CXOToday has engaged in an exclusive interview with Hemang Dattani, Chief Operating Officer, PayU Payments
Merchant onboarding serves as the first real interaction between the payment provider and the merchant, setting the tone for the ongoing relationship. What are some of the best practices PayU is following to onboard merchants?
At PayU, we follow a streamlined three-step merchant onboarding process, ensuring a smooth and efficient experience from initial lead creation to the first settlement:
- Identity Verification: We offer a tailored and seamless application process with 100% digital document uploads. Moving away from a ‘one-size-fits-all’ approach, we utilize real-time decision-making rules to capture only the necessary and relevant data through a dynamic, responsive application form. Advanced practices such as Aadhar-linked video verification and supportive tools assist merchants with document submissions, ensuring a hassle-free process.
- Risk Assessment: Our back-end evaluation thoroughly examines the merchant’s risk profile using business details and documents from the identity verification stage. We leverage advanced artificial intelligence and machine learning (AI/ML) rule engines to assess risk accurately and efficiently.
- Pricing and Contractual Agreement: We provide a straightforward pricing structure, but also offer the flexibility for merchants to customize their pricing based on their specific needs. This ensures that each merchant receives a tailored solution.
Upon successful completion of due diligence checks, we unconditionally approve merchant application, ensuring there are no disruptions to their business continuity post-onboarding.
What are the needs of an online merchant and How PayU prioritizes merchant needs and preferences to offer valuable merchant-centric customer experience services?
At PayU, we prioritise compliance-first approach to meet key merchants needs and deliver a valuable and customer-centric experience. We streamline the onboarding process to balance regulatory requirements with efficiency, continuously optimizing and automating steps to expedite setup.
To ensure high transaction success rates, we use over 130 integration combinations and a dynamic routing algorithm that directs transactions to payment gateways with the highest transaction success rates.
Recognising that new merchants need guidance to get familiar with our platform, we offer resources for learning, understanding transaction reports, and troubleshooting issues. We also offer comprehensive training including video tutorials, FAQs, and webinars via our Merchant Knowledge Centre. Additionally, we keep merchants informed with real-time notifications and updates on onboarding progress and daily transaction stats, reducing uncertainty and enhancing their overall experience with our platform.
We can add merchants can opt for multiple different product offerings from dashboard. We can add a bit on insights saying we provide data-based insights to merchant so they can grow their business further
With the growing threat of cyber-attacks, data breaches, and fraudulent activities, how is PayU safeguarding payments for a successful customer experience?
At PayU, we prioritize compliance with regulatory policies to ensure a secure transaction environment, delivering a seamless payment experience for both merchants and customers. PayU deploys the most advanced identification and monitoring systems in the country, ensuring that only verified merchants can operate on our platform. Furthermore, by leveraging leading technologies such as Artificial intelligence, we conduct enhanced due diligence such as periodic website and site verifications, for all segments, particularly for the high-risk ones. As a leading financial services company made in India for the world, our commitment extends beyond onboarding. We ensure that merchants adhere to our most robust data security practices and invest heavily in data encryption, secure storage, and regulatory security audits to bolster PayU’s security commitment.
What sets PayU apart from other payment players in terms of customer experience?
The combination of innovation, trust and customer-centric service ensures that PayU consistently delivers a superior customer experience, setting us apart in the competitive payments landscape. At the heart of PayU’s philosophy are customer delight and customization, making us the preferred choice for merchants seeking long-term success.
Customer Service:
- PayU offers self-serve capabilities through an intuitive merchant dashboard, allowing merchants to manage settlements, mode activation, and account/profile changes without needing to create support tickets.
- Our AI-powered chatbot and live chat support provide real-time assistance, backed by a comprehensive repository of FAQs in our Merchant Knowledge Centre.
- We maintain stringent SLAs across the organization, ensuring quick resolution of service tickets. Additionally, we proactively reach out to merchants when service tickets are frequently reopened.
- For any issues breaching SLAs, we conduct detailed root cause analyses and implement corrective and preventive solutions as standard practice.
- We also prioritize continuous improvement through a feedback loop, conducting quarterly NPS surveys with our merchant base.
Customization:
PayU empowers merchants to create tailored online checkout experiences by providing a test environment where their developers can build and customize before moving to production. Our dynamic transaction routing optimizes success rates, ensuring maximum business continuity for our merchants. We offer a wide array of product offerings to cater to all payment use cases, ensuring that our merchants have the flexibility to choose solutions that best fit their needs.
What are the areas of opportunity for Payment aggregators to enhance the merchant experience and help ensure sustainable growth?
Merchant experience is a dynamic process that evolves with the market and technological advancements. One of the critical insights we have gathered is that merchant churn often signals an organization’s need to reassess its offerings and service models. Merchants typically consider moving away from a payment aggregator for three main reasons: limited product offerings that don’t meet their needs, complex integration processes, and pricing that doesn’t deliver clear value. Additionally, strong communication and responsive support are crucial. Addressing these areas is key to enhancing the merchant experience and fostering long-term relationships.
To ensure sustainable growth and retain our merchant base, we at PayU are committed to continuously refining our operational processes, aligning them with the ever-changing needs of our merchants and the broader industry trends. Merchants using PayU can now effortlessly select from a range of product offerings directly through their dashboard, ensuring they have the tools they need to succeed. In addition, PayU provides valuable data-driven insights, enabling merchants to make informed decisions and accelerate their business growth.
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