Here’s how PayU helps merchants to know their customers better
Gleaning information from PayU’s dashboard, 3.5 lakh merchants can understand customer needs, expectations, interests and lifecycle.
December 30, 2019 / 06:59 PM IST
Is the role of a payment gateway limited to facilitating transactions between merchants and their customers securely? Not according to PayU, which works with over 3.5 lakh online and offline merchants in the country. The company believes that in addition to enabling seamless processing of transactions, it should help merchants get a deep dive into buyer insights. This, in turn, can help them take informed business decisions to grow their sales.
Explaining this, Mohit Gopal, Senior VP and Strategy Head, PayU India said that the company’s merchants have access to a dashboard that covers all payment related information, including graphs for trends of past performance. According to him, they can utilize this information to understand customer needs, expectations, interests and lifecycle better and introduce the appropriate products and services.
“Additionally, these insights help them in optimizing their inventory and operations to improve their overall margins. We are constantly in touch with our merchants. Many leading merchants have come to us with specific requests and there are pilots in progress,” he added.
Since the payment gateway has insights about merchant operations and consumer preferences, it partners with them to build a seamless experience for their buyers by understanding their current and potential customer touchpoints and offering solutions that enable faster and hassle-free payment and affordability experience. “
“We see ourselves as a long-term partner in a merchant’s journey. While we don’t consider ourselves as experts in merchant operations, we definitely believe that PayU when partnering with merchants can help them refine their idea of consumer preferences,” Gopal noted.
Additionally, fraudulent payment has become a bane for every business, and it puts both customer and merchants at equal risk. Hence, PayU leverages its PCI-DSS certification to manage both scenarios given that it handles sensitive payments data of merchants and their customers. It has deployed SHA512 and 2048 SSL Key encryption algorithms and benchmarked risk assessment processes to prevent frauds amongst merchants. Additionally, it developed a proprietary risk engine for its platform and uses third-party risk engines, including those from specialist sector-focused risk firms.