While you focus on resolving such situations, PayU can help you streamline refunds and provide a hassle-free experience to your customers. Refunds need to be quick and flow back into their source accounts. PayU processes over 4 lakh refund requests daily with a success rate of over 99%. Over 90% of these refunds are successfully processed within 30 seconds of initiation.

Here is how PayU can help businesses ramp up their refund cycle during peak sale season and improve stickiness by offering customers quick money back.

Channels offered by PayU for refund initiation

• Refund initiation via merchant dashboard: Refunds can be initiated for any transaction by clicking on the ‘send refund’ button next to the transaction on the merchant dashboard.
• Refund initiation in bulk through files: Businesses can issue refunds in bulk using a .xlsx, .xls or .csvfile. Once the file is uploaded, the details are picked up within 60 minutes for refund processing.
• Refund initiation via APIs: Businesses can integrate with PayU’s refund APIs to initiate refunds for any transaction processed via PayU.
• Payment methods supported: Refunds are supported on all payment methods powered by PayU. Refunds are issued back to the source, which means the money is credited to the customer’s source account used for making the payment. For instance, if a transaction is performed using a credit card, the refund will be pushed to the same credit card.

Refunds can be full or partial

• Full refund: 100% of the amount paid is returned to the customer.
• Partial refund: Depending on the customer’s request, refunds can also be initiated for amounts less than the total transaction amounts. Multiple partial refunds can be made until the full amount has been refunded.

Refund processing

Once a refund is initiated, it is queued in PayU’s system for processing. After passing internal validations, the refund request is raised to the banking partners for processing. Each bank has its own process for making refunds.

Once the refund is processed successfully, money is credited to the customer’s account, and the refund status is communicated to the business via APIs, the dashboard, or webhooks.

A typical flow for card refunds looks like this:

If a refund fails at a banking partner’s end, PayU can internally retry processing it with the banking partner. This is to ensure high success rates for refunds. This retry functionality is configurable at a merchant level and is enabled for all merchants by default.

How long does it take to process a refund?

When a business initiates a refund request with PayU, it is instantly moved forward to the banking partner for processing. Depending on the bank’s processing time, it can take up to five to seven business days for the refund to reflect in the customer’s source account.

How to track refunds

Once a refund is initiated, it can be in either of these stages:

SUCCESS: This indicates that the refund has been processed successfully.

FAILURE: This indicates that the refund processing failed. No funds are deducted from the merchant’s settlement for such refunds.

IN PROGRESS: This indicates that the refund has been raised to the bank for processing.

REQUESTED: This indicates that the refund is sent to the bank for offline processing. In such cases, it takes up to five to seven business days for the credit to reflect in the customer’s account.

Businesses can track the refund status and details via the dashboard and APIs.

Here’s how refunds appear to businesses

·         Through the PayU dashboard

Businesses can see the refund requests created, their status, and other details under the ‘Refunds’ tab on the dashboard. Refunds can be filtered based on their date of initiation and refund status. You can also search for refunds with transaction IDs and download refund reports.

When you click on the transaction ID, you can see the ‘transaction details’ page, which contains payment, refund, and settlement details for that transaction.

You can find the refund details under the ‘Refund Activity’ section. You can view the refund history by clicking on the ‘view history’ button. This shows a timeline view for each refund, highlighting various stages in the refund processing lifecycle.

·         Through APIs

Merchants can also enquire about any refund status and details by integrating with refund enquiry APIs.

·        Refund communication

PayU supports webhooks or callbacks for the following events:

1. Refund status updates: Callbacks for refund status updates can be sent on a URL configured by the business. These callbacks can be configured for refund successes, failures, and all status updates.
2. ARN generation: An Acquirer Reference Number (ARN) is a unique number generated by banks for online transactions. This ARN is generated within 24-72 business hours of a successful refund. A callback for successfully uploading ARN can be made to the URL configured by the business.

How to fund your refunds

PayU does not charge any processing fees for refunds. However, transaction fees PayU charges on successful transactions are not reversed into the business’s account.

