People around the world are increasingly comfortable with online shopping and payment. Payment gateways are equivalent to the point-of-sale machines in your brick and motor stores and act as an intermediary between your website and the customers to complete the financial transactions. These online payment services come with various features that equip you to conduct operations in your online business. Read on to understand some of these features that is offered by online payment service providers.
Support Multiple Payment Methods
You will want to make the payment process easy and smooth to avoid abandoned shopping carts. The primary reason for missed sales is the unavailability of the customers’ preferred or trusted payment methods. The payment gateway you choose should support various payment methods like Visa, Mastercard, China Union Pay, Alipay, Cryptocurrency, etc. This way, you can cater to the users’ diverse requirements.
Hosted Payment Page vs. Direct API
The eCommerce payment gateways usually offer a choice between hosted payment page and direct API. In a hosted payment page, the payment information is transferred to a payment page hosted by a third party. It ensures a single touchpoint for the card data that ensures security to the customers. You can upload your business logo and information to the gateway and do not need a web designer or developer. The setup is an easy process. It is easy to access payment history processes refunds securely. On the other hand, direct API (Application Program Interface) allows the software to software communication rather than the user interface. Key benefits include a visual appeal of your webpage that is designed specifically for you. Easy management and seamless experience will help to retain your customers.
MOTO Merchant Account and Virtual Terminal Services
MOTO stands for mail order/ telephone order and is supported by online payment service providers. It is a term used to describe the transactions when the customer is not present. A MOTO merchant account allows you to accept payments by mail, phone, and fax. Even with the popularity of online sales, some people still love to respond to email or direct mail campaigns. The orders can be completed without referring back to the website when your eCommerce customers call the customer service. Customer service personnel can log into a virtual terminal, which is included in MOTO merchant accounts. The virtual terminal is connected to the MOTO payment processing gateway through which order data is submitted to the banking networks.
Multicurrency, Multinational Payments and Settlement Options
Your business will grow to its maximum potential only if you can take it beyond borders. The eCommerce payment gateways offer multicurrency, multinational merchant account, which enables you to display the prices in the local currency of the buyer. Additionally, it allows you to receive payment in any major world currency. This feature helps you to increase your buyer’s trust, and keep them focused on shopping rather than figuring out the actual cost. It gives you a competitive advantage for business and it invariably means significant growth in sales.