At present, a payment gateway like INSTAMOJO, RAZORPAY, PAYUMONEY or EBS has become a necessity for online sellers to accept credit and debit card payments online. A payment gateway is the backbone for our e-commerce website and lets you receive payments through a variety of payment methods BUT not all payment gateways are created equal.
If you integrate a payment gateway, then your customers will receive a payment link using which, they can make instant payments. This integration automates your payment collection process simply by providing secure payment gateways to get the payments made by your online buyers. This integration also saves you from the trouble of manual payment entries, need of collecting payments through less secure means and human data entry errors. When a payment has been successfully made by a customer, then the status of your invoice gets updated and a payment receipt is generated as well. In case you had set up automation for sending “THANK YOU” notes on payment, then your customers get or see it as soon as they make payments.
Provide a great customer experience, the fast payment process for returning customers and a smooth mobile checkout as well.
Any business like a small company or a big organization, all can access these services and so have the same business opportunities.
Providing a payment gateway with all the payment methods in a fast way, payments are streamlined.
You can analyze the information in a single click due to the last generation technologies that are used.
By Integrating with a Payment Gateway, you cut cost as well as operating expenses.
Why Use Multiple Payment Gateways
When it comes to checkout, every online business owner wants to make the processes as convenient as possible. This is where Multiple payment gateways can help you. Do you know more than 40% of online buyers felt more comfortable purchasing from a store with multiple payment methods than from websites that offered just one option? If your customers can’t find their preferred payment method on your website, they will abandon your shopping carts.
Online buyers often prefer specific payment types. Keep in mind that one customer may want to build their cash-back points with their credit card while another customer may only trust an Automated Clearing House payment made from their Smartphone. Keep in mind that multiple gateways allow you to customize more payments for more customers. Some of the key reasons for using multiple payment gateways include Support Business Innovation, Increase Geographic Coverage, Support Business Flexibility, Support Merchant Account Flexibility, Support Payment Options.
Choosing a payment gateway provider can be time-consuming and complicated. But finding the right one for your e-commerce website is essential if you want to succeed in the industry. Safety in a payment gateway is the main concern. So, ensure your payment gateway is PCI compliant before signing on with them.