The technical world is in a phase of constant change where new ideas, innovations, and inventions are taking place every day. The masters of technology are working hard day and night to make this world a better place. One cannot deny the contribution of technology in making this world a better place. Almost everything is available at the click of a button. Life has become much easier after the contribution of technology in every field. And, a payment gateway is one such amazing world-changing technology we are going to discuss in this article.
One such field where technology has revolutionized the working system is e-commerce. E-commerce itself is an amazing technology without a doubt. But, the gurus of the technology never stop working on a single technology. They work on the same technology, again and again, to make it better and better every day. And this new technology implementation in e-commerce is the Payment Gateways.
We are going to discuss every aspect of the payment gateways. But, before proceeding to the advanced part, it will be better if we discuss some of the basic parts. So that everyone will be able to catch up with the topic.
“A facility that is directly connected with an e-commerce website and allows the customers to take credit and debit cards as payment methods are known as the payment gateways.”
Studies and researches have found that people use the card payment methods more than any other method while shopping online.
According to an online source of 2018,
“Average e-commerce weekly sales reached just under £1.25 million in January, a figure that is steadily growing.”
But, there are still some people who are afraid of shopping online. And every group has one such person. They find it hard to believe that a shopping can be completed without facing any hassle or issue.
But, don’t let the fear stop you from enjoying the delightful shopping experience that the new technologies are providing.
Now that you know, what actually a payment gateway is, the question must have shifted to why it is important? Since the invention of the online payment gateways, businesses have been asking the same question in different ways. So, in this article, I will try to clear those queries of people, businesses, and e-commerce.
Why it is important to choose the right payment gateway for your shopping cart?
There are some reasons or you can say the benefits of using payment gateways for the purpose of making online transactions. Those features make the payment gateways much for important than any other component of a shopping cart.
Every business aims for high cash flow. To fulfill this goal, many businesses are opening their door for online payment. There is an immense number of features associated with the online payment. The online invoice payment helps the companies in various ways as they save time, much faster, and save maximum efforts for the clients. The excessive cost that a company has to pay during the physical transactions can be reduced to a great extent. A company has the opportunity to receive payments from all around the world through online payment gateways making it one of the most hassle-free transaction methods. Not only that but also it reduces the amount of paper wasted in the physical transaction making it a very good eco-friendly technology.
That is why it is so much important to choose the right payment gateway for your shopping cart. Poor quality and the outdated payment gateway will not be able to provide full benefits to the users. Also, payment gateways require proper security to protect confidential data. If you select an outdated payment gateway, you may have to face great loss due to data theft.
To better understand how important it is to have the right payment gateway, here are some of the exclusive benefits for you.
Top 8 key benefits of implementing online invoice payment solutions:
Safety in transactions:
Whenever money is involved, security becomes a crucial factor. With the increasing number of cybercrime rate, it has become important that online transactions have proper security. But, a proper online payment gateway always uses high-end encryption, and protect all the confidential data of both the customers and the merchant. The proper safety features of the online payment gateways will help you to conduct a fair deal in the long run.
Easy to merge with the shopping cart:
One of the best features of the payment gateways is that it can be easily combined with the shopping cart. So, the buyers have the opportunity to add all their desired products to the cart and calculate the overall value of the products with service taxes. You can imagine how convenient it will be for both the clients and the merchant.
Say bye to long queues:
When you go on shopping, you have to wait in the long queues even in the convenient store. The convenient store does not seem convenient any more when it comes to payment. But, that problem can be easily avoided with online payment methods. It is not only a blessing for e-commerce but also for the customers too. So, you can make your customers very happy with the online payment gateways.
The best thing about the online payment gateways is that the payment can be made at the comfort of the house or office. So, there is no need to stand in line leaving all your other important works. Also, the gateway that accepts payment online provides a notification instantly informing the customers that the amount has been received. This will give a sense of relief to the customers and they will have more trust in your products or services.
Credibility for the merchants:
Everyone knows that receiving money through online payment methods is much more credible and secure than cheques and cash. The merchant receives the money in the blink of the eyes without any fear of losing money or cheque bounce. It is an exclusive feature that is possible to achieve with the implementation of the right payment gateway for your shopping cart.
