Running an online store? Then you might be familiar with the term payment gateway. But have you ever thought about how having a secure payment gateway can take your business to new heights? If you don’t know the answer, then this blog will definitely clear all your doubts.
Ecommerce stores and payment gateways go hand in hand. Almost everybody is shopping online as it is convenient for people all across the globe. Who would have thought that buying things would be like a walk in the park.
This is exactly why many brick and mortar store owners are shifting towards digital platforms. With this many stores available, there are plenty of choices in front of buyers from shifting from one store to another. So how can one make their store stand out in the market? The answer is by utilizing the secure payment gateways.
The buyer wants a seamless checkout operation with multiple payment options, and even store owners want their platform to be safe from any kind of suspicious activity. This is exactly why having a secure payment gateway is necessary for all kinds of business. It is better to know more about payment gateway before jumping in with any service.
Payment getaways prevent online stores from fraudulent transactions.
What are Payment Gateways?
The payment gateway is a technology system that links the business to the card organization or acquiring bank. To operate an e-commerce firm and accept money online, you’ll need a payment gateway. Payment gateways manage the arduous paperwork and systems that are required to process transactions.
All the e-commerce checkout phases are handled by the gateway. Payment gateway assists retailers with physical shops and e-commerce sites by providing secure online transactions. You’re not just safeguarding your company from liabilities when you engage in a payment gateway; you’re also inviting additional clients by accepting all payment methods.
Importance of Payment Gateway for Online Businesses
A payment gateway is essential to any organization and e-commerce website for a variety of reasons. According to a survey, illicit hacking efforts accounted for 90% of overall logins to online retailers and companies in 2018. Payment gateways are critical for preventing cyberattacks.
1. Multiple Payment Options
The very first benefit businesses get is the multiple payment options. Usually customers like to have various payment choices such as credit card, debit card, UPI, and all, but if they didn’t find the same on checkout. They immediately dropped the process which enhanced the abandoned cart rate. Having multiple payment options caters to the needs of all kinds of customers.
2. Less Credit Card Fraud
Payment gateways are primarily used to reduce the likelihood and rise of internet fraudulent transactions. During transactions involving the use of credit and debit cards to collect money from clients, internet firms and shops are frequently subjected to online fraud. A payment gateway provides businesses with particular security guaranteeing that data, payment, and the entire transaction are processed securely for both the owners and the purchasers.
3. Secured Customer Data
Payment gateways increase the safety and confidentiality of client data. Because of the increased client security, it is a highly recommended form of defense for online enterprises against internet scams. Most of the time, businesses that use payment gateways receive positive feedback from customers.
4. Easy to Maintain
Lastly, the payment gateways are easy to maintain. Compared with any other approach, the payment gateway does not require regular maintenance and installation issues. Mostly, when the process is a little difficult, the payment gateway companies offer the free setup to their costumes. But the process is simple. One has to just create an account to activate the payment gateway.
5. Easy Integration
One of the biggest benefits of having a payment gateway is you can integrate with websites or mobile applications as well with no difficulty.
Is the Payment Gateway Process Secure?
Yes, the payment gateway offers a high level of security. There are certain sets of PCI-DSS or PCI security standards. All payment gateways must follow these standards; otherwise, the service provider cannot interface with payment processors until they have been approved. As a result, if you use a gateway for your business, you’ll be safe from any obligations or fraudulent activities.
That’s all! Now you know all about how having a secure payment gateway can make customers happy. There are a variety of online payment providers to choose from, and digital businesses should assess and select the payment gateway that better matches their company’s and consumers’ requirements.
Further, it is mandatory to think about the safety of the business too. As we have already mentioned, payment gateway and ecommerce store are directly related. The survival of an internet business can be secured while client pleasure is addressed by selectively choosing a consistent and accurate payment gateway.