Refunds can be sourced from:

1. Daily settlements: The refund amount can be deducted from the business’s daily sales till the amount is exhausted. By default, all refunds are deducted from the business’s daily sales.
2. Overdraft account: If a business does not wish refunds to be deducted from its daily sales, PayU supports an overdraft functionality that allows the business to park additional funds for refunds with PayU. In such cases, the business needs to pre-fund its overdraft account for refund processing.
3. Combination of business’s daily settlements and an overdraft account: In cases where the business’s daily sale is insufficient, additional funds parked by the merchant in the overdraft account can be used to process refunds.

How do chargebacks differ from refunds?

A chargeback is raised by the customer to the issuing bank for many reasons, like a fraudulent transaction or unsatisfactory product or service delivery. On the other hand, refunds are initiated by the business at its customer’s request.

Initiating and processing refunds is extremely easy and fast with PayU. To learn more, read this dev guide.

The post Earn Your Customers’ Trust with PayU’s Hassle-free and Fast Refunds appeared first on PayU Blog.

Here’s everything you need to know about ONDC and Vansh’s experience on the network.

What is ONDC? Did you hear about it?

ONDC, or Open Network for Digital Commerce, was set up by the Government of India’s Department for Promotion of Industry and Internal Trade. It is a private non-profit company founded in April 2022. It is an open network made of open protocols. Like the Unified Payments Interface (UPI), ONDC allows sellers and buyers to be part of a larger network that can be accessed through their preferred e-commerce applications and platforms. Any seller on a platform registered with ONDC will be visible to buyers across other platforms on ONDC.

The network aims to:

• Enable interoperability through data sharing over all registered platforms to boost inclusivity and healthy competition
• Promote e-commerce on the back of minimal public digital infrastructure
• Be scalable, keeping India’s growing population in mind
• Ensure data localization within India to secure seller and buyer data
• Make digital commerce more accessible to small businesses in any part of the country
• Improve buyer experience and improve decision-making with increased choices and pricing options
• Be conducive to innovation in digital commerce

The network allows local goods and service providers from any segment, like logistics, travel, eateries, groceries, and fashion, to fulfil buyers’ needs quickly and transparently. Take Vansh’s example. When his local buyers place orders, he delivers them the same day. This improves customer satisfaction, as his buyers don’t have to wait for days to get their orders.

ONDC aims to unify all digital commerce platforms and buyers rather than directly competing with them. However, interconnectedness and decentralization can help tackle big players’ monopolization of specific market segments. This will also allow smaller businesses and platforms to get a level playing field in the Indian e-commerce ecosystem.

How to register your business with ONDC?

ONDC is already present in over 270 cities like Delhi, Bengaluru, and Coimbatore and will soon be available in other parts of the country. There is no specific ONDC app currently, but an ONDC website exists. Any business, big or small, can join the ONDC to leverage the power of e-commerce for its growth. Here is the 10-step process for joining the ONDC:

1. Learn more about ONDC and its functioning
2. Choose the role you want to play on the network
3. Fill up and share your participation form
4. Plan the implementation after completing the NP profile form
5. Initiate implementation after completing the onboarding formalities
6.  Start testing the staging
7. Complete verification and certification
8. Complete technological development and compliance to move on to the Pre-Production Environment
9. Meet all the technical, operational, and regulatory compliance checklists to move to the Production Environment
10. Go live

Click here to learn more about the ONDC registration process.

Why get on ONDC? Benefits for sellers and buyers

Technologies enabling e-commerce have completely changed how goods and services are sold and bought. It also creates space for numerous other stakeholders, like e-commerce platforms and payment aggregators, that make doing business and buying much easier and seamless. ONDC allows all these players to interact on an open, decentralized network to make e-commerce more robust in India.

Here are the broader benefits of joining ONDC for sellers and buyers:

• Sellers
  • Take your business online with minimal set-up costs
  • Become visible to more buyers
  • Improve product discovery
  • Lower your cost of doing business even while expanding
  • Get more options for business services like software tools, logistics, packaging, etc.

Let’s build on the earlier example from Vansh’s business. One-day delivery within the same city is a standard expectation today. But what about fulfilling orders from locations other than where your business is situated? Vansh had the foresight to tie up with a logistics partner he found through ONDC. Now, he provides fast and reliable deliveries even outside his city. His buyers can track their orders and get timely alerts, increasing customer trust and loyalty.

