People indeed associate quality products with high prices. But if you price your product too high, only a few people may buy it. While pricing the same product too low might result in losses. There is no one-size-fits-all formula for pricing! Before we decode how product pricing is done, we need to understand what product pricing means.

What is pricing?

Product pricing is setting prices for products and services to help you meet your goals and make a profit. There are many factors to consider when setting the right price for your products. This blog will discuss 7 easy tips to ensure your product pricing is just right.

7 Pro tips for pricing your products correctly

1. Define the business goals your pricing should achieve

Before you start pricing your products, it is important to define business goals aligned with your brand’s overall mission and vision. Do you want to increase your market share? Do you want to increase customer loyalty or maximize your profits? The goals you choose will determine the pricing strategies you use for your products.

2. Include all costs efficiently

When you consider pricing, include all the costs associated with producing and selling your product. This consists of the cost of materials, labor, storage, transportation, marketing, and more.

Ask yourself:  

• Have I considered discounts or deals I can get from my suppliers?
• Did I include post-sales costs such as customer service in my pricing?
• Or any tax incentives and other benefits I can take advantage of?
• Is it just breaking even or adding to your profits as well?

Imagine this. Leena sells jewelry for Rs. 100, making it at a loss of Rs. 10. If Leena sells the jewelry for more than Rs. 110, she will make that much more profit.

Pro tip: Fill in all the costs in an Excel sheet, so you don’t miss out on anything and can easily see the gross revenue you need to generate.  

Here is a hypothetical example of the product pricing of a t-shirt:  

3. Understand your customers’ budget

Conduct market research to find out –

• who your target audience is
• how much they pay for similar products
• what the perceived value of your product is

The better you know your customers, the more value you can provide them. You can tweak the pricing according to your customers’ location, use cases, purchasing capacity, etc. It is good to ask customers for feedback to understand their needs and determine the right product pricing and development strategy.

4. Study your competitors’ pricing

You can also look at the prices of similar products. This will help you set competitive prices that are attractive to your customers and align with industry standards. See if your product offers any additional value or if there is an uneven supply-demand ratio. Also, pay attention to any special offers or discounts your competitors offer. This can help you determine if you should offer similar discounts or promotions to stay competitive.

5. Apply psychological tactics to pricing

Use psychological cues, like the power of suggestion, to influence customer behavior. For example, offering a product at $5.99 and another at $6. Customers will most probably buy the one that is priced at $5.99. You can also provide offers and discounts whenever possible to attract more customers.

6. Use different product pricing methods 

You can use many product pricing methods to offer your products and services. Here are two examples that are very easily actionable:

a) Tiered Pricing

Tiered pricing involves setting different prices for different levels of product features. For example, you could offer a basic version of your product at a lower price and an upgraded version at a higher price. This allows customers to choose the version that best suits their needs and budget. Service providers like software companies and travel agencies typically use a tiered pricing method.

b) Bundled Pricing 

Bundled pricing involves offering several products together at a discounted rate. One classic example of this is ordering combo meals at leading fast-food joints. This gives customers more value for their money and encourages them to make larger purchases.

7. Keep your pricing flexible

You can even keep your pricing flexible to quickly adjust your prices to changing market conditions. For example, if your competitors are offering discounts or promotions, you should be able to adjust your prices to remain competitive. You should also be able to adjust your prices to take advantage of any seasonal trends or changes in customer demand. Measure your sales performance and customer satisfaction to figure out what works best.

Set the right prices for your offerings and earn more

Remember, the product pricing process may look different for all. Focus on finding the right balance between earning profits and providing value for money. More importantly, pricing is a continual process. You may need to revise your prices with changing times.

If the pricing strategy works well and buyers start flocking to your stores, you may need some help to streamline all your payments and settlements. That’s where PayU can come in. With 150+ payment modes and plenty of useful payment solutions, PayU can help you provide the best checkout experience.

Click here to learn more about how PayU can help you grow your business.

The post 7 Tips for Product Pricing the Right Way appeared first on PayU Blog.