Credit card payments:
An amazing facility that makes the payment gateways important for the shopping cart is its EMI feature. Credit cards are popular for enabling people to make payments even if they do not have money in their bank account. And the best thing is that your customers will be able to break the large amount into smaller parts if you are selling expensive items. So, everyone will be able to purchase every kind of item from your online store. This will definitely make a difference in your business’s all-round growth.
Walking with the current trend:
When most of your competitors are using the online payment gateways for transactions, you cannot expect to gain the client’s trust with age-old techniques. Receiving payment through online gateways has a direct link with a company’s reputation.
Last minute deals:
It is a common strategy of e-commerce to launch a last-minute cost-saving deal. You can also apply this technique to lure customers. But, to receive the payment at the last minute, you need the online payment gateways.
This will help your customers to grab the last minute deal and increase your sales rate.
The process continues…
Finding the best one
These are some of the exclusive benefits that are only possible to achieve if you select the right payment gateway for your shopping cart. Choosing the wrong one may do more bad than good to your business.
But, the question is which payment gateway is best in the masses. Of course, selection of the right payment gateway is a difficult task but only if you don’t know how to choose.
Just as Thomas Edison said,
“Just because something doesn’t do what you planned it to do doesn’t mean it’s useless.”
So, if you have started an e-commerce website and the payment gateway is not helping you much, there is no need to fear. Just remember this phrase of great Thomas Edison and continue your quest for betterment.
Let me make your task of finding the best payment gateway easy.
How to choose the best payment gateway according to your business needs?
There are lots of options available in the market which can easily confuse a person making him/her select the wrong payment gateway. Some of the popular online payment gateways for e-commerce are:
- 2Checkout.com, Inc
- BluePay Processing LLC
- First Data Corporation
Every one of them has some special features which make them unique and important.
There is no need to feel worried if you have no idea how to find the best payment gateway for your shopping cart. Considering the points given below will help you to find the best one according to your requirements.
How soon are you planning to launch your new website with online payment gateways?
Each one of the payment gateways available in the market has different features and working mechanism. So, if you are planning to launch your new website very soon, the best option will be to go with the online payment gateways like PayPal and Stripe. You can sign up instantly without creating a merchant account. If you are in a business where you have to face a large number of client’s traffic every day and use customized software like the legal app then going with this option will be your best step.
The amount you are willing to spend on the payment gateways
The budget is a crucial matter when you are setting up an online business to earn profits. If you spend more money on the payment gateways then you may face a financial crisis during the marketing, promotion, or other matters. So, calculate your budget before going for anything. Businesses like stock market have lots of money involved in a single day. So, it requires high security for which you may have to pay a high amount.
The three major costs included in a payment gateway are set-up costs + transaction costs + admin costs.
The best thing to do is to calculate all these costs and compare it with your budget. If it seems ok, then choose that payment gateway for your business.
Look for the security features in the payment gateway
Security is one of the prime components of the payment gateways. A slight mistake in the integration can cause you to lose a huge amount of money. Always choose a provider which is level 1 compliant with the Payment Card Industry Data Security Standard (PCI DSS) and that offers the best built-in security.
When you are going for a mobile app like the iOS software, the chances of cybertheft becomes high. So, a highly secure payment gateway should be your top priority to create a secure platform for both the merchant and the client. It will not only save your money but also enhance your customers trust toward you.
Look if the payment gateway has international exposure or not
If you are in a business like logistics and transport then you have to deal with international clients. So, if your payment gateway does not accept international payments then there is no point of putting it up there. The first thing to check for such business is if the payment gateway supports international or multi-currency or not. Also look if the payment gateway offers an interface with multiple languages or not.
Make sure to check if the payment gateway has an additional charge for the multi-currency payments from other countries or not.
These are some of the points that will help you to choose the best payment gateway for your business.
But, do you have any idea how the payment gateways work? Well, most of you will come up with a negative answer. There is no need to feel left behind if you don’t know about the integration part. Mostly, the integration of payment gateways is so difficult and complicated that this task is given to professionals like Openweb Solutions.
If you spend all your attention to the integration of the payment gateways then it will be much more difficult for you to give focus on other crucial matters of your business.
So, giving the integration task to a third party who can work as a link between the merchant and the customers will make your work a lot easier. The chances of any kind of mistake with the transaction will be decreased to almost zero.
That is why you should go for the professionals without taking everything in your own hands.
So, now that you have got what you came looking for, everything is in your own hand.
I hope you have enjoyed reading this blog.
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