Just a few decades ago, launching an online business was viewed as a trend that was reserved only for a handful of entrepreneurs. Today, it’s one of the most vital outlets for businesses of all shapes and sizes. Online retail, e-commerce businesses, and subscription services have become crucial in terms of the relationship between industrialists and customers. In 2020 itself, e-commerce saw a decade’s worth of growth in three months. However, in order to achieve that kind of growth to succeed, businesses need the right online payment tools.
The payments industry is a rapidly developing scene that is constantly in flux due to the launch of newer payment methods, mergers and acquisitions, and faster technology. Especially as technology progresses, we’re seeing payment technology companies play a larger role in the payments industry—and many of them are even partnering with traditional financial institutions in order to cater to the latest consumer and merchant preferences. Unlike the past, when payment processing was simply about facilitating the transfer of funds, the upcoming players in the payment processing industry are totally redefining the customer experience and empowering business owners to manage their businesses with incredible convenience.
As purchasing trends have shifted almost overnight from offline to online and from cash to noncash, payments companies made a splash by fast-tracking e-commerce enablement, growing fulfilment options, and restructuring point-of-sale and online checkout. They helped the people who were dealing with financial uncertainty by offering debt relief, flexible instalment purchases, supplier financing, and cash-flow management.
The payment landscape of the fintech industry is brimming with possibilities. Whether it is single API integration or creating user-friendly payment options, every person is looking for the next big breakthrough. Have you ever imagined creating a platform without writing a single line of code? Well that’s what no-code payments are all about!
What are no-code payment tools?
No-code solutions are now on the rise more than ever. They’re only probable to get more substantial, handier, making it possible to gain products faster. Whether you’re just launching your business or looking for ways to streamline and pre-set payments, no-code solutions can help.
With no-code tools, there are no limitations to which individuals can come up with their products and services. It provides people the chance to only think about their primary business operations instead of wasting time on parameters like database design, front-end development, or even back-end architecture.
They are easy to set up and provide built-in payment UX. The tools also offer you protection in terms of financial regulation (risk and frauds) and even make taxes and invoicing easier. Each no code payment system is fixated on different business needs, so choose the one which meets your business requirements.
The payments space astoundingly remains filled with potential for start-ups. Yes, it is true that in spite of the success of Stripe, there seems to be a new payments start-up virtually every other day. The fast-tracked growth of e-commerce due to the pandemic implies that payments are now a thriving arena. And here is a prime example of another one, with a twist.
WhenThen has built a no-code payment operations platform that, they claim, modernises the payment processes for merchants of any kind. It says the platform can independently compose, monitor, increase and accomplish all customer payments and payments operations.
The start-ups’ opportunity has arisen because the service providers across different verticals increasingly want to get into open banking and provide their own payment solutions and financial services.
Founded six months ago, WhenThen has now upturned $6 million, supported by the idea of “no-code” isn’t just about building ideas into products faster and setting up new businesses or start-ups. It also means building workflow automation quick and easy, improving business processes, or having your businesses run and grow better.
What else can be done with No-Code?
No-code is not just beneficial for building websites, there are many ideas for usability such as:
- Marketplace set-up with Softr + Airtable: Softr to set up the front-end and Airtable for back-end setup.
- Directory, tracker, and stores: This can be done via Glide and Gsheets or with Bubble and Airtable or even Webflow and Airtable
- Notion + Razorpay: For Guides, gated content, or setting up paid information
- Spread simple + Razorpay + Gsheets: This is best for simple site-building, tracking and managing the information
- Automation and workflows with the capability to connect Razorpay with Zoho, Slack, GSheets, and 3000+ apps through Zapier.
Get paid with ease quickly with Payment links. Share payment links through email, SMS, messenger, and even chatbots. Accept online payments for cash-on-delivery orders, easily sell your products via social media, collect partial payments, and set up payment reminders – all with Payment Links.
Create links for your subscription plans and share with your customers via SMS, WhatsApp, social media, email, etc and turn your one-time buyers into subscribers in no time.
Low Code or no-code:
The more customization you want; the more coding is convoluted. But these no-code resolutions are essentially code-based products that are enfolded with various layers so it is best described as “what you see is what you get”.
Are there more such examples of revolutionary payment systems?
The entire article went into great detail describing the potential of the payment industry and it’s ever-changing nature. Another example of a game-changing payment solution is a single API integration.
What is single API integration?
Single API integration is a method where multiple payment gateways are connected with one API instead of a business owner tracking multiple gateways with different procedures. API integration has helped all businesses, big and small. It has caused quite a storm and now this feature is available in India too.
You might be wondering – what company in India provides these features? The answer is Payomatix of course! Payomatix provides merchants and e-commerce businesses a single API integration to manage all their payment gateways in one easy-to-use dashboard. This reduces payment failures and improves customer retention as well. After all, a customer’s satisfaction ultimately hinges on their payment experience with your business.