E-Commerce is growing day by day; more people are shifting towards online shopping. Almost everything can be bought online these days, in modern days no one prefers to have cash in hands they believe in it to be in card. Old just cash on delivery payment style is slowly-slowly being replaced by most of the people, people nowadays prefer to pay through credit card, debit card or internet banking. It is essential for an e-commerce website to have a good gateway payment service.
A payment gateway allows you to properly exercise payments of all the customers online. Payment gateway allows the customer to pay through credit card, debit, card, net banking, internet banking payment from multiple banks and credit card companies.
WHAT ARE THE BENEFITS OF HAVING A PAYMENT GATEWAY?
- Secure transactions : Payment gateway service providers ensure that your transactions are safe and secure. They have created it virtually hack free.
- Wider Customer Base : With payment gateway service, shoppers around the globe will have access to the merchant’s online store, thus making it available to a wider customer base.
- Quick and Easy : neither customer nor seller have to face the hassle of collecting a check or cashing it. Now they can easily pay and receive payment easy and very quickly in the comfort of their home.
- Very convenient : it is very convenient to pay through them, you can pay 24/7, and there is no bounding to you when you have to pay.
- Impulsive Buying :: If customer has watched any movie at night 2 am and liked the bag used by the protagonist in the movie then can order it at that moment through quick payment, may be by morning his mind could change. According to data analyst impulse purchasing represents approximately 40%.
- User Experience : Happy customers are the best customers and they buy more so the payment gateway operators should focus more on the best user experience as like platforms which are PCI-DSS controlled allows clients to save their details of the card safely so each time they don’t have to fill the information.
- Full Control : As a merchant one thing is good and that is one have the full control on the purchasing data and behaviour of the customer from anywhere in the world. It gives you the best part and that is you can respond to any problem occurs anytime from anywhere.
HOW TO CHOOSE RIGHT PAYMENT GATEWAY?
It is often thought that setting up the store is the only difficult task you have but in reality choosing a payment gateway also be a tough cookie. Since it is a financial matter you need to be very careful while choosing which payment gateway is correct for you.
There are certain things you need to keep in mind while reviewing and choosing which payment gateway to use.
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1. Check which payment gateways are supported by your e-commerce platform?
Whenever you are considering any payment gateway first consider is that payment gateway supported by your e-commerce platform.
2. How secure our payment gateway is?
You must check the security strength of payment gateways, a customer is going to share very personal information with you, so you do not want that information to be wrongly used. You must ensure that the transactions are secure.
3. Set up cost
Transaction fee is a major factor in selecting payment gateway. You must compare the transaction fee of different providers.
4. Does your payment gateway support method of payment of targeted customers?
Our payment gateway must support the method of payment of your targeted customers; otherwise, you can lose your customers. It should be easy for customers to pay, no one likes complicated process.
5. Does the payment gateway do what you need?
Do you need to do more than just take one-off payments for goods or services that you are providing? Perhaps you’re looking to taking payments in E.M.I. form from your customers? Perhaps you want to act as a marketplace, taking payments on behalf of sellers who are listing on your site? Most payment gateways are quite limited in the functionality they provide, so make sure the payment gateway you’re considering has the features you need.
6. Overseas Customer
You need to look this factor very keenly that if you are having customers outside the country and your payment gateway is compatible to that format or not, if yes then look to it from time to time because overseas profit generation is more and if it is not now but business will grow overseas in nearby future then prepare everything from now.
7. Multiple Payment Option
This one is very helpful as it attracts wide no. of customers and proves the authenticity of your business. During the time of critical situation like Covid-19 pandemic it will help in generating more revenues as customer wants service as quick as possible not involving in payment restrictions.
8. Payment Gateway Support
During Covid-19 it happened at a few places that transaction process got hang up in between and other related problems so in this case if there would have been more comfortable customer support from the service provider then more happy customer would have been with that brand.
DOCUMENT REQUIRED FOR A PAYMENT GATEWAY
Before applying for a payment gateway, the e-commerce website must incorporate their business. They must have a bank account in the name of their business before applying.
If you a partnership firm you need to submit following documents for having a payment gateway:
- Certificate of incorporation
- Memorandum of Association and Article of Association
- Partnership deed, in case of LLP
- PAN Card for the sole proprietor, company or LLP
Once the application of payment gateway is completed, a guest payment gateway id will be given to integrating it in the website. Websites terms and conditions should be drafted during this process and updated on the website.
Once these steps are completed and you find payment gateway test id to be working fine with the website. Your payment gateway service provider will intimidate it to your website. Now your website will accept payment through all debit and credit card.
You get payed only when people Trust you
If you are going for your own e-commerce store, having a good payment gateway is a must. Secure payment is the most effective way to gain a customers’ trust. Be careful while choosing your payment gateway.
To know more about E-Commerce read our guide: https://growthpixel.com/new/ultimate-guide-starting-ecommerce-business-e-commerce-enablement/
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