PayTabs
Are you planning to launch your online boutique shortly? Are you confused about where to start to set-up a seamless payment mechanism? If these are related to you, then one of the first and foremost requirements for an e-commerce website is professional payment gateway services for receiving credit and debit card payments from customers. According to recent statistics, most consumers prefer using card payment facilities instead of cash-on-delivery practises while buying merchandise online.
To convert prospective leads into regular customers, you require a secure payment mechanism which would carry out a successful transaction within seconds. Here are some of the ways by which a suitable payment gateway can bring traction to businesses.
What is a Payment Gateway?
Before going into the details of benefits of integrating an appropriate payment gateway to your online shopping portal, let us understand in layman’s term the meaning of this system. You can compare the payment gateway with the cash counter of brick and mortar shop. It helps in authorising payments for online shop owners by assisting in transferring the money from the customers’ accounts to merchants’ accounts. In collects clients’ financial details and redirects this information to the secure payment processor for a successful transaction. Nowadays, payment gateway services have also become necessary in physical stores if you wish to receive credit or debit card payments from customers.
Benefits of Installing Payment Gateway Mechanism
Now that you have understood the meaning of the payment gateway, let us throw some light on how it can help you bringing traction to business.
Helps in Online Invoicing and Recurring Payment
Payment gateways are exceptional business tools which help in raising online invoices and accepting recurring payments. It is a secure system, where you first need to select an appropriate payment gateway service provider, signup with them after going through all the business formalities and try their demo account. If everything goes on fine, you can use this tool to send online invoices to customers within seconds. It also helps in receiving recurring payments from customers by saving their credit card details and reminding them at an appropriate time about a forthcoming instalment.
Fraud Detection
If you are an online trader, then one area where you need to be extremely cautious is safeguarding clients’ vital financial information. Even a single fraudulent activity resulting from the carelessness of your service provider can ruin your business image forever. Customers never trust or revisit those portals where there have been reports of hacking or leaking of credit cards’ information. So, you need to sign up with a reputed payment gateway service provider, which would offer foolproof anti-fraud protection. Whenever any mysterious activities are going on through your site, the gateway should immediately block the payment and inform clients in real-time. It would help in winning the confidence of consumers and turn them into regular visitors of your portal.
Seamless Transaction
Customers always prefer those websites where they can complete the transaction within seconds of selecting the products. The gateway should instantly process the authorisation of payment and transfer the amount from the card-holders’ accounts to the merchants’ account. In this way, you can offer a premium experience to consumers.
These are some of the ways by which payment gateway services help in growing your business. Conduct thorough research on the service providers and select the appropriate one based on your necessities.
