Buying products online seems like a cakewalk. All you need to do is select a product, add it to your cart, make the payment and wait for it to arrive. But, is this process as easy as it seems for sellers too? Probably, not.
What seems so simple and quick on the surface actually has a lot of processes taking place behind the scenes to move the funds from the buyer to the seller. The most important element that ensures a smooth transfer of funds to the seller is the Online payment gateway solution.
Today, e-commerce businesses cannot function without a payment gateway. Wondering what is it and why you need it for your business? Keep reading.
What does the term ‘payment gateway’ refer to in the context of online payments?
A payment gateway is secure technology merchants use to accept customers’ online, in-app, or point-of-sale payments. It captures, stores, and transmits card information from the customer to the acquirer and supports various payment methods. A payment gateway acts as a virtual equivalent of a physical card reader, providing a network through which customers can transfer funds to merchants.
What is a payment gateway solution?
In simple terms, a payment gateway is a service that facilitates online payment. To process the payment, this service identifies, verifies the payment method and only then accepts the amount paid by the customer. This is a secure way of accepting payments as it encrypts sensitive information such as the credit card number, name, and CVV pin.
Why you need a payment gateway solution?
The following are a few statistics that explain why you need a payment gateway solution for your business.
1. 42% of shoppers prefer an option to make an online payment
2. The number of users who make online payments is expected to amount to 699.4 million by 2023
3. The Digital India campaign has led to 1.11 Billion digital transactions in January 2018
These numbers clearly show that customers today are bidding farewell to liquid cash payment method and welcoming online payments. As the customers are going digital, it becomes necessary for businesses to keep up with their evolving requirements. Hence, many businesses, irrespective of their size are introducing e-commerce stores and using a payment gateway. By using an online service method for your business, you can:
- Get quick and hassle-free payments
- Increase your credibility
- Improve merchant reliability
- Get a competitive edge in the market
- Close last-minute deals
- Get a better understanding of your customers and their preferred payment option
- Improve customer experience and satisfaction
- Grow your business
How to get a payment gateway solution for your business
Now that you are familiar with the numerous benefits of using a payment gateway service, it is time to use it for your business. To do so, you can research the best payment gateway solutions in India. Remember, there are payment gateway solutions like Easebuzz that offer free services. By opting for this service, you won’t have to worry about end-to-end payment process execution. It is a simple, reliable and secure solution for your business. Thanks to such a service, you can now have enough time to focus on other important aspects of your business.