Does Your Business Really Need a Payment Gateway Solution?

Globalization has brought the world closer, but it has made it more complex. Gone are the days when payments were all about giving money to the cashier across the counter. Now, we have payment gateway solutions to help us out. Wondering what is a payment gateway and why your business needs it? This article will provide you with all the information you need to know about an online payment gateway. Let’s get started.

What is a payment gateway?

To put it in simple words, a payment gateway offers online payment solutions. Before processing the payment, a payment gateway identifies and verifies the payment method and then accepts the amount paid by the customer. Another important task that a payment gateway performs is that it encrypts sensitive information such as name, CVV and credit card number. All of this results in it being a very safe method of accepting payments.

Today, everyone has brought some product online. It seems very easy, isn’t it? Select the product you like, add it to your cart, make payment and voila! It is at your doorstep. What seems so easy actually involves a lot of processes taking place behind the scenes. Now, what ensures this smooth transfer of payments is a payment gateway. To explain further, it is a merchant service provided by an e-commerce application service provider that authorizes credit cards or direct payments processes for online e-business retailers or traditional brick and mortar retailers.

Now that the concept of a payment gateway is clear, let us focus on why does a merchant need one.

Why does a merchant need a payment gateway?

If you own a business online, you should have a payment gateway. According to Easebuzz mentioned below are the statistics that highlight why you need a payment gateway.

1. 42% of shoppers prefer online payment

2. It is expected that by 2023 the number of users making online payments will rise up to 699.4 million

3. The Digital India campaign resulted in 1.11 Billion digital transactions in January 2018

A payment gateway reduces the frequency of credit card theft and fraud as it encrypts sensitive information.

Now, that you know all you need to know about payment gateways you can go ahead and introduce one to your business that will increase the profitability. There are several factors you need to pay attention to while selecting a payment gateway, and it is advisable you do thorough research before choosing one. Easebuzz is a leading company in Pune that provides best payment gateway for small business. Make sure you visit their website before finalising a payment gateway solution for your business!

Transformation of Online Payment Solutions in the Era of Mobile Commerce

Mobile commerce, more commonly known as m-Commerce is the next development in the world of E-commerce. More than half of the world’s internet traffic comes from mobile devices. Reports show that a whopping 62% of smartphone users shop on their mobile devices. This means the competition amongst online payment solutions now stiffens. The potential for growth in this market is huge. All that is needed now is easy-to-use options which will not be a hassle for mobile users.

Online Payment Solutions

Being a part of this payments industry, you need to be well-prepared. You must update yourself on features that will help you beat competition and provide better service to your customers.
Here’s a list of the top 3 trends you should keep an eye out for if you offer online payment solutions in this era of m-Commerce:

• Web Payments :
  A major reason for the shift to mobile devices for shopping is ease and saved time. One could easily login through their mobiles, quickly sift through the website and make a purchase. At this purchase stage, the user hates filling up lengthy forms. They are regular buyers. Their buying experience becomes easier if they don’t have to fill the same mundane data points time and again. This is where web payments come in. Through web payments, the browser native UI can easily autofill all the previously filled data through the Payment Request API. This saves the time and effort spent by the user during the checkout and payment process.
• Faster operations :
  E-Commerce brands today, need better efficiency, greater control, and less reliance on the developer, according to Dan Conboy, MD, Shopify Plus Partner. They require quicker and leaner operations which will help them scale better. Online payment solutions also have to live up to this trend and help brands go live with online payment gateways without hassles on the technical and documentation side.
• Flexible payment options :
  You must have heard about or used the LazyPay option offered by Swiggy, right? What an amazing flexible payment option! You don’t have to spend time filling in your card or bank details. 3 clicks – add to cart, checkout, and pay through LazyPay – that’s all you need. Flexible payment options like these help you to increase the transaction rates as users won’t cancel the purchase just because the card did not work or they’ve forgotten their password their accounts.

We see the latest trends that have been transforming the payment industry thanks to mCommerce. The best payment gateway for e-commerce industry now would be the one which adapts to these changing times and adopts all these latest trends to be relevant. If you are looking to give your competitors a tough time, don’t forget to evolve and become better.