Now, all passwords must have certain mandatory criteria to be fulfilled. After the update, you will be logged out of your PayU account. To login, please reset your password by following the step-by-step process below.

How To Reset PayU Password?

• For existing users who have access to their phone number
• For existing users who don’t have access to their phone number

For Existing Users Who Have Access To Their Phone Number

Here is the step-by-step guide to reset your password only if you remember and have access to your phone number you used while signing up on PayU.

1. Go to PayU website and click on either “Login”

2. Enter the email ID you had used while creating your PayU account and click on “Next“.

3. You will be notified about your ‘Password Expiry’. Please click on “Proceed”

4. Our system will match your email ID (entered in step 2) with the phone number (entered while creating account).

Please enter the 6 digit OTP you receive on this phone number correctly and click on ‘Verify‘.

5. Once your phone number is verified, kindly set new password for your PayU account.

Attention! Please create your password carefully by fulfilling all the conditions: 8 characters, 1 uppercase, 1 number, 1 lowercase, 1 special character

6. Congratulations! Your new password is now updated.

For Existing Users Who Don’t Have Access To Their Phone Number

Here is the step-by-step guide to reset your password only if you don’t remember or don’t have access to the phone number, you used while signing up on PayU.

*Follow these steps even if you want to link your PayU account with a different phone number

1. Go to PayU website and click on either “Login”

2. Enter the email ID you had used while creating your PayU account and click on “Next“.

3. You will be notified about your ‘Password Expiry’. Please click on “Proceed”

4. Our system will match your email ID (entered in step 2) with the phone number (entered while creating account).

Incase you wish to manage your business on PayU using a different phone number, please click on “Use Different Phone” option (mentioned below your existing phone number)

5. After you click on “Use Different Phone“, please enter the number phone number

6. Please enter the 6 digit OTP you receive on this new phone number correctly and click on ‘Verify‘.

7. For update phone number, we will send the 6 digits OTP on your registered email ID (step 2) as well.

Kindly enter the OTP you receive on your email ID correctly and click on “Verify”

8. Once you enter the OTP you received on your email ID, please set a new password and click on “Next“

Attention! Please create your password carefully by fulfilling all the conditions: 8 characters, 1 uppercase, 1 number, 1 lowercase, 1 special character

9. Congratulations! Your login details are updated on PayU. Here on, please continue using our services as you used to.

Like we mentioned above, your security is our utmost priority, hence we have introduced these additional security measures. Please co-operate with us.

You can always reach out to us in case of any queries. Just drop us a message and we will be happy to help.

Just in case you have been away from us for some time, have a look at all the wonderful line of products we have created for all your business needs.

If you are a new business looking for a robust and trusted payment gateway for skyrocketing your business then;

The post Step-By-Step Guide To Reset Your PayU Account Password appeared first on PayU Blog.

1. Create an account on PayU by entering your email ID.

Please note: Select ‘Become A Merchant’ to integrate your Shopify website with PayU.

2. Further, enter your name and contact number & create a password. Add business details and get your bank account verified.

3. If you already have an account with PayU, keep your key and salt details handy. Here’s how you can find your details:

4. Now login to your Shopify account.

5. Click on ‘Settings’ and choose ‘Payment providers’.

6. Go to ‘Accept credit cards’ section and click on ‘Service Provider’. Choose PayU from the list.

Please note: If your merchant account is with PayU, it will only work with the option ‘PayU Money’ and not PayU India. PayU India is the option for the merchants who onboarded with PayUbiz.

7. Next, enter the merchant key and salt details available on PayU dashboard and click on ‘Activate’ to start collecting payments via PayU.

PayU’s integration with Shopify is that easy. Now you are all set to accept online payments via India’s most trusted payment gateway- PayU. However, if you have any questions, please Contact Us and we will be happy to help you!

Grow your business effortlessly with PayU.

Recommended Reads:

• PayU Review: Hear ‘About Us’ Directly From Our Merchants!
• PayU Payment Gateway Integration In PHP Website

The post How To Integrate PayU With Shopify appeared first on PayU Blog.

