Firstly, what is a payment gateway? A payment gateway is a merchant service supplied by E-commerce applications to provide a secure method for customers to submit payment information and authorise card payments. Essentially, they instantly and securely process your payment transactions. E-commerce as an industry has seen a boom in recent years. In fact, GroupM reported that merchants of consumer packaged goods had a 277% increase in sales for 2020. If your business is considering embracing online payments, here are the benefits of using a payment gateway and their best features explained.
The best payment gateway system will fit seamlessly into the design of your website, offering integrated debit and credit card payments with just a few clicks. Some things to consider when searching for the right payment gateway include; transaction fees, customer service support, and how well the gateways integrate. As each payment gateway offers a unique set of features, it’s important to consider which benefits are available to your business.
Payment gateways are the fastest way to receive card payments. This process is much quicker than manual processing and you can usually begin accepting payments within a 24hr period after setting up your payment gateway. Speedy payments are an important aspect of digital transactions and E-commerce success. Online shoppers are notorious for impulse buying, so ensuring your customers are not having to wait to make a purchase can be the difference between making a sale or not.
Payment gateways offer additional features to improve the real-time user experience. Typically, customers can add products directly to a shopping cart, saved bundles and add items to their favourites. Users are able to easily set up a profile and keep their payment information securely saved, so transactions can be instantaneous with a single click. For merchants, payment gateways often allow you to have full control and intercept if any problems arise. However, integrating payment gateways to your site can be a costly, lengthy process.
Using a payment gateway will open up your business to a new market. Shoppers from around the world can access your store and easily make trusted transactions. Secure digital payment options are becoming essential to attract and retain customers, particularly when operating an online store. E-commerce is increasingly becoming a global market. Due to technologies like payment gateways, people are increasingly more confident with online purchases, and this gives them the freedom to source the best or cheapest products, regardless of location. Additionally, affiliate marketing partnerships is an additional feature of many payment gateways to help funnel more leads to your business.
With a payment gateway, all payment transactions are heavily encrypted to ensure the data is protected. This will help your business meet GDPR and industry-standard requirements such as the PCI DSS compliance (Payment Card Industry Data Security Standard). Secure payment transactions protect the customer and merchant from potential fraud. Customers will usually use the more secure payment options, so gaining their trust to make purchases with your business should be a priority.
Payment gateways allow your business to collect payments 24 hours a day. This means that you can rest assured that your website can continue to process payments at all times. But this isn’t just a benefit for the merchant. As we know, online shoppers enjoy impulse purchases, so this feature allows them to place an order at any time, day or night. This creates an accommodating experience for users, particularly those who wouldn’t ordinarily be able to access a physical store during it’s set hours, particularly in times when individuals are self-isolating, or areas are under government restrictions.
While payment gateways offer many benefits, choosing the right one for your business can be a bit more complex. Their user interface and customisations options can help you better manage your payments, but these features will greatly vary. Additionally, the size of your business and the number of transactions you process should also be taken into account, as some payment gateways are more suited to larger businesses and others to smaller businesses. This will usually relate to the fees of the payment gateways, as they usually charge a fixed fee per transaction.
In our opinion, all payment gateways have major benefits, but their unique features will set them apart from others on the market. When it comes to payment solutions, we recommend blending multiple payment gateways to benefit from their unique features, customer base, and market access. For example, to accept secure payments for cryptocurrency like Bitcoin, you will require a cryptocurrency payment gateway.
Imburse can help your business take a tailored approach to payments, to better meet your business and customer needs on a global scale. Get in touch with our team to learn more about how Imburse can help you connect to, and benefit from payment gateways.