With the advancement in online payment technology, numerous online payment solutions have been available in the market. Merchants are increasingly preferring online payment options as they involve direct transfers from the customer’s bank to the merchant’s and does away with the need of maintaining heavy hard cash flow on a daily basis. In addition to this, customers also prefer online payments as the process of payment is quick, easy, secure and hassle-free. Thus, online payment solutions are beneficial not only to the merchants but also to the customers.
Benefits to the Customers
Any process that is easy to understand, quick to use is and ensures security of information is always preferred. Online payment services check all of these boxes. Merchants offer a wide range of payment options including payment via credit cards, debit cards, e-wallets like AliPay, China Union Pay, etc. This inclusivity ensures that the online payment service is available for a wider customer base. In addition to this, the payment process has been made extremely simple, to the point where all a customer has to do is scan a QR code to make payments. Online payment also does away with the need to carry cash and the right change in order to make purchases. Every transaction done online is recorded and makes it easy for the users to track the flow of money even if the receipts are missing. The best part is that one can make these payments from anywhere using a smartphone as long as there is an internet connection!
Benefits to the Merchants
In addition to ensuring a wider customer base, mobile payment gateways benefit the merchant in keeping track of the money flow. The banks linked to the payment gateways provide elaborate statements regarding the transactions and thus helps merchants do away with book-keeping of accounts. This saves them expenses that would have been incurred in having a clerical department. Furthermore, online payments do away with the risk of cheque bouncing and assure payment for the goods and services procured by customers. The technology involved in online payment ensures a credible flow of cash without risk.
Online Payment Solutions
Merchants and customers are not the only players in involved in an online payment transaction. Online payment solution providers are the middle men who help merchants navigate through the technicalities involved in the transactions. They help merchants procure the best payment gateways such that the platform chosen would cater to a wider customer base and ensures that the glitches, if any, are solved. Seamless integration of the various payment options coupled with security of information entered form the crux of payment solutions offered. These solution providers are equipped with technical experts who ensure that payments are easy to use and reliable and secure. For instance, one of the most popular payment solutions available in the market today involves scanning of QR codes to make direct payments. This does away with the need to feed in card details every time.