3 Steps Of PayUmoney Payment Gateway Integration In PHP

A. Installing the kit

B. Configuring the kit

C. Testing & going LIVE

You can checkout our “How To Integrate PayUmoney Payment Gateway in PHP Website” video for a step-by-step understanding:

Steps For PayUmoney Payment Gateway Integration In PHP

Let’s understand these 3 simple steps in detail.

A. How to install PayUmoney checkout kit in PHP

• Go to PayUmoney developer guide and then to website integration
• Click on PHP Kit for download

PayUmoney’s Developer Guide (Updated)

• Extract the downloaded zip which contains 2 files: index.php and response.php. Deploy these files on your server

B. How to configure PayUmoney checkout in PHP

• Open the index.php file

• Update value of PayUmoney test merchant key and salt (you can find these values in your merchant dashboard under “Integrations Details” section. Note: Copy paste these credentials)

PayUmoney Merchant Test Key & Test Salt Credentials

PayUmoney Merchant Key and Salt in index.php

• For test integration use URL: https://sboxcheckout-static.citruspay.com/bolt/run/bolt.min.js

PayUmoney Test Integration Code

C. How to test PHP integration and go LIVE

For the testing environment,

• Run index.php file on your localhost server and enter information in the mandatory fields

• Click on “Pay” (you can pay using test card information mentioned under “Integrations Details”)

PayUmoney Test Payment Credentials

• Upon successful payment, you will see a response page

To go LIVE on production,

1. Change your test URL (JS URL) to: https://checkout-static.citruspay.com/bolt/run/bolt.min.js
2. Replace test merchant key and salt with LIVE credentials

PayUmoney Merchant Key and Salt (live)

• Now customize pre and post checkout pages as per your preference.

PayUmoney payment gateway integration with PHP is that easy! Now you are ready to go live. However, if you have any questions then, please feel free to contact PayUmoney. Also, it is always recommended to test payment gateway before actually integrating with it and going live. Discover more about PayUmoney’s test mode for better and accurate payment checkout experience.

If you still haven’t integrated your website with PayUmoney then, it’s a good idea to have an all-in-one payment solution in place. Now to enjoy the best payment gateway experience and grow your business effortlessly!

Recommended Reads

How To Use PayU Payments Plugin For MS Excel

GST Ready Payment Gateway

The post PayUmoney Payment Gateway Integration in PHP Website  appeared first on PayU Blog.

Black or white? Heart or mind? Sweet or sour? Sugar or salt? These are the normal life question we succumb to quite often. However, these questions or their answers won’t directly affect your Rs. 1 lakh business but, creating and launching a right product will! Thus, A/B testing your product is essential and doing it the correct way is all the more essential. So, what is A/B testing all about and how it works? Read on to know more and explore your product’s or service’s true potential.

What Is A/B Testing?

Pro-Tip: Run your test long enough so you can actually differentiate between the two variations.

How To Measure Your A/B Test Results?

There are plenty of A/B testing tools available in the market. Some of them provide the same service for free or charge a price for the same service. Tools seem essential as they are automated, time-saving and above all instant result curating. Here are some of the best tools available in the market: Adobe Target, Google Optimizer, and Optimizely. You choose your pick and get started with your work.

Once you run the test, it’s time to read the results! Consider that your result of A/B testing is something like this: Group A gives 20% while Group B gives 23%.

1. Before jumping to a conclusion, note that the error rate might be 5% in most cases
2. Based on this, the conversion rate (click through rate or traffic) will be 3%
3. Check if the new version is the product or service you provide receives a better welcome than the previous one
4. if yes, then go ahead with it. If no, then go back to the original one. Don’t lose hope here. Going back to the older version is not giving up. Take this as an inspiration to create something more better and epic.

Common Mistakes To Avoid While A/B Testing

DO NOT make these 3 common mistakes businesses usually get trapped into:

1. Taking decisions too quickly without running the test for the full business cycle
2. Focusing on too many results at the same time. Before you look at the report decide on what result you want to know.
3. Not re-testing. This might give you false results.

