Payment Gateway Integration
Easing the Online Payment Process
What is payment gateway and how it works?
When it comes to payment gateway integration services, you should know it is a merchant service provided by an e-commerce application service provider. This service provider authorizes credit card or direct payments processing for all forms of businesses.
The ecommerce payment gateway integration connects seamlessly to in-house payment processors like credit cards networks or online banking. The payment gateway is a third-party between merchants and customers that securely take the customer’s money and deposit it in the merchant’s bank account.
Role of Payment Gateway Services
These payment gateway services are needed for online credit card processing and works like a point of service (POS) machine. Payment gateways work just like purchase items for physical stores. The main role of these payment gateways is to authorize transaction between the seller and customers. You should know that without a payment gateway approving your transaction process, you cannot move forward and receive your money.
Trends of Payment Gateway
In 2019, the payment gateway market was valued at $17.2 billion and is expected to reach $42.9 billion by 2025. The payment gateway integration is one of the most critical aspects of every business and it allows for the collection of money through customer preferred banks.
80% of the population of developed countries has access to the internet as of 2018. Whereas, it only 45% of developing countries have access to the internet. Cumulatively, 51% of the worldwide population have internet access and has seen a consistent 8% growth year on year. The increase in internet penetration has been driving the growth of payment gateway integration especially in developing countries.
Consumers are now changing their preferences for making payments online based on the increase in internet penetration and the awareness of online transactions. This simple process of generating transactions has brought about a sense of confidence in switching to online transactions. The rapid adoption of this method has been growing the payment gateway market.
There have also been a few stringent regulations set for the payment industry and there have been a number of cases of data breaches and cyber attacks that have restricted growth.
INCREASE SALES WITH PAYMENT GATEWAY INTEGRATION
Find out how your business is doing with respect to leads and the sales potential.
Benefits of a Payment Gateway
Here are the many benefits of payment gateway integration:
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Safe transactions
You can be sure that payment gateways use standard encryption and protect sensitive data.
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Huge customer base
Allow shoppers from all over the planet to have access to your store.
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Huge customer base
Allow shoppers from all over the planet to have access to your store.
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Enabled with shopping cart software
Payment gateways are made a part of the shopping cart software. While the shopping cart calculates the cost, taxes and shipping charges, the payment gateway will bill the customer and conduct the sale.
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Faster transactions
This payment gateway is faster than manual processing and customers will not have to wait in long lines.
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Convenient
With a payment gateway, your store is open day and night and customers can shop at the comfort of their homes.
Things to Avoid
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Choose low-cost payment gateways
Low pricing can be lucrative but you should take a closer look at the benefits that they offer. Also, check for hidden costs that you will have to pay.
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Less payment options
If you have a lack of payment options then you will be at a big disadvantage. Make sure that you are covering local banks for the local banks. But there are certain restrictions like age and location that could make you lose out on paying customers.
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Several security concerns
There may be several security concerns that you might have but if the payment gateway is approved by the central bank then you are good to go. Ensure that the payment gateway follows security standards.
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Picking the wrong plan
You should choose a plan based on the volume and potential volume. If you have a small plan but a big volume then payments will fail in the process.
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Put it together on your own
If you want to ensure that the work will be easy, then ensure that setup, integration and other process are done properly. This work can be time consuming and needs specialists for integration with payment gateway.
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Paying no attention to the competition
If the competition is cut-throat then you should never turn a blind eye to what your competitor is doing. In case their payment gateways are good, then you should look at the aspects that they are good at and how they are different from your business’s options.