When you make an online payment, it goes through a series of steps. Making sure that payment is easy, fast, and safe is the work of a payment gateway.
A payment gateway acts like a relay between the e-commerce website and the merchant bank and works to authorize payments on e-stores. Payment gateways are very popular in the world of eCommerce and come with tons of benefits that we will explore in this article.
Benefits of Payment Gateway
Below are 5 major benefits of using a payment gateway on your e-store.
Make Checkout Easy
Offer Multiple Payment Options
Offer Secure Payments
Make Payments Faster
Get More Customers
Now let's explore each benefit of using a payment gateway, one by one and see why it matters.
1. Make Checkout Easy
Smooth and seamless payments are very important to keep an online store up and running.
The easier iMake Payments Faster
One of the major benefits of using a payment gateway is that it offers faster payment.
You can start receiving payments after mere 24 hours of setup.
As explained earlier, ease of payment is a major factor when it comes to shopping so the faster it is to shop, the more customers would rely on your store for shopping and the more customers you will get at the end of the day.
2. Get More Customers
It is for the customer to make payments, the more the chances of them using your site and buying products from you.
For that matter, you should consider using a payment gateway as it makes online shopping as easy as possible.
Research suggests that more than 40% of customers cancel their orders if the checkout/payment method is hard and complex.
Thus through ease of payment, you can promote impulse purchases as well and make it convenient to make payments.
3. Offer Multiple Payment Options
One of the major benefits of having an online payment gateway is that you can charge customers according to their needs i.e different prices for B2B and B2C customers.
That not only makes it easy for you to display the most relevant results for each customer but also saves the customer's time adding to the convenience of payment on your site.
This can be done through many methods one of which is using a plugin like the woocommerce role-based pricing plugin.
4. Offer Secure Payments
Payment gateways ensure that the transaction is always encrypted for user safety. Popular payment gateways used by major business websites use SSL encryption.
This type of encryption is used for both encryption and decryption of credit card information.
Without encryption, all the information about a transaction could be compromised and the customer’s sensitive data can be misused for fake payments.
Thus, using a payment gateway has become an unsafe online world where payments are carried out every minute.
If you want to go global and want to expand your customer reach then using a payment gateway is a must.
Payment gateways like PayPal, Apple Pay, and Amazon Pay make online payments easy and smooth around the world and offer businesses access to a huge customer base.
You can do that too for your store. By offering a safe, fast and convenient payment solution, you can gain customer trust and with time grow your network across borders.
In this article, we explored 5 benefits of payment gateways and why every store should consider one.
Payment gateways offer smooth transactions and make it very easy for businesses to reach a global audience.
They keep customer data safe and offer faster transactions and multiple payment options.
We recommend you check out all of the above benefits in detail and explore more content like this on the website.