• Buyers
  • Discover more sellers and their offerings, increasing choices
  • Get quality products and services with speed through local sellers
  • Better customer experience due to improved service and transparency

Transforming e-commerce in India

ONDC is a big step in addressing the gaps and challenges related to e-commerce models other than those based on an open-network system. As mentioned, it establishes merchant-friendly practices and provides massive opportunities for businesses of all sizes and types to benefit from digital commerce. This allows even the smallest businesses in India’s remotest parts to participate in its e-commerce revolution.

The post ONDC: The Future of Inclusive E-Commerce in India appeared first on PayU Blog.

Due to COVID-19, more companies and customers are going “digital,” offering and buying more products and services online. As a result, the proportion of e-commerce in the global retail trade increased from 14% in 2019 to over 17% in 2020. These numbers are expected to continue growing, and Top eCommerce sites are expected to gain even more popularity in the future. However, why are these numbers growing at such a great pace? What defines a good ecommerce website? Let’s find out!

What Defines a Good eCommerce Website?

You would be surprised to know that during the early days of the internet, the initial concept of eCommerce stores and websites was almost identical to shopping malls. It simply was an online version resembling a physical storefront. A good eCommerce website, however offers much more than that, leading to a fulfilling user experience.

An excellent user experience can only be delivered by an eCommerce shop with various components and functions operating together. It is a curated experience that smoothly guides your customers from discovery to serious consideration and purchase without any delays.

Types of eCommerce Services

eCommerce service is the term you can use to collectively describe your combined efforts in expanding sales through an array of online marketing and advertising services. There are mainly six broad divisions of eCommerce services in the market:

Top 5 Benefits of eCommerce

Interested in going digital with e-commerce? If you are excited about starting an eCommerce venture, you need to understand the benefits it offers.

1. Low Startup Cost

Starting an eCommerce firm is significantly less expensive, which is one of its significant advantages. You don’t need to spend money on infrastructure or physical storefronts if you want to start an eCommerce business; you only need great items and original ideas.

2. 24/7 Income Potential

The best part of eCommerce shopping is that you can be available 24/7 for your customers. As a result, clients may place orders for goods from anywhere in the globe at any time. You can attract customers who work night shifts or don’t have time to visit the shops.

3. Bulk Order Processing

One of the main tasks of every eCommerce company is to quickly and correctly process bulk orders. Doing this through the help of eCommerce is a much simpler process. When your sales increase and you are able to handle it diligently, you will witness a subsequent increase in income and the overall growth of your company.

4. International Sales

Online commerce is the best technique to get people from all around the world. Most of the time, people prefer eCommerce services for faster processing and delivery. So, eCommerce platforms can be the fastest and best bet if you want to send presents across borders.

5. Business Growth

You may create movies, write blogs for your website, or write articles to market your brand across several platforms. This would help market your items and increase traffic without spending a lot of money.

Top eCommerce websites in India

Listed below are the five best eCommerce websites in India:

In a Nutshell

The internet is a valuable tool that can help you increase sales and branding, but that’s not all it can be. With the vast amount of information available on the internet, you should make sure that their eCommerce business is set up to meet customer demand. You must optimise your website for optimal user experience. You can create thriving eCommerce businesses by keeping customers and the sales process in mind.

FAQs:

1. What are the advantages of eCommerce?

One of the primary advantages of eCommerce is that launching an online store is much cheaper than opening a physical store. The main benefits of this include low prices, flexibility, and speed, combined with vast volumes of customer data.

2. Which is the best eCommerce website?

Amazon is currently the most popular ecommerce website both globally and in India. However, there is no one set best eCommerce sites. Before choosing a website, you should evaluate costs and product availability.

3. How much time does it take to start an e-commerce business?

Starting an eCommerce business can take anywhere from a few months to years. It depends on the type of business you are planning and the procedure required for doing so. 

4. How can PayU streamline the payments for ecommerce?

With PayU, your customers can experience the broadest set of payment modes. With 150+ payment modes, including that in international currencies, PayU allows you to take your e-commerce business to an international level and supply both in India and across borders. Setting up PayU for your ecommerce business is really simple. Start accepting your payments now with PayU!

The post E-commerce Websites – Unleashing The New Way of Trading appeared first on PayU Blog.

As a seller, you can easily leverage this $70 billion market segment and start selling on Amazon pricing at Amazon, one of the largest e-commerce platforms, in not more than five steps. And to make this even easier for you, we have outlined the steps below. 