A/B testing has been widely used by businesses to figure out that one factor that converts a visitor to a customer. When you run this test for a considerable time, you can gather enough data to make strategic decisions. But the key to unlocking this treasure is being consistent, with proper planning and execution. Follow these steps mentioned above to successfully kickstart A/B testing today.

With all your marketing efforts for your business in place, it’s a good idea to have an all – in- one payment solution in place as well. Now enjoy the best payment gateway experience and grow your business effortlessly!

The post A Step-By-Step Guide To Product A/B Testing (The Right Way) appeared first on PayU Blog.

Crores of rupees are raised till date, but Kerala still needs floods – floods of support. Here’s how you can contribute joy to the lives of Keralaites:  

1. Visit ZeeForKerala Website 
2. Enter Amount  
3. Click on “DONATE”  
4. All the money collected is directly transferred to the Kerala Chief Minister’s Distress Funds (CMDRF). No TDR will be charged for any transaction made via ZeeForKerala Website.  

Your contribution is of great value. Support Kerala, be a proud contributor to Kerala floods 2018 relief funds now!

The post Kerala Floods 2018: Let’s Make A Difference #ZeeForKerala appeared first on PayU Blog.

Keeping your security our priority, we have included an extra security layer for this update.  Since bank account is a very sensitive information, only merchants registered with PayUmoney via mobile number will be able to initiate the change.  

Please note: This is an update only to revise your bank account number. 

Easily Update Bank Account Number In 5 Simple Steps 

1. Login to your PayUmoney dashboard and click ‘Profile’ section. Here, click ‘Bank Details’ and next to ‘Bank Account Number’ you will see an option ‘Update’. 

2. Now click ‘Update’ to get a pop-up. Here, type in the ‘New Bank Account Number’. Then you can choose the IFSC by clicking on ‘Search’ and then click on ‘Next’. 

Please note: You will not be able to change your name at this stage. 

3. As soon as you click the CTA, a ‘One Time Password (OTP)’ will be sent to your mobile number registered with PayU. Before you enter OTP in the pop-up and accept terms and conditions, please go through it. 

4. Once the OTP is verified, we will credit a small amount also termed as ‘Penny deposit’ in your new bank account. You can also view the same in your bank statement as well. 

5. Now, please enter the amount deposited in your bank account under the ‘Deposited Amount’ section. This step is to verify your bank account so that you will receive payments in your new bank account from now onwards. Watch this video on how to verify your bank account on PayUmoney payment gateway to know more.

After this, you will no longer receive payments in your old account. You will start receiving payments into the new bank account 24 hours post update.  

Simply update your bank account number on your PayUmoney dashboard. Stay tuned for latest updates on PayU products, payments, marketing and industry trends. Reach out to us in case of any query or doubts visit our PayUmoney Support Page.

PayUmoney, India’s best payment gateway, is an all-in-one payment solution! Now to enjoy the best payment gateway experience and grow your business effortlessly!

The post Easily Update Your Bank Account Number On PayUmoney Dashboard appeared first on PayU Blog.

Scenario 1: Customer orders food via an app and uses a credit card to pay. After a while, he/she cancels the order.  

Scenario 2: Your customer buys ethnic wear online. When the product arrives, he/she realizes the disinterest or misfit in the order and returns it. 

Scenario 3: Customer books online movie tickets and makes the payment online itself. He/she receives a transaction successful message but the booking is not complete yet.

Refunds are needed in all three scenarios. Before you hit the “refund” button on your dashboard here’s what you need to know:

• How do refunds take place?
• Why they take time?

Today, any successful online business will have a payment gateway integrated with their business. A payment gateway plays the role of a mediator between the customer and the bank. Let’s briefly understand the role of a payment gateway:

Image Source: PayUmoney Blog – What is a payment gateway & how it works? 

From the infographic, it is clear that payment processing involves multiple entities. Each and every entity is important, as the payment will not be successful in the absence of either of them.  

