Top Advantages Of Using Payment Gateways For Ecommerce Businesses
One of the major benefits of making online payments for the customers is the ability to choose a payment mode of their choice. They can choose to pay via credit card if they are short of funds in the bank account, they can pay with the funds in their mobile wallet, or they can even opt for a Buy Now Pay Later option. The platform that hosts all these payment options on a single page is called an online payment gateway. This is an online payment system that enables a fund transfer from the customer’s bank to the merchant.
With the growth of eCommerce businesses in India, the need for payment gateways has risen exponentially. However, this brings a very pertinent question to the table. Are the payment gateways necessary? Do they define the success of any e-commerce business? Any expert on the subject would explain the importance of a payment gateway in painful detail. However, the reasons why payment gateways are advantageous for companies are pretty broad. This blog provides an extensive list of the key advantages enjoyed by such enterprises.
Advantages of Payment Gateways
Simple Layout & Smooth Customer Experience
Nothing is more appreciated than a customer experience that is satisfying and frictionless. Payment gateways provide precisely that. They have a simple layout with fields where the customer has to type in the payment details. The forms aren’t long or complicated. The customer has to dedicate a maximum of 2-3 minutes to fill in the relevant information.
All these add up to a customer experience that is not disappointing. Content customers are sure to visit the business back. In comparison, the traditional mode of payments like cash in pay-on-delivery requires the customer to keep sufficient cash at hand when the delivery person visits.
Supports All Payment Modes
The list of all the digital payment modes is long. Starting from credit cards, it goes all the way to UPI with debit cards, mobile wallets, net banking, and several other methods in between. It is tough to predict which customer would prefer which mode. To welcome all customers, payment gateways accept most of these payment options.
This way, they do not leave out any customers and have something for everybody. The best payment gateway for India that supports multiple payment modes is Zaakpay, catering to more than 100 payment options.
Window shopping is one of the most significant challenges faced by brick-and-mortar shops. This is more common with eCommerce businesses because it is more convenient to search for products. Hence, cart abandonment is a common issue for eCommerce sites.
Businesses can actively act against cart abandonment using payment gateways. The option to pay immediately can lead to impulse purchases, which refer to purchases that the customer ends up making without intention. Zaakpay facilitates instantaneous transactions that are completed within seconds, a move that increases impulse purchases. For the business, though, this can be a great source of income.
Payment gateways lay heavy emphasis on security. Gateways ensure fraud protection for the customers by encrypting their data to make them invulnerable against cyber-criminals. They also provide safeguard measures for the merchants. It is also essential for the services to keep themselves updated with the latest security measures due to a large amount of payment information. All in all, a gateway service makes the e-commerce payment process reliable and increases the customer’s trust in the business.
Attract Untouched Customer Segments
Traditional modes of payment have several limitations. The limitations of proximity itself reduce the customer base significantly. While pay-on-delivery is an option to collect payments from far-away customers, it is quite risky. Setting up the supply chain for it is not easy. Not to mention the problem of fake orders and increasing instances of customers refusing to accept COD orders on delivery.
An online payment gateway solves all these issues with its robust technology. No matter where the customer is in India, the payment can still be processed. All that the business has to do is market itself to every part of India, and it can touch all the customer segments that have remained untouched due to traditional payment modes.
Faster Payment Processing
A gateway makes the collection system quick for the customer as well as for the merchant. For the merchants, cash flow is significantly improved with a gateway. This is because the payment is immediately credited to the merchant’s account.
There is a long waiting time in traditional methods, which can be as long as two weeks. Improved cash flow can help the merchants make better decisions for the business. Zaakpay is the best payment gateway for India that supports the quick processing of payments.
Easy Recurring Billing
For customers who make regular purchases, entering the payment information each time can be an added worry. A gateway can be used to solve this problem and thereby increase the sales for the business. If a customer doesn’t have to enter the payment information multiple times, they are more likely to shop as the process is expedited significantly. This can be achieved with the facility to save payment information. The secure nature of payment gateways ensures that the information is saved safely.
Simple Integration Tools
A gateway can be integrated with the shopping cart to streamline the process. This reduces redirects during the purchase process making the experience better. The online payment gateway can also be customized to have a similar look to the rest of the website. Customers don’t feel out-of-place that way. Popular gateways like Zaakpay have pre-built easy integration tools that make the process less demanding of technical knowledge.
The advantages of a payment gateway are many, as discussed in the blog. All that the businesses need to do to reap the benefits of the gateway is sign up for the right gateway service. For diverse businesses, Zaakpay is the best payment gateway for India.
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