Most financial institutions and banks add transaction fee when you make an online payment. Due to this you end up paying money unnecessary. There are options where you can receive online payments free of cost. The term accepting online payments free also has many meanings. The meaning of free online payment is linked with your requirement. If you are running a business then the options will be different and if you are an individual then the meaning will change a little bit. You can understand with the difference in savings and current account. In saving accounts you get some interest from bank. On the other hand most, banks do not pay interest in current account. Therefore, if you want to receive online payment in business, your options may change. Let me first of all make you a list of online payment modes. Additionally, please also note that I will mention only the most famous and trusted ones.
How to Accept Payments Online
There are many options to make digital payment. But what you need is dependent on the purpose of making online payment. Below is the list of options for making online payment. You can select the best online payment modes that you feel will work in your case.
1 – Google Pay is fastest way to Accept Payments Online
As the name suggest, the services are from Google. You can use Google Pay to transfer money online to anyone without paying a fee. You can link your bank account with Google pay via UPI easily.
2 – Paytm
Paytm is one of the most trusted options for making payment online without fee. You can not only register as an individual but also as a business. If you want to receive payments online free of cost in business then Paytm is a convenient way. Convenient because the company has a large user database. If your customers are already sending money online to someone. They can make payment to your account as well.
3 – PhonePe
PhonePe is also a rising company in the online payment space. You can add your bank account and start making payment from day one. There is very easy documentation process. In the modern world you can authenticate an account using OTP or one time password. As of now there is no transaction fee for making payments online. You can also receive online payments from your customers if you are on PhonePe.
4 – Payment Gateway to Receive Online Payments
If you are running a business then Installing payment gateway in a website is the best way to accept payments online. Payment gateways give you a dashboard where you can see and manage all your payments. Due to this most companies prefer adding payment gateways in website. There are many payments gateways you can use. Some of them charge and some of them do not charge. Installing a payment gateway is free for most of them. For example, Razor pay payment gateway charges are zero for installation. As of not they do not charge fee if you take payments online on regular basis and meet the minimum criteria for free payments. Payment gateway also works fine when you are selling products internationally. If you want to receive international payments online for business, this should be your pick.
There are many other options available it all depends on your requirement. You can accept payments free with most of these options. Every company has its own criteria for free payments. Therefore, analyze and read terms before selecting the best payment gateway.