An online payment gateway is required to facilitate the transaction between the merchant and customer and is responsible for authorising the transaction. It is important because an efficient and secure payment gateway keeps your customers happy and transactions safe.
Convenience in Payments
Websites are essential for all merchants to capture a global clientele. It has also become necessary during the pandemic when customers hesitate to go out into busy streets and would rather prefer to do their shopping from the comfort of their homes. When you deal with an international clientele, you have to ensure that there is some form of payment that is easy, secure, and convenient. An online payment gateway provider makes it possible to process credit card payments or other forms of online payments for both ecommerce sites and brick and mortar stores.
Encryption for Enhanced Security
When you choose an online payment gateway provider, it must be one that gives you a service that offers maximum convenience and minimum risk with absolute security of your customer’s confidential information. Payment gateways, therefore, ensure there is encryption of information between the browser of the user and the server of the retailer. The transaction will only go through when the payment is authorised by the credit card company, the bank, or the financial company involved. The payment gateway allows the transaction to proceed when it gets the authorisation. The payment gateway also helps with screening orders and calculating tax costs.
Familiarity with Online Banking Solutions
The online payment solution in Thailand is quite sophisticated, corresponding with its reputation for being one of the fastest emerging markets in the region of Southeast Asia. People here are quite familiar with online banking systems and mobile payment solutions such as the QR code. Payment gateway companies who wish to make a presence in Thailand have to provide excellent service and cover every bank there with good mobile banking apps. They have to make it possible to complete transactions efficiently by scanning QR codes.
Expanding Ecommerce Market in Thailand
Studies have shown that the ecommerce market is looking up in Thailand and it is the right time for online payment solutions companies in Thailand. Online shopping has increased tremendously especially with the pandemic setting in. While online spending in the urban areas has always been pretty high, the penetration of internet services in the rural areas is resulting in the population in these areas to looking at online shopping as an option. It has also resulted in merchants from rural areas entering the ecommerce bandwagon.
Scanning QR codes with mobile banking applications is endorsed by the Thai government as it is faster, more secure, and totally reliable. This backing by the government is responsible for enhanced financial transactions using the digital platform including cross border fund transfers and payments.< Next post - A Guide to Choosing an Online Payment Gateway Prev post - How a Payment Service Provider Can Expand Your Business >