Take a look at the settlement process explained in a very crisp and concise manner in the presentation below:

Why Refunds Take Time? 

Just like online payments are processed via a payment gateway, refunds process in the same way as well. All the entities are involved in the refunds scenario. They have their own methods, mechanisms and authentication factor to process online payments. Many of these processes require human assistance and not automation. A slight delay in these processes at any point delays the further process. Which in turn prolongs the refund timeline.

In usual cases, customers receive refunds in their accounts within 5-10 days. However, in some exceptional cases, it might take over 10 days mainly due to technical faults.

How To Process Refunds In Time?

As a business, timely refund processing is not in your hands. Clear and direct communication between all the payment processing entities is the key. For example, the issuing bank fails to update the acquiring bank about the transaction.

Thus, to have the best payment gateway such as PayUmoney integrated with your business is a must! It supports you to carry your business forward smoothly and quickly.

Easy PayUmoney Refund Process

As per sources, in an e-commerce scenario, at least 30% of all products ordered online are returned as compared to 8.89% in physical stores.

Referring to these statistics, processing refunds on PayUmoney dashboard is pretty straightforward. There are 2 refund options available in the new improved and updated PayUmoney dashboard.

1. Partial refunds: you can refund the desired amount of the total amount
2. Full refunds: you can refund the full amount

Check out what each status stands for in detail and how to select the apt refund status in the video.

With all your marketing efforts for your business in place, it’s a good idea to have an all-in-one payment solution in place as well. Now to enjoy the best payment gateway experience and grow your business effortlessly! 

Recommended Reads 

How PayUmoney Payment Gateway Helps Businesses Grow?

The post Why Refund Takes Time To Reach Your Customers? appeared first on PayU Blog.

How PayUmoney Payment Gateway Helps Businesses Grow?

Super Quick & Free Setup!

Test Mode Experience

Easy Onboarding & Integration

Advanced Dashboard

Leading E-commerce Plugins

Secured Checkout Options

Competitive TDR Rates

Multiple Payment Options Available

PayUmoney payment gateway supports all latest payment methods which include UPI, credit card, debit card, net-banking and more.

As per our study, online businesses are flourishing in full swing and so are online payments. Buyers prefer online payment methods like UPI, credit card and debit card.

Get more insights into UPI payment and how it is taking the online payments industry by a storm.

With all your marketing efforts for your business in place, it’s a good idea to have an all – in- one payment solution in place as well. Now to enjoy the best payment gateway experience and grow your business effortlessly!

Recommended Reads

Introducing The All New PayUmoney Dashboard

Test Payment Gateway Before Integrating!

Easy & Fast Online Payment System – Nitro by PayUmoney

The post How PayUmoney Payment Gateway Helps Businesses Grow? appeared first on PayU Blog.

Do you remember any day ending without you opening Microsoft Excel? I bet it will be a big no! Microsoft Excel has become such a part and parcel of any business that it is often used for simple to complex things like: 

1. Scheduling  
2. Accounting
3. Tracking Product Sales
4. Tracking Business Sales
5. Storing Customer Database 

Now, with PayU Payments Plugin For MS Excel, you can also include “collecting payments” to the list of things you do every day on Excel.  

All this and more with No license purchase, No setup cost and No technical integration required from your end at all.  

Read on to find how using PayU Payments Plugin For MS Excel to collect payments is as easy as using an Excel: 

Quick Links To This ‘How To’ Guide 

1. Requirements 
2. How To Install PayU Payments Plugin For MS Excel 
3. How To Register With PayU Payments 
4. How To Create & Send Payment Links and Track Payment Status 

Click To Install and Other Easy Steps To Start Sending Payment Links 

Before we begin with the steps to installing and using our plugin, check these requirements off your list to use PayU Payments Plugin for creating and sending payment links from your system: 

Requirements

• Windows 7 & above 
• MS Excel 2007 & above 
• MS Visual Studio 2010 Tools for Office Runtime & above 
• .NET Framework 4.5 & above
• Internet Connectivity
• Basic knowledge of MS Excel

How To Install PayU Payments Plugin For MS Excel

Before you download PayU Payments Plugin For MS Excel for FREE, please check out How To Install PayU Payments Plugin For MS Excel on Windows 7 & Windows 8 & above.

