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Payment gateways will continue to evolve

Payment gateways are the backbone for any business wanting to sell, informs Alka Mehta, Founder and CEO, PayAid, to The Founder Media, while also elaborating upon the opportunities and challenges in her journey

by The Founder
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What prompted you to come up with PayAid?

Transaction failure is a huge challenge for businesses selling online. Most businesses lose upto 30 per cent of their transactions due to either the payment gateway downtime or the payment gateway not offering the mode of payment that the end consumer wants to pay through. This is a huge loss to businesses that spend 50 per cent of their budgets on bringing in, or acquiring new clients.

What challenges did you face in your journey, and what made you overcome those?

I have faced several challenges during my journey. Women entrepreneurs are not taken seriously, whether for business or for funding, and that can be quite daunting to an entrepreneur. Another challenge that I faced was the issues with “joke” customer enquiries.

With time though, I have learnt to develop a thick skin and now, I also overlook the fact that I get overlooked, and that has helped me to refuse to give up in my quest for growing my business, be it by looking for investors or by growing PayAid.

In addition, we have added additional filters to remove the “joke” customer enquiries, and this has helped us further in generating better quality of leads.

What’s your opinion on payment gateways? How do you see these evolving in India?

Payment gateways are the backbone for any business wanting to sell online since these provide the convenience of immediate
collection of payments before shipping out the goods, and hence, reduction in returns or loss of stock for businesses. Payment gateways will continue to evolve, adding more methods of payments.

What makes PayAid different from other payment gateways?

The PayAid payments gateway offers over 160 modes of payment to customers and merchants. We have a 93 per cent transaction success rate that far surpasses the industry standard of 50 per cent.

Established formally in 2021, I was inspired to develop a payment portal that addressed a gap in the market. While there are many payment gateways available, I found that none offered all modes of payment via one “plug in” portal.

After speaking with merchants and investigating sector demand for such a platform, I decided to create a solution. PayAid allows merchants to integrate multiple payment methods into their website(s) or application(s) effortlessly. This approach saves time, effort and resources as the stakeholders don’t need to manage multiple integrations.

Tell us about the technology behind your payment gateway, and how it ensures security for both businesses and customers.

Our advanced algorithm allows for transactions to be routed to the most successful payment gateway by tracking the success rates in real-time.

What emerging trends in the payment industry do you see shaping the future, and how is your company preparing for those?

The payment industry has evolved well in the past 10 years and there are more exciting products that are coming in. PayAid is completely geared to work on these new products, along with our partners.

Your message for future entrepreneurs?

Never ever give up. If you believe in your company, you will find a way to make things work.

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