collection methods available, some are traditional, some are modern. Here are the most common payment collection methods used:


Accepting payments via cash is the most traditional and basic mode. Cash is readily available with customers and it is convenient for on the spot transactions.


Credit and debit cards have been around for a while and their popularity is increasing. Accepting cards for payments are becoming the norm and it can be considered as the first step towards a cashless economy.

Along with these cards, the introduction of the store credit and gift cards are considered as a tool to build and maintain brand loyalty and customer relationships.

Mobile payments or link-based payment acceptance:

There has been a rapid growth in accepting payments via digital modes. Now businesses can collect payments via mobile applications, mobile wallets, or by simply sharing the payment link

But not every mode of payment acceptance is perfect.

Payment Collection Problems in Retail Business

Payment collection plays a very important yet often underestimated role for growth and profitability in retail trade and retail management.

Many times, retailers face troubles or complications while accepting payments. Here are some challenges faced by retail sectors in India.

  • As retail shops typically sell items and services in-store but some items may be sold online or over the phone and then shipped to the customer, merchants mostly prefer on the spot payments. Cash or card-based transaction may not be compatible when long-distance orders are involved
  • Retail stores often deal with payment orders that are not defined or constantly changes from customer to customer, so payments via cash or cards may need to work on creating new invoices and receipts again and again.
  • Accepting payments via cards need a card reader, like a POS system or a third-party mobile application that can read the card.
  • Depending on services, retail businesses need to acquire payments in installments or partial payments from customers. With present payment solutions, it becomes a rather hectic task. In such cases, problems can arise in invoice generation or in billing.
  • There can be a lack of interoperability between payment acceptance solutions which are link-based.

As you have seen every method has its own drawback and accepting payments via Whatsapp may be just the solution that retail businesses are looking for.

whatsapp payment solution

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All problems: one solution – WhatsApp Payment

Why WhatsApp is an ideal choice for a Payment Solution:

  1. WhatsApp works on all types of smartphones be it an android or an iPhone. It has managed to remain near the top of the list of the most popular messaging apps over a decade now and it’s popularity is increasing. 
  2. WhatsApp is an ideal and most preferred choice for communication and nearly everyone uses it. 
  3. It has higher usage in urban India and has a rising coverage in rural India.

Why Lyra: 

Lyra WhatsApp Payment Solution can be used by both public as well as private retail businesses.  As complete transaction happen within WhatsApp, which in turns,

  • Terminates the need for physical devices like POS machine
  • Eliminates need to use a third-party application

This service can be used for E-Commerce sites, as a white label for banks or simply as a payment solution.

As WhatsApp messenger uses encrypted messages and all the transactions are processed through Lyra’s most preferred and secure payment gateway, using WhatsApp for payment becomes one of the safest and secure solutions.

chargeback mechanism with a settlement module helps payment collection with peace of mind. 


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How to activate WhatsApp payment:

With a smooth onboarding and settlement process, activating  Lyra WhatsApp Payment Solution becomes a hassle-free process.

The specially designed API allows merchants to send customized payment orders and bulk payment orders. Merchant just needs to post required parameters and in response, the Lyra server sends payment URL. 

This responds to the tendency of companies to use these messages in their customer relationship strategy.

How Lyra WhatsApp Payment Solution works?

Payment collection via WhatsApp is as simple as sending a text message via app. It works in four simple steps:

  1. Creating a Payment Order: Sending a message with the Customer’s Amount, Currency and Phone Number to the Lyra WhatsApp certified number by the merchant.
  2. Generate payment link: Lyra sends the buyer a message with the link to the payment. At the same time, the merchant receives a confirmation via a link.
  3. Payment Processing: The buyer clicks on the link and will be directed to a secure payment page to complete the payment.
  4. Payment Confirmation: Upon completion of the transaction, the merchant will receive a payment confirmation via WhatsApp. 

This solution can be used for a face to face as well as non-face to face transactions in real-time. 

Whatsapp payment features:

  1. Quick onboarding with no additional cost
  2. Multiple payment options
  3. Customization of the payment messages
  4. Send bulk payment orders via specially designed API
  5. Dashboard for a clear overview of all transactions.
  6. Day to day auto-generated reports for transactions
  7. Fraud detection and Chargeback handling
  8. synchronized back office
  9. a clear view of all the transactions and can manage them

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Benefits for merchant:

  1. Real-time payments: WhatsApp payment solution is a direct payment method. It can be used as face to face and for non-face to face payment collection in real-time and can be used to close sales immediately.
  2. Guaranteed secure payment: The Payment Solution is PCI-DSS V.3.2.1 compliant and certified by Visa, MasterCard. 
  3. Perform transactions without a third-party application: As transactions happen within WhatsApp, there is no need to download third-party applications.
  4. Payment notifications in the chat window: After a successful transaction, you will get a notification in the chat window
  5. No manual intervention: Sends payment orders via WhatsApp without manual intervention
  6. Collect payments instantly anytime anywhere
  7. As sending payment orders and transactions take place online via WhatsApp messenger, this solution reduces the use of the physical POS terminal.

Benefits for the customer:

  1. No need to share details or IFSC code: Payment via WhatsApp is similar to sending a message via app. There is no need to share the details or IFSC code.
  2. An uncomplicated and simple service: Using WhatsApp to pay is as simple as sharing an image or sending a text message.
  3. No need for the additional application: Paying via WhatsApp eliminates the need for downloading additional apps to perform transactions.
  4. Guaranteed secure payment: This payment solution focuses on security providing the highest level of trust as WhatsApp communication is always encrypted.

Covering a wide spectrum of sectors from E-commerce to Brick-and-mortar store, from travel- tourism to the education sector and from retail to BFSI sector, all SMEs can use this as a payment collection method.

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