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Best Payment Management Software In India

Finding the best Payment Management Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

Table of Contents

What is meant by payment management software?

All organizations need to manage their payments in a methodical and organized manner. Companies are nowadays harnessing the power of automated solutions such as payment management software to streamline their operations. These are comprehensive platforms that help organizations simplify and automate recurring payment tasks. Payment management software allow merchants and online e-commerce companies to process payments from clients through clients by managing internet transactions in a secure manner.

Payment processing software facilitates payment through debit or credit cards by handling communication with the bank directly. The processor’s main job is to verify the authenticity of all details and authorize the payment. Once the payment management software verifies that the card is valid, details are authentic and the account has sufficient funds, the actual payment transaction is carried out instantly. It is a convenient way of ensuring that all payment related activities are carried out seamlessly and ensures that users are provided with a smooth experience. There are no endless delays in processing finances, and the entire process moves with agility.

It is virtually impossible to run a business without a sophisticated and advanced payment process software. It eliminates all kinds of human errors and drives efficiency that helps organizations stay on top of all merchant payment operations.

What are the different types of payment management software available in the market?

There are a number of payment management software available in the market. It is imperative for businesses to understand their requirements and invest in the best one that they can afford. Here are some of the various types  of payment processing software:

  • Hosted Payment Gateway Systems: This type of payment management software is very helpful in taking a customer away from a website’s checkout page. After a user makes an order and clicks on ‘pay now’ option, they are redirected to a payment service provider page. Hosted payment gateway systems facilitate user detail entry, complete the entire payment transaction and then take customers back to the website page. This enables them to make further transactions or finish the payment process by signing out or checking out.

  • Self-Hosted Payment Gateway Software: This type of payment processing software asks customers for complete details at the organization’s own website. After gathering the data, self-hosted payment processing software sends it to the payment gateway’s URL. The information may need to be in a specific format, and then the process is completed.

  • API Payment Gateways: API payment gateways are a popular option in payment management software. These type of solutions allow customers to directly enter their details and information on the merchant’s checkout page. It then goes on to process payment requests using their API or HTTPS queries.

  • Local Bank Integration Platforms: This type of payment processing software is similar to hosted payment gateway platforms. In these, the user is redirected to the payment gateway’s website where they need to fill all payment information and details. Local bank integration platforms ensure the payment is conducted smoothly without any delays. The users are redirected to the main website and are given notifications along with the redirection.

There are many variants of payment processing software. It is better for organizations to research all the features, scalability and customization options before taking the right decision for their business model.

Why is payment management software heavily demanded by organizations in the current business environment?

All kinds of business organizations need smart tools to help them make and dispense payments on a regular basis. Today businesses are looking to integrate flexible and automated payment management software. Here are certain important reasons due to which payment processing software is highly demanded by companies:

  • Payment management software automates essential tasks such as invoicing, payment release and notification alerts so that the workload of staff members is reduced.
  • Customers are engaged due to responsive and smooth payment transactions. They do not need to worry about any technical glitches and the payment occurs instantly in an automated manner.
  • Payment processing software ensures that payment transactions are recorded, monitored and structured through a single unified platform.
  • Payment management systems also have custom in-built invoice templates for quotations and invoices. This speeds calculations and reduces any chances of manual error.
  • Payment processing software have integrated databases that keep a record of all vital information and visual dashboards that display real-time metrics for better decision making.
  • Payment management software removes any confusion or doubts on employee or client related expense accounts. Managers can view individual expense accounts, make changes and approve or reject final payments.
  • All the past payment records and transactions of clients are stored at a centralized location though payment management systems. This enhances complete visibility and facilitates better transparency in money related matters.

There is no doubt that payment process software is a great asset for organizations. It will definitely reap a quick return on investment and provide a holistic platform to manage business payments regularly.

What are the perks and drawbacks of using payment management software?

Organizations have now realized the immense potential of payment management software. There are various advantages or perks of utilizing payment processing solutions such as:

  • Complete Flexibility in Payment Operations: Payment management systems make sure that payments are accepted in all modes and forms. They ensure that a business organization accepts all major credit or debit cards. This leads to seamless operational efficiency and task flow management. Universal acceptance of all payment modes insures to keep clients happy and demonstrate superior business performance.
  • Faster Transaction Rate: Most modern payment management software facilitate electronic financial transactions. This makes it faster to reconcile, batch and release payments rather than the manual cash-based systems. It is also possible to set timed releases of payments in an automated manner. A faster transaction rate leads to higher productivity and output.
  • Better Security: Payment management software ensures complete security of financial transactions through secure integration. The system has in-built mechanisms to prevent unauthorized access and makes sure that sensitive payment related information remains secure. It prevents any kind of fraudulent activities that could lead to loss of reputation or money.
  • Lesser Operational Costs: Businesses are always looking out for ways to save money and build profitability. Payment processing software lowers all operational costs through multiple terminal management. It facilitates multiple payment devices across work stations and reduces the dependency on staff members. This saves time and boosts revenues to the highest possible levels.
  • Save Time And Increase Efficiency: The ability to save huge chunks of time by automating manual lengthy payment calculations is one of the biggest advantages of payment processing software. It enhances efficiency by facilitating payment transactions seamlessly and managing a unified information database.

Payment management software can increase the bottom line results of any type of organization. However, it does have a few drawbacks too such as:

  • Sometime payment processing software may prove to be very technical. Users may not learn how to navigate the system, thus may require training to use the software.
  • If not managed properly, payment management systems may be prone to the threat of being hacked. This would lead to security problems and would compromise sensitive information of the company.
  • Most payment processing software do not work in offline mode and always require an internet connection for payment transactions to occur in a smooth manner.
  • Some payment processing software solutions are not fully scalable or customizable. The one-size-fits-all approach may not suit all organizations.

Despite all these drawbacks payment management software is a real asset for organizations. It is clear that payment processing systems have tremendous potential for organizations. They boost end productivity parameters through streamlined task flow, stronger team collaboration and thus leads to a better work environment.

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Nikunj DudhatBy Nikunj Dudhat | Last Updated: October 30, 2020



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