Every eCommerce business owner wants to offer a quick and safe payment solution to their customers. According to a report, the number of Indian online shoppers will reach 220 million by 2025. A large percentage of these shoppers prefer making online purchases using their debit cards, credit cards, and similar payment sources. Therefore, anyone who runs an online business needs to select the most suitable online payment gateway in India.
The payment gateway a business selects must provide benefits to the consumers and merchants alike. Therefore, selecting a gateway for a business application or website is crucial to support business growth. Some factors to consider include customer support, transaction fees, and integration. Wondering how using the best payment gateway benefits a business? We give here the top 10 advantages to know.
Time-Saving
Integrating a good payment gateway is the fastest means of receiving card payments. It is much quicker than processing card payments manually. The merchant can usually start accepting payments within 24 hours of setting up the payment gateway. Speedy payment is a crucial aspect of achieving success with e-Commerce and digital transactions. It does not give impulsive customers time to wait and reconsider the purchase.
One significant perk of using the best payment gateway is that it minimises the need for human work and interference in payment processing. Automating payments not only saves money and time but also reduces any chance of errors. Setting up automatic withdrawals, payouts, and recurring bills ensures timely payments without any transaction failures.
Enhanced User Experience
The best online payment processor offers multiple additional features to enhance the user experience. It allows customers to add products to their shopping cart, move items to favourites, and save bundles. Users can set up a profile and save their payment details secured, enabling instantaneous transactions within a few clicks. Consequently, merchants get complete control over the transaction and intercept issues when they arise.
Expansion of the Customer Base
An excellent payment gateway opens up a business to new markets. Customers from across the world can access and shop at the store. Secure digital payments attract customers and retain them, making people more confident about online store purchases. Additionally, affiliate partnerships of some payment gateways help get more leads to the business.
Secure Transactions
A robust payment gateway encrypts transactions to protect the available data. It helps a merchant meet the industry-standard compliance requirements, and secure transactions protect merchant and customer information against fraud. Customers prefer using secure payment options. So, winning their trust with a secured payment gateway attracts more business.
Protecting customers’ information and preventing chargebacks are major challenges most online businesses face. The best payment gateway comes with valuable features like PCI-DSS compliance, online fraud detection, and data encryption. All these work together to provide maximum security to the merchants and their customers.
Convenience
With a reliable online payment gateway in India, merchants can collect payments 24/7. As a result, the website can continue processing payments regardless of the working hours without any manual intervention. This is a highly accommodating experience for customers who could not access a merchant’s physical store during working hours. The digital platform gives complete control over the transaction process, empowering merchants to react immediately as soon as an issue occurs.
Saved Payment Details for Easy checkout
A customer who frequently shops at an online store will feel frustrated when they need to enter their payment details every time they place an order. The risk of losing customers increases with lengthier transaction time. However, a merchant with an integrated payment gateway does not need to worry about that. They allow customers to save their payment details at checkout, reducing their transaction time and converting them into regular users.
No Transaction Failures
Many transactions fail due to customers entering incorrect payment details. Since a payment gateway allows customers to save their preferred payment information, the merchant increases their transaction success rate. Customers also find it easier to switch between payment instruments according to their convenience. Customers get a one-click checkout experience with saved payment details for easier and faster payments.
Increased Sales with Multiple Payment Methods
A user-friendly payment gateway offers multiple payment options to customers, which they may select according to their personal preference and convenience. Each customer prefers one payment mode more than others. A user who is more comfortable using a credit card may not want to pay using net banking. Some customers may have a balance in their e-wallet that they might want to use to pay for the purchase. An online payment processor that supports multiple payment methods attracts more customers and increases business sales.
Minimum Setup Requirements
Many merchants think that setting up a payment gateway is expensive and that only large enterprises can afford it. However, that’s not true. Although the gateway incurs some chargeback fees and transaction charges, they are worth the time and effort they help a business save. Besides that, the initial setup is also affordable. Even a startup or small business can set up the gateway with minimum setup requirements and expenses.
An Edge Over the Competitors
Since a high-end payment gateway offers faster, smoother, and secure transactions, they surely give an edge over the competitors who still use traditional methods of accepting payments. They provide almost all the available payment options to customers, attracting more business than others. With a robust online payment processor, the merchant stays ready even for the future.
A good payment gateway updates itself at regular intervals. So, it stays up-to-date with the latest payment processing trends and remains ahead in the digital business landscape.
Late deliveries, poor payment processing, and delayed payments are the top reasons that prevent an e-Commerce business from growing. So, it’s crucial to choose the best online payment gateway in India, as it improves performance significantly. Payment gateways offer numerous advantages to digital customers and merchants. Merchants must look for an all-in-one platform for their e-Commerce business to provide innovative solutions in a secure environment. A secure gateway will easily connect with the customers and help them make better decisions.