How To Start Selling On Amazon (With Steps)

The e-commerce giant has made it easier to register yourself as a seller and sell on Amazon India or Amazon Global. Below are the quick steps that you need to follow for selling on Amazon: 

• Once you know the product, you need to register yourself as a seller on Amazon. Depending on the type of business you will be operating, you will need several sets of documents. If you’re a sole proprietor, the set of documents needed will be different from that of a Private Limited Company. As soon as you sign up as a seller, upload all the necessary documents and procedures. 
• The next step involves listing your products on the portal. To do this, you need to upload your products to the portal. You can quickly go to your Seller Account>Inventory>Add a product to start listing your products. You can either find existing listings or create new listings as per your project. Add all the necessary details about your product like Offers, Description of the product, keywords etc., and you’re good to go.  
• The next step involves shipping and fulfilling the orders. With the MFN option, you can start selling as soon as the customer orders your product. You can offer various modes of payment like UPI, as per the limit per day on Amazon. Additionally, you can choose from multiple fulfilment options like Fulfillment by Amazon (FBA), Easy ship and Self-ship. 
• Now that you’re up and running, you need to find better ways to market your product to boost profits. You could finally create Product Bundles, Lightning deals, and other offers and ways to increase your sales to become a verified seller. Once that happens, your payment cycle will get reduced to as low as seven days, even for Pay on Delivery orders. Eventually, from selling on Amazon India, you could move on to selling on Amazon global or vice-versa.   

Products You Can Sell On Amazon

Before registering yourself to sell on Amazon India or to sell on Amazon global, you need to assess the market demand and understand if your product will sell in the selected demographic. Irrespective of whether you’re new or a seasoned seller foraying into the Indian market from the US market, you need to identify the strategic product categories that will sell in India. It needs to be kept in mind that even if you’re a top seller for Amazon US, it is not guaranteed that the same will be the case for Amazon India. Hence, you need to be extremely confident and firm about your market research. Though you can initially start with one or two products, gradually consider expanding your portfolio of products based on how the market reacts for better profits.   

Below are some criteria or tips that will make your journey of finding the right product to sell easier. 

• As one of the first steps, look for the top trending categories under the Amazon India Bestsellers and proceed based on your decided type. 
• Try to look for products with consistent sales throughout the year rather than only during particular seasons to ensure a steady flow of profits. 
• While finding a category is essential, finding a niche within it helps market your product better. Find a niche product with consistent demand. 
• Check all necessary details like shipping costs, profit margins, manufacturing costs etc., before starting your business to make an informed decision.  

Amazon Charges Per Product

Amazon charges four types of basic fees on your products as listed below: 

• Referral fees: This fee starts at 2% and varies from one category to another based on the product category. 
• Closing fees: Based primarily on the selling price of the item, it starts at Rs. 2 and varies 

• Weight Handling fees: Starts at Rs. 28 per item shipped and varies entirely on the volume and distance for shipping and delivery of the item. 
• Other fees: Depending on the program or service and the fulfilment channel opted for. Other charges are levied. 

Benefits Of Selling On Amazon

The customer base of Amazon runs in crores, which is a huge opportunity for you as a business to expand and increase sales. Other than that, when you sell at Amazon, you get access to a heap of other benefits unlike its competitors, some of which are below: 

• Regular payments: Amazon ensures that its sellers don’t have to wait for long payment cycles for their payment, which is why they get paid every seven days, even for Pay Delivery orders. 
• Hassle-free shipping: You can choose from a variety of packages for shipping your product. You can either do it yourself or let Amazon do it for you so that your life remains hassle-free. 
• Market your products: You can market your products using targeted ads and pay only when the customers click. You could go global right from the ease of your home by selling on Amazon Global. 
• Easier business: Business with Amazon is accessible. With seller support, seller university, help guides and forums, you can access your entire seller dashboard through the Amazon Seller app. 

Conclusion

With innate potential and the world turning towards e-commerce for every need today, the timing couldn’t be any better to become a seller on Amazon. With the festive season coming up, partner with other brands, run offers on your products and reap maximum benefits. Happy selling!   

The post Everything You Need To Know To Sell on Amazon appeared first on PayU Blog.