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The Growing Importance of Payment Gateways in the E-Commerce World

August 18, 2020

Payment gateways are necessary for all online traders to enable them to accept payments from customers for purchases made.  Online stores are here to stay especially with the increased need for safety these days of the pandemic.  Online stores make it possible for customers to search for the things they need at their own pace and convenience.  They are able to make use of discounts and offers that traders proffer despite being unable to physically visit the shops.  Online traders also have return policies that make it possible to return goods if they are found to be not quite what the customer ordered.  For all the cash transactions involved in these activities, merchants need the help of payment gateway providers.

Payment Gateway Providers Keeping Up With Technology

Payment gateway providers help not only online traders but also brick and mortar stores to accept payments through credit and debit cards and other kinds of online payments.  In online stores, their services can be observed at the check-out phase of the purchase.  In physical stores, it is they who make it possible to accept card or phone payments.  This electronic payment process is a customer-facing interface and is involved in sending confidential customer information to the merchant’s bank where the payment is ultimately processed.  Technology is constantly evolving to make online payments easier and more convenient and providers are also moving with the times to cater to customer requirements.  A PIN or personal identification number has now taken the place of customer signatures that were previously needed.  Contactless payment methods are also very popular with credit cards being replaced by the smartphones. 

Enhancing the Shopping Experience of Customers with Efficient Payment Platforms

Online payment platforms have to be chosen with great care to ensure you do not disrupt the shopping experience of customers.  Customers are extremely fickle and are liable to quickly move from your site to another if they find that the mode of payment is long and seemingly insecure.  Customers prefer payment techniques that are quick and smooth rather than ones that involve them being on the payment portal for a longer time.  Customers are also rightly nervous about sharing their credit card information for fear of online fraudsters.

Customer Satisfaction with Added Security

Online payment platforms should be PCI compliant.   This ensures they are adherent to DSS or data security standards.  An online site with PCI-DSS compliance is sure to attract more customers than others.   An integrated payment processer is a good option for a small merchant as it offers your customers more customization and flexibility.  A security seal on your website assures your customers that you are concerned about the safety of your website.  It will convince them that yours is a trusted place where they can safely do their purchases.   Besides security, an online payment platform must be scalable and able to quickly adapt to growth in business.  It should also be able to accept payments in any currency.  It must have ease of integration so that it can be applied to higher-level applications easily.