The payment processing through online payment methods has become almost mandatory for all kinds of businesses around the world to survive and thrive in the rigorous competition. Catering to this need, several new players are coming into the online payment processing market. However, by providing services according to various business needs and with the lowest TDR (Transaction Discount Rate) and the best customer service, PayKun is distinguishing itself from its peers. The Gujarat, India based payment gateway service provider was co-founded by a team of five friends—Nirav Solanki, Prashant Kambad, Vijay Yadav, Nikunj Yadav, and Deepak Dabhi.
Prior to founding PayKun, they had started a freelancing business, however, they faced a lot of issues to get a merchant account with a payment gateway. There were a lot of compliances and requirements to be fulfilled, which made it troublesome to get a payment processing gateway for the small business and startups as well as non-registered entities. Hence to help them through this issue, the team decided to develop a payment gateway and this led to the inception of PayKun.
Diversified Portfolio of Services and Solutions
PayKun aims to empower the businesses and enterprises of all sizes and reach out to all segments with a simple, hassle-free, and affordable online solutions with fast and easy access to all its services, features, and processes. The company supports 120+ payment cards such as Debit/Credit cards (Master, Visa, Diners Club, Amex, etc.), 80+ Net Banking, 8+ Wallets, UPI, BHIM, Single QR Code, etc. Alongside this, PayKun provides easy checkout options and delivers free integration assistance. The integration services are made hassle-free with the PayKun APIs and SDKs and so there is little or no technical knowledge required.
PayKun has the available plugins and SDKs for PHP, Magneto, Android, iOS, WordPress, Python, .Net, Node JS, Java, WHMCS, Prestashop, Opencart, etc. Moreover, if a business does not use a website or mobile application to collect the payments, the company provides a payment link feature which can be directly sent through Whatsapp, Chatbots, Email, Messenger, etc. to collect payment with online payment modes.
Furthermore, PayKun provides the Merchants Dashboard Tool–which is an important tool that helps in the management and administration of the payment processed through PayKun. The dashboard provides graphical representation and analysis, transaction status and details, settlements information, various Settings options, etc. Besides, PayKun has speedy onboarding service and fast settlement options as well. Furthermore, the company follows the highest level of security compliance of PCI DSS Level 1 and the AES Encryption standards that makes it totally secure and safe against fraudulent activities.
Regaining the Normalcy of Operations
The COVID-19 outbreak has been one of the most impactful events in the recent past for the businesses around the world and has brought several challenges to confront. Likewise, PayKun has also faced several challenges due to the limiting movement of the entire population, change in the spending behaviors, halting the business practices, and shifting to remote working.
These challenges have a short term as well as long term impacts on PayKun as well. However, with the surroundings getting back to the normal, PayKun has also been regaining the normalcy of its operations. Furthermore, remote working was a big challenge for the company due to the effects on team coordination and adjustment issues in the new method of working.
To cope with this, PayKun motivated the team through appreciations and promotions. The company provided monetary appreciations such as salary increments, and several non-monetary appreciations such as
Cards with a Personal Message
Random work-offs
In-staff appreciation of work
Recognitions on office messenger and groups
It conducts regular team meetings to resolve their queries and concerns, and also, to motivate them. PayKun arranges one-on-one talks and has open-door management, due to which the leadership team and other staff members sit together for work and breaks, allowing a smooth flow of communication between them. The management and team are thus working together to thrive through the crisis and striving to develop innovative solutions for the future.
Objectives for the Near Future
As businesses are getting back to normal operations, PayKun has started working on various developments. The company is planning to launch features and products such as EMI, Payouts, Education Plans, etc. in the near future. It is aiming to expand its presence in the metro cities and looking to expand the portfolio of its solutions as well.
Through these expansions and developments, PayKun aims to provide the best services at the lowest rates in the market. The company strives to bring all Indian merchants under its roof and provide all possible features with its online payment solutions. “All the startups, small businesses, large enterprises, or individuals would accept digital payments for their business in the easiest way. Also, the customer would get all the preferred options that they would like to pay with,” adds Nirav Solanki, the CMO and one of the co-founders of PayKun.
Digital Payments: The Need of Time
Due to the pandemic, the online payments in various sectors such as airlines, tourism, hospitality, hotels, entertainment, non-essential e-commerce, restaurants, manufacturing, auto, retail, etc. have considerably reduced. Meanwhile, the adoption of online methods in the sectors such as online grocery stores, EdTechs, online pharmacies, OTT platforms, Internet bills, online gaming, etc. have considerably increased digital payments.
Once the severely affected businesses get fully into business continuity mode, the favorable impacts of the pandemic will be more visible. The digital payments – that were seen as a facility a few years back–have now become the necessity. Moreover, the innovations brought about during the time of crisis would be the base for future growth and sustainability. Consequently, both the positive and negative impacts of the pandemic are expected to intensify the already fast-paced growth of the payments and card industry.
