Introduction

In this competitive world, expand your business with PAYG’s end-to-end payment method that has unlimited solutions to your problems. Pay as you go (PAYG) is a personalized, fully-integrated channel that provides a solution for easy payment that helps your business grow easily and securely by collecting the payments from customers through any mode of any device. 

  1. What does Pay As You Go (PAYG) means?
  2. Techopedia explains Pay As You Go (PAYG)

1. What does Pay As You Go (PAYG) means?

PAYG is a utility evaluating billing method that is enacted in cloud computing and accoutred for organizations and end-users. Pay As You Go, also known as Pay As You Use, Pay Per Usage, or Pay And Go, is a mechanism that has been derived from utility computing.

PAYG provides many services, and some of the payg services are:

  • Virtual POS: For enabling your business with an advanced and safe approach, a payg storefront is required, which is known as Virtual POS.
  • White Label Solutions: PayG provides white-label payment gateway solutions to use the organizers, payment service providers, and merchants under their own brand.
  • Multi-Currency: With the help of PayG, payment services are applicable globally, and global adoption brings new options and ideas for organizations that incorporate to achieve new and trained clients.
  • Secure Vault: To securely store the card’s data information of your merchants and cardholders, PayG provides a safe location named the secure vault.
  • Payment Options: Multiple payment options for your customers is easily accessible for computerized organizations having worldwide development. 
  • Invoice Management: PaygG makes it easier and simple to gather the invoice payments for enhancing the income proving it essential as income is the backbone of a business.
  • Mobile Focused: PAYG offers simple and powerful payment gateway services making your mobile speedy and hassle-free. 
  • Fraud and Risk: It safeguards your growing business from fraud by backing up fraud-fighting technology that helps you in accelerating payments and reducing risks. 

The Pay As You Go model is a cost model required for cloud services that comprehend both consumption-based and subscription-based models, on the contrary to the IT cost models requiring the up-front capital expenses for both hardware and software. The PAYG model works differently to get access to any products and services, and the customer just has to pay a one-time cost. One of the Pay As You Go model examples is the hybrid options that are often seen in digital media. Any particular movie or series is released on DVD or Blu-Ray after releasing it in the theatres, thereby streaming on Disney or other optional sites after a few months.

2. Techopedia explains Pay As You Go (PAYG)

According to techopedia, PayG allows a user to customize, scale, and provide computing resources that include software, storage, and developmental platform. Pay As You Go cloud computing is a payment method for cloud computing whose charges are based on the usage of the needed resources. It is an essential method as there is no scope for wastage of resources because the users pay only for the services obtained and not for the ones that are not used.

Pay As You Go SaaS (Software as a Service) works similarly where the user leases a software and customizes the features. With the gradual increase in price, the storage requirements increase, resulting in the software as a service billing to rotate on a frequent basis.

With the above-discussed benefits come some disadvantages of the pay as you go model as well, which are as follows:

1. Difficulty in making customers: To make a customer loyal, you need to advertise and launch new and different products every time, giving your customer a reason to come back. Without a monthly relationship, you give an option to your competitors, and it becomes difficult for you to keep your customers engaged.

2. Difficulty in predicting revenue: Predicting revenue over time has been difficult as there are granular metrics on a product-by-product basis. Buying a product totally depends upon the mood and usage of the customer and not yours, so the fluctuation in the revenue is a common disadvantage.

Conclusion

Hence it can be concluded that PayG serves as an essential platform that makes payments simpler for you and your customers. Checking daily transactions and settlement details, generating instant refunds, accessing all payment features from a single powerful dashboard are the essential services provided by PayG. It also provides scalability of both vertical and horizontal platforms and has an inbuilt close-loop wallet without any cost. 

The most important feature of PayG is that it lets you access your account at any place and anytime you want. With the Virtual POS, you can start a business of all sizes with zero investment and start accepting payments in seconds. From purchasing to shipping and then delivering, you can manage your customer’s sales through every aspect with the help of PAYG.

Jigsaw Academy’s Postgraduate Certificate Program In Cloud Computing brings Cloud aspirants closer to their dream jobs. The joint-certification course is 6 months long and is conducted online and will help you become a complete Cloud Professional.

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