Payment
gateways authorise payments for retailers in several categories of
business. Payment gateways safeguard sensitive information such as
credit card details, entered into an e-commerce website and are
passed between the customer and merchant and from the merchant to the
payment processor by using encryption.
Initially
merchant accounts providers and payment gateways operated separately,
but with increasing adoption of e-commerce by businesses of all
kinds, many processors have started offering an all-in-one solution
for merchant processing and gateway services.
Payment
gateways offer several benefits for merchants that include the
following:
-
Secure transactions:
Payment
gateways use industry-standard encryption and effectively protect
sensitive information, safeguarding both merchants and customers
against fraud.
-
Larger customer base:
Payment
gateways make it possible for customers all over the world to access
your business from your online store which in turn works towards
expanding and increasing your customer base.
-
Bundled with shopping cart:
Gateways
club shopping cart software with their own programs. This software
makes it possible for customers to choose products with a simple,
easy click of the mouse, add them to his/her shopping cart, and
complete their purchase at the checkout stage. The shopping cart
calculates the cost of the items, sales tax, and shipping charges
without you or an employee being present to carry out the sale.
-
Faster transactions:
Using
a payment
gateway is
much faster than manual processing which allows customers to make
faster purchases without the inconvenience of waiting in long, rushed
lines.
-
Convenience:
Payment
gateways allow you to keep your e-business open 24/7. Your customers
can shop at any time of the day, from the comfort of their devices,
at the comfort of their homes.
-
Customization and user experience:
Payment
gateways can be customized to suit the look and feel of a website.
Customers need not be directed to an external website to make
payments, which helps create a seamless experience for the user and
enhances their user experience.
Choosing
the right payment
gateway
for your business helps increase transparency, security, and other
features that will make your business flourish.
