Vikas is a 30 year old savvy entrepreneur and has worked with a top retailer in the past. He started a hyper-local fresh organic food delivery service in the suburbs of Mumbai. Being a tech-aware entrepreneur, he decided to go the app way to launch his business. To close the loop of order delivery & transaction all he needed then was to integrate a simple payment gateway that could process payments quickly, was secure and failsafe.
Unlike the general perception, Payment Gateway is just not one tick in the checklist. A true consumer savvy business requires an all-inclusive payment platform, which could offer seller administration, consumer engagement, reward management, loyalty and have omni-channel commerce capabilities. Perhaps a “Payment Genie” that could do all of following and more:
● A simple technology that takes minimum effort to integrate.
● Developer tools like Native SDK for mobile app, .JS etc for managing checkout experience
● Ability to be mobile: anywhere, anytime
● Manage refunds and cashbacks instantly, something which always ensures customer delight
While it takes a savvy product guy to put forth the requirements, unfortunately the known payment gateway options available to Vikas and many more like him are lacking in some form or the other. There is a clear gap in solutions which can address both the business needs and still deliver a fantastic consumer experience.
LTP is happy to bring to you some good solutions across segments as we spot the right companies on an ongoing basis.
Udio Checkout by TranServ is a solution in the Indian payment gateway industry which has come up with an end-to-end omni-channel platform addressing all the above concerns.
Udio Checkout, takes away the hassles of setting up a gateway for the online business, especially start-ups that are bootstrapping. A turn-around time of 24 hours to go live is impressive. From an end consumer perspective, not only the feature of saved cards makes things easy, they can always sign up for the wallet and get a single click checkout for future transactions.
Udio also has a unique offering called the “Udio Button” which enables even offline businesses to transact online. Businesses can just include a Udio Button next to their products (the button can be also embedded onto a social media page) and customers can make immediate, safe and secure payments. Additionally, the feature also allows users to pay for purchases through a payment link shared by the buyer via email or SMS which ensures payments on the go.
The issue of settlement with vendors and processing refunds has been a topic of argument in the Indian payment gateway industry. The Udio solution provides instant refunds directly into the consumer’s Udio Wallet, a semi-closed loop prepaid account issued in partnership with RBL Bank.
For premium merchants, Udio provides a platform which helps sellers maintain documents online, generate invoices and track payments. Furthermore, merchants can draw traffic into their stores by announcing discounts & promotions and by creating customized campaigns using the platform. Udio provides an integrated platform to manage payment collection, loyalty and marketing promotions in a seamless manner.
The solid team behind Udio
TranServ has been formed by a group of senior and respected bankers, who bring a wealth of experience in the payment sector with a mission to expand the payments landscape in India.
Their solutions are designed well, integrating a consumer-centric approach and are easy to use. They enable their customers (Ecommerce, developers, on-demand companies, etc.) to launch quickly by simplifying payments integration. With a marque list of partners and merchants on-board, which includes (but not limited to) one of the largest classifieds player, an online ticketing giant, Udio seems to be a serious player to have taken up this space. There is a huge opportunity as millions of new businesses will go online in India in the next 5 years. No matter who gets there first, we’re just excited about somebody offering a good feature-rich payment gateway solution.