How To Register With PayU Payments 

1. After installation, when you open MS Excel for the first time, you will get a pop-up asking you to register with PayU. If you are an existing PayUmoney/PayUnow merchant then enter your business email ID, with which you would have Signed Up.

Please note: If you are new to PayU then you will be onboarded as a PayUnow merchant. Please check sub-point 5 for further information.

2. If you closed the pop-up window, you can find the ‘PayU Invoice’ button on the top right side of the menu. Click this button to find two clickable buttons (Register and Help).

Please note, that unless you register with us you will not be able to create payment links.

3. Now, enter the ‘Business Email ID’ in the field provided and click on ‘Send Registration Code’.

4. Check your registered email ID for the registration code and enter it to verify your account.

5. If you are not an existing PayUmoney/PayUnow merchant: 

• Enter your ‘business email ID’ in the provided field  

• Now, enter your ‘Mobile Number’ and ‘Contact Name’. Please note that this name will be used to send payment links to your customers. For example, if you enter ‘Happy Travels Ltd’ as the name then your customers will get a payment link saying ‘Happy Travels Ltd’ has requested Rs. 2000 

• Then, type in the ‘OTP’ which you will receive in the ‘mobile number’ and ’email Id’ you entered. Please note that this number is valid only for 5 minutes 

• Now, you can start using PayU Payments Plugin For MS Excel  

Please note that to receive customer payments into your bank account, you need to complete the onboarding process by login into ‘PayUnow Dashboard’ and verify your bank account. Watch this video How To Link Bank Account With PayUnow To Accept Customer Payments In Your Bank Account to know more. 

How To Create & Send Payment Links and Track Payment Status

1. After registration, click on ‘PayU Invoice’ button in the top menu bar to find a new clickable button, ‘Create New PayU Invoice’.

2. Just click on that button to get a new workbook with 2 sheets, ‘Add Invoice’ and ‘Invoice Status’ and instructions on how to use. 

Please note: Invoice Status is a locked screen and you will not be able to make any changes on this sheet 

3. Enter the details of one or more customers. Start with ‘Customer Name’, ‘Customer Email’, ‘Customer Mobile Number’, ‘Product/Service Description’, ‘Amount to be collected’, & ‘Set expiry date’ (for the payment links). 

Please note that once you enter all the details, another command button in the menu becomes clickable and that is ‘Send Invoice’.

4. Now, click on ‘Send Invoice’ button and see a status bar showing that the invoices are being sent.

5. Once the invoices are sent completely, you will get a confirmation on the number of invoices you sent.

Please note that as soon as the invoices are sent, the ‘Add Invoices’ sheet becomes empty and all the customer information is captured in the ‘Invoices Status’ sheet.

6. You can view as well as track the status of the payment links right from this ‘Invoice Status’ sheet with no dashboard login. This is possible with the two new clickable buttons, ‘Sync Status’ and ‘Resend Unpaid Invoice’.

7. Click on’Sync Status’ button to get a date filter pop-up. Here, select the date range from which you want an update on the payments details.

Now the selected payment links are refreshed with their payment statuses. 

Please note that there are three statuses for payment links, ‘Paid’, ‘Unpaid’, and ‘Unpaid & Expired’. If you get the ‘Unpaid & Expired’ status then you need to create a new payment link.

8. Click ‘Resend Unpaid Invoice’ to resend payment links to customers who have not paid.

Truly, using PayU Plugins is as simple as using an Excel. Starting from creating payment links, sharing the same via Email, SMS or both to tracking payment statuses (Paid, Unpaid, or Expired) – all of this can be done from your Microsoft Excel itself.  

Grow your business effortlessly with ‘PayU Payments Plugin For MS Excel’ by simplifying the way you accept payments today!   

The post How To Use PayU Payments Plugin For MS Excel appeared first on PayU Blog.