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Changing Trends in Payment Gateways

March 10, 2020

Competition is an essential component of market dynamics. To stay on top of the race merchants must be well equipped with the latest technology and incorporate innovations into their business model. The advent of internet has revolutionized markets in that it has created a virtual market that spreads across the globe wherein merchants can sell their products and services. In order to be successful in today’s day and age, merchants must have an online platform where from customers can avail services and make easy and secure payments to procure the good or of their choice. This is where service providers of online payment services come into the picture. They help merchants navigate through the technicalities involved in online payment technology so as toensure to the users the best shopping experience possible.

What are Mobile Payment Gateways?

Mobile payment gateways refer to the way in which monetary transactions are made over the internet. In other words, it refers to how the money from one account is wired into another account by means of online payment technology.One of the most important decisions that an e-commerce merchant has to makeis choosing the right payment gateway. The key factors in zeroing in on a gateway are – ease of use and security of information entered. The payment process should be simple, not involving very complex steps, there must be multiple payment options and there should not be glitches as one makes payments. And it is in this regard that payment solutions are offered to merchants. Service providers offering the same help merchants ensure a seamless and reliable payment procedure.

What is the Payment Solutions Offered?

Online payment solution providers help merchants procure a reliable and efficient mobile payment gateway for their transactions. They offer payment solutions that are wide ranging so as to ensure a wider customer base. What this means is that they provide a payment platform that accepts payment from various sources including credit cards, debit cards, China Union Pay, Alipay, etc.

The Different Types of Payment Solutions

Payment via credit card is the most popular payment method preferred by customers. This is because it is universally recognized and has been proved to be secure and efficient. Despite this popularity, a lot of customers prefer China Union Pay to make their payments. This is mainly because the rate charged per transaction is far lesser than that in credit card transactions. The advancement of online payment technology has led to the creation of various other methods of payments as well including e-wallets, mobile payments, direct bank transfers, direct debits, etc. Payment via e-wallets is becoming increasingly popular in today’s market. Cards are directly linked to the customer’s bank accounts making direct transfers to the merchant account by means of a smartphone or a computer. Some of the most popular e-wallets include Alipay, PayPal, WeChat Pay, etc. Alipay offers a very simple payment procedure, scanning of a QR code using a mobile opens the payment gateway.