The pandemic has led to a paradigm shift in the number of people opting for online payments, owing to their security and reliability. However, keeping track of each online payment can be unsustainable- especially for businesses dealing with large transaction volumes. This is the reason why the majority of eCommerce businesses now opt for a payment gateway.
An online payment gateway is an innovative payment solution that has drastically improved the way merchants accept payments. According to Statista Research, the Payment Gateway market in India is forecasted to reach a value of $1.71 billion by 2025. With most of the transactions moving digitally, businesses have started adapting to this mode to accept such large volumes of online payments.
Using a payment gateway or even a payment link is a cohesive way of accepting payments from customers. It processes the payment in real-time and much quicker than a standalone payment method like a bank transfer. When a merchant has a payment gateway integrated into their website or app, the customer will straight away be redirected to the gateway, which will offer a host of different payment methods to choose from. Each of the methods is secured by state-of-the-art technology that validates and authorizes the transaction.
The benefits offered by a payment gateway are immense. Lack of an integrated payment can make the payment process tedious and drive the customer away. In contrast, having a payment gateway will expedite the process and allow the merchant to track the success of each payment using a powerful dashboard.
Here are the top 7 benefits that businesses with a payment gateway enjoy.
Faster Checkouts
Online payment gateways facilitate a seamless checkout process which cuts down the time taken to complete a transaction. By eliminating the manual way of receiving payments, businesses can expedite the process, completing it in a few seconds. Improving payment efficiency is critical to retaining customers since no consumer likes going through a long payment process which makes them conscious of their purchase.
Secure Payment Platform
One of the biggest hurdles that eCommerce businesses face is not having a secure payment platform. The constant threat of fraud and hacking attempts make online payment unattractive for eCommerce players.
Payment gateways by reliable service providers like Zaakpay bridge this gap and provide a secure platform to receive payments. Customers are generally concerned about making direct payments to standalone accounts, fearing fraud. With features like PCI DSS compliant software and SSL encrypted payment information, any hacking or financial fraud attempts become next to impossible. With a payment gateway in the picture, the process seems secure to the customer and reassures them of the utmost safety.
Increase in Impulse Purchases
A haywire payment process makes the customer drop the purchase. At the same time, a simple payment process completes the transaction in a few clicks. The payment is made within seconds, even before the customer realizes it! This encourages impulse buying and increases sales.
Payment gateways have the most straightforward payment processes for anyone to navigate through. The simple user interface increases the tendency of customers to engage in impulse buys.
Multiple Payment Modes
This is perhaps the foremost benefit payment gateways offer. Customers get the convenience of choosing whatever payment mode they prefer, and there is no limitation to the number of payment modes on offer. Zaakpay’s payment gateway hosts 50+banking partners and has overall 100+ payment modes to choose from. Customers can choose from Debit and Credit Cards, UPI, Mobile Wallets, Pay Later, and even NEFT/RTGS.
Since there is a diverse payment mode on display, customers can choose their pick and pay conveniently.
Allows Recurring Payments
Loyal customers returning to a brand deserve special treatment that makes them come back again and again. This is possible with online payment gateways that have the option of storing the customer’s payment details (at their discretion). The saved payment details are then used to make instant payments in the future.
This feature of allowing recurring payments makes sure that customers don’t go through the hassle of re-entering their payment details every time they shop with a specific merchant.
Automated payments are an added feature provided by payment links that can help make the process of making frequent payments (monthly, quarterly, annually) less redundant.
No Setup/Maintenance Cost
Merchants assume that the setup cost to integrate with a payment gateway would be massive. Contrary to the belief, some new-age payment gateways do not charge any fees for accounts set up!
Payment gateways like Zaakpay charge no extra maintenance fee or a setup fee for onboarding merchants.
Reduce Cart Abandonment Rate
Online cart abandonment rate is one of the biggest challenges for online merchants. The fact that people cannot touch or physically see the products they are shopping for makes cart abandonment rates pretty high in India.
However, with a quick payment solution like Zaakpay’s payment gateway and payment links, merchants can enhance the shopping experience for their customers, compelling them to make a purchase. Various payment options and a smooth transaction process can help reduce the cart abandonment rate.
Conclusion
Payment gateways have become the need of the hour for online merchants to stay relevant. Lack of this service and manual collection of online payments can translate into a messy payment process. To streamline the business cycle, having a payment gateway is highly essential. It makes the life of a merchant easy and provides optimum convenience to the customer.