Payment Gateway that supports the e-commerce industry in India is growing rapidly. With the goal of providing customers with an easy and secure platform, seamless transactions, and delivery at their doorstep, the e-commerce platform needs an efficient payment gateway that will increase customer loyalty, sales, and profit.
POS is a popular payment method, the main difference from the POS terminal is that: in the case of a payment gateway, the buyer may reside in a different city, region, or country altogether. Due to the distance and anonymity of the buyer, the payment gateway requires 75% special encryption and authentication technology.
But for customers to have a seamless shopping experience, having simple navigation APIs (applications) is not enough. The e-commerce platform needs an active payment gateway to add to the security of payments, resulting in customer loyalty and additional profit.
Benefits of payment gateway
Finding a digital payment platform online can ultimately improve the overall performance of your business. Here are the benefits of starting a payment gateway:
- Easy Logout: A quick and seamless payment experience is required from a customer perspective. The payment gateway enables these features and makes online shopping as easy as possible.
- Fixed Purchases: It is recognized that more than 40% of customers cancel their purchases if the exit/payment method is tedious or complicated. But, according to research, it is recognized that random purchases account for 40% of all online purchases, so the provision of an easy payment option will no doubt increase sales. Also, Provides recurring payment
- Security: Payment gateways usually comply with security standards such as PCI DSS, etc. providing secure services.
How does Payment Gateway work?
Here are the basic steps for a standard payment gateway:
The customer starts the payment process by clicking the ‘buy-now’ or its similar button on the website. The E-commerce forum takes the customer to the payment gate where the customer will enter the correct card details.
The payment gateway redirects the customer to a secure transaction authorization page.
Once a transaction has been approved by the payment gateway, banks do checks on the customer’s account to determine if the transaction is successful or not.
The payment gateway sends a message (successful purchase or error in the transaction) to the customer.
If the transaction is successful, the bank pays the payment through the payment gateway.
The payment gate then pays the payment with the seller and notifies the customer that the transaction has been completed and the payment process is completed.
Payment Gate as an important Payment Security feature:
Since the payment gateway is such an important part of the e-commerce platform, it is important to understand it in terms of security. Security, which is the highest advantage of the payment gateway, helps to reduce the severity and frequency of credit card fraud within the e-commerce platform.
The payment gateway, as mentioned earlier, guarantees the cardholder/buyer to make a secure payment flow from his or her account to the merchant/e-commerce platform account. All of these payment transactions are protected with the help of a payment gateway.
The payment gateway maintains security by following the same protocol and thus, customer data is encrypted securely.
There are a number of specific reasons, which make the payment gateway suitable for the e-commerce platform:
Integrating a payment gateway does not require much difficulty and can be easily set up by a merchant/e-commerce business that already has a website/business application.
It requires few repairs, therefore, it is very expensive.
Because of the popularity of the payment gateway, most people are aware of it and are comfortable with its ideas. This makes it easier for online businesses because there is no need for the same information.
The payment gateway helps to get out quickly with the customized exit page. The seller can therefore customize the opt-out page according to your needs.
How to choose a payment gateway provider?
Choosing a payment gateway for your business can be a very important task. The payment gateway needs reliability and should meet the needs of your business now and in the future. There are many factors to consider when choosing a suitable payment gateway.
For more information on how payment gateways can be improved to increase the sales of your company, please contact us at Coding Brains.