5 Ways A Payment Gateway Can Improve Your Business
It’s not news that online transactions are currently booming. Rapidly advancing technology is causing people to carry less cash. And why would they? With e-commerce and home-delivery growing, even everyday items like milk and bread can be bought through secure online transactions. This can bring up worries to do with the privacy of your details. It can also open your business to “shopping cart abandonment” – where online customers fill their cart with items and simply do not checkout. Doing your research and selecting a secure, flexible payment gateway can reduce hassle of payment. A reliable business payment gateway can help create a positive experience for your online customers.
Faster Checkout Times
Are you frustrated with repeated issues at checkout? How about customers having to re-enter their card details every time the purchase? If yes, you might want to look into a more secure, adaptive payment gateway. From recent studies, it was reported that around 40% of the customers who shop online are returning customers and that these returning customers are more likely to promote your brand or service. A good payment gateway stores the card details in a vault and makes them secure, so that the returning customers experience a smoother checkout process.
The internet is a big place. You can access websites from all over the world, no matter where you are located. Same thing goes for online e-commerce sites. While traditionally, a merchant’s shop was known to people in the local area, successful online stores can be popular all over the world. This is why you need a payment gateway that can process international payments. Accepting payments in your local currency is very important. Although, also securely accepting currencies from all over the world opens up your shop to a whole new range of potential customers and opportunities.
As eCommerce and online shopping has grown, so has the number of related software’s and platforms. Hundreds of e-commerce providers, shopping cart plug-ins, logistic software and social media manager tools have been developed to help online retailers. A good payment gateway should integrate with your e-commerce host or provider, like Magento or WooCommerce. This will allow merchant to process refunds, set up recurring payments and access real-time reporting and analytics. In today’s world, seamless integrations and high-performing payment gateways are behind every successful online business.
With bank/EFT transfers and BPAY payments you have to wait a long time to get payments approved and settled into your bank account. For merchants, this creates worry around when they’ll be getting their money. For customers, this creates tension as to when they’ll be getting what they paid for – whether this be a product or service. With the introduction of a secure payment gateway, customers and merchants experience easier transactions and faster settlements. As soon as the customer pays with their credit or debit card, the payment gateway processes the payment and settles it within the merchants account within 48 hours. Both the customer and merchant both receive confirmation of payment through an invoice or receipt.
When it comes to online payments, security is a major factor for merchants and customers alike. Online fraud is at an all-time high. Having a secure payment gateway is essential for today’s online retailers. A good payment gateway ensures that all card details are secured and tokenized. This way, hackers are unable to reach the details and use them for fraudulent activities. You need to make sure your payment gateway is Level-1 PCI DSS Complaint. That way, you can give confidence to your customer’s every purchase, regardless of whether they are on mobile or desktop.
A strong, reliable payment gateway is a crucial element to a smooth online shopping experience. It makes accepting payments safe and simple for merchants, and secure and easy for customers. Fraud is radically reduced while check-out times are shortened. So, make sure your payment gateway is tokenised, Level-1 PCI DSS Compliant and accepts foreign currencies. This way you’ll be giving your online business a big step in the right direction towards to successful and profitable growth.