Why is PingPong India the leading international payment service for Indians in 2021?

by PingPong

PingPong India has more than 1million sellers who have chosen the brand for safely bringing their hard-earned money home. The number is rising fast, and users have started preferring it more than any other platform.

No business or profession now binds itself in the dimensions of receiving payments through cheques. It is because the process of settlement is complicated and is subject to some legalities. With internet-enabled payment service providers, the aspect of receiving and paying money has changed. It does not confine to the domestic, but expands to international boundaries. When the transfer of payments involves foreign currencies, Indians prefer service providers that offer a safe and reliable environment at nominal fee deductions. For this, PingPong emerges the best.

Let us read more about PingPong and why it is the most preferred payment platform for Indians.

What’s in the blog:

  1. What is a payment service provider?
  2. What is PingPong?
  3. Who can receive international payments in India using PingPong?
  4. Why is PingPong the leading international payment solution for Indians?
  5. Conclusion

What is a payment service provider?

A payment service provider(PSP) is the third party that helps merchants, freelancers, drop shippers, online shop owners, and all types of e-commerce sellers to accept payments from anywhere in the world. The service applies broadly to receive international payments. In simple words, PSP is the mediator between the paying party and the receiving party who facilitates the cross-border payment process.

A lot of different payment service providers are operational to connect Indian merchants to a broader financial world. Amongst these, PingPong, Payoneer, Paypal, Skrill are a few to name. It enables merchants and freelancers to accept bank transfers, credit card payments, real-time bank transfers, direct debit, etc.

So the services that a payment solution provider offers include:

  • Local payments: When the customer/client initiates the payment, the exact transaction details are passed to their bank. The bank then asks for approval through an OTP. Once the password is sent through, the decision is given back to the payment service provider. They share the result with both the customer and the merchant. After the payment is authorized, the issuing bank transfers the fund to the merchant's account through PSP.
  • Security: Every payment is secured that is made through payment service providers like PingPong. They issue a FIRC after every transaction to intimate the receiver and the payer.
  • Transaction Reporting: The transaction is reported and allows the user to reconcile the transactions. You can generate monthly reports to monitor the payment receipts and payments made.
  • Cross-border currency processing: Payment processors like PingPong facilitate cross-border payments by processing multiple currencies.

What is PingPong?

PingPong is a fast-growing innovative payment service provider. It supports Indians to receive cross-border payments. The category of people who can use PingPong includes e-commerce merchants, freelancers, exporters, drop shippers, and service providers. PingPong is a 6 years old brand that has established its strong foothold in the market. The service was started by a group of payments and finance professionals in New York.

The payment service provider has a large employee base of more than 200. With such an employee strength, PingPong brings in best-in-class services for its customers. Some other highlights of the company are:

  • PingPong already serves half a million Amazon sellers worldwide.
  • The partner's list of the company includes e-commerce platforms that include Amazon, Cdiscount, Wish, Shopee, and Rakuten.
  • PingPong is approved by the Reserve Bank of India.
  • This payment processor started its operation in July 2019 in India.
  • It acts as an Online Payment Solution Provider to facilitate certain payment services.

Who can receive international payments in India using PingPong?

PingPong provides its services to these professionals in India, enabling them to receive international payments:

  1. Amazon Sellers.
  2. Service providers.
  3. Other platform e-commerce sellers.
  4. Freelancers and sellers on the platforms like Upwork, Peopleperhour, 99designs, Freelancer, and Guru.

How does PingPong Work?

These are the steps involved if you want to use PingPong to receive international payments:

Step 1: First, users (merchants, sellers, freelancers, shoppers, must create a PingPong account for free.

Step 2: Use PingPong receiving accounts to receive payments. For example, if you are an Amazon seller, you will have to link your PingPong Account to your Amazon Sellers account.

Step 3: You can then withdraw the money after 1-2 days. The funds will be transferred to an Indian bank account in INR / USD / GBP / EUR / CAD / AUD / JPY at highly competitive rates.

Calculate: how much can you save on receiving international payments with Ping Pong

PingPong offers a user-friendly platform to freelancers and other users. They can easily view and manage their transactions, like incoming payments, outgoing payments, withdrawals, withdrawals to bank accounts, and fees charged. It also provides a feature to download the monthly statements to keep a record.

As a PingPong user, you do not have to pay any signup or monthly fees. PingPong is a hassle-free, fast payment processing platform that charges very less fee per transaction. There are absolutely no hidden costs.

Why is PingPong the leading international payment service for Indians in 2021?

PingPong is the world's leading multi-platform cross-border payment service provider. Here are the service benefits of PingPong:

PingPong Payments:

For Indians, it is the leading international payment service in 2021 as:

  • One-click withdrawal, direct payment to a domestic bank account from multiple platforms.
  • PingPong charges very less commission for cross-border proceeds. In the end, you do not lose any foreign exchange or potential charges.
  • Fast payment platforms with withdrawals can proceed in just 1 day.
  • Safe payment options for Indians to receive money to an Indian bank account in INR or USD/ GBP/EURO/JPY/AUD/CAD.
  • The payment service provider has introduced VAT payment for free.
  • You can get FIRC for each transaction.
  • As an Amazon seller, you can manage your multiple Amazon marketplaces from one single PingPong account.
  • Users always get dedicated customer support for their local needs.

PingPong intends to offer complete peace of mind to the users for their cross-border businesses.

Conclusion:

Using PingPong - a payment service provider is beneficial because they take care of all the payment processes. It allows the users to focus on their business without bearing the worry of payments. Gradually, you see business revenue increasing and receiving payments with low-cost processing fees.