Have an emergency? Need to make quick payments? The solution to this is right here. A Real-time (RTP) payment gateway can solve this problem instantaneously within moments of initiation of payments. You need not worry even if it’s a holiday, as real-time payment networks are available 24/7 for you.
Here are few examples of RTP’s:
- In the USA it is The Clearing House (TCH)
- UPI in India
- PIX in Brazil
- Faster payments in the UK
Real-time payment gateways like Cashfree’s payment gateway work efficiently to enhance your experience as a customer. They strengthen your relationship with various financial institutions by providing prompt service. They are most famous in foreign countries like the USA. We can understand that, as a modern payment gateway, it does have some lucrative benefits. Let’s discuss some of them:
- Faster Payments: It is extremely problematic for all customers and businesses if the payment processing is delayed in any way, isn’t it? It locks up money and slows down business operations. This is the most significant reason why customers should shift to these modern payment gateways. Real-time payment networks are mostly known for their instantaneous and swift payment ways, thus ensuring a smooth transaction.
- Globally Available: Technological advancements are driving the growth of real-time payment gateways exponentially. It is becoming available to most countries like the USA, Mexico, India, Singapore, etc. You no longer have to worry if you are dealing with international currencies. They will ensure a smooth transaction in your business.
- Instant Acknowledgement: In today’s world, smartphones have a persuasive influence over our lives. You can access everything with just one click. This has become extremely beneficial in cases where you have to make a payment. Paying through real-time payment gateways allow you to know whether your payment was successful or not. Just after the payment is done, you receive an acknowledgement message on your smartphone confirming the same.
- One-time authorization: This feature allows the customer to make a one-time mandate for making payments. You don’t need to undergo the process of authorization again and again. The customers can pre-authorize a transaction and pay later.
- Single and Centralised identity: Real-time payment gateways provide you with a unique virtual payment address that you can apply while making payments. This will prevent the hassle of switching multiple profiles and you can transfer money between accounts smoothly. It allows the customers to make their payments as and when they like.
- Signed intent and QR: It gives you the benefit of checking the authenticity of the merchants by scanning the quick response code.
- Trims business expenses: This aspect of the real-time payment networks makes them a lucrative option for businesses. They reduce expenses by eliminating the use of various checks and expensive payment methods in business platforms. RTP’s modernize the processes by linking invoices with payments efficiently.
- Simplifying end-to-end: Real-time payment gateways also simplify business processes. Not only does it provide instant payment acknowledgement but also is flexible enough to post the entire details needed to identify a payment. This in turn helps in minimizing payment inquiries.
- Linking of overdraft accounts: This feature has been recently added to this modern payment gateway. For a long time, you were just able to link your current and savings bank account to RTP but now you can easily add your overdraft account to it.
Real-time payment gateways are gradually gaining popularity over traditional payment modes, like cards and cheques with their swift and smooth ways of transactions. Customers no longer need to go to the banks, even for a transaction of a substantial amount. They can just sit back at their homes and get payments done with one click on their smartphones. Thus solving decades of challenges faced by payment processes.