Payment gateways have helped to simplify the payment procedures in a secure manner. Here is a guide to understanding payment gateways and what should the merchants consider while choosing the best. What are Payment Gateways?  Modern technology has come a long way since the genesis of the internet. As easy as it has made a life for everyone, a constant threat of misuse always seems to loom over its usage. That is when payment gateway methods step in as the saviour. This simple technology allows the customers to make payments either physically in bricks and mortar shops via credit and debit cards or provides easy processes to register for online payment methods. Choosing the best online payment service provider can be a challenge. Here are a few things to look out for. The Payment Methods Offered  The online payment service providers are entrusted with making the transaction process easier for

Recent research has shown that there are about 2.05 billion online shoppers as of 2020 which works out to a little over a quarter of the world’s population. Many of the purchasers are habitual shoppers and they shop from just about anywhere. In Vietnam, the number of people making payments using their mobile phones has grown faster than elsewhere in Southeast Asia according to a report from PwC and these include mobile app payments. From 37% in 2018, the percentage of consumers using mobile payments increased to 61% in 2019 in Vietnam. It is important that as a business owner you use these facts to leverage your position as a great service provider to your customers be it in-store or online from start to finish including a seamless platform to complete a purchase over and over again. A Comprehensive Data Analysis At a basic level, when a customer makes a

To launch your online store, there are a number of e-commerce solution providers who can help you get a head start and manage your business for you. Here are some things to consider while choosing your solution provider.   Ease of Starting and Ability to Drive Traffic to You E-commerce solution providers offer a number of ready to use templates which can be customized to your business. You can add your own logo and use simple features to drag and drop items into their respective field to build your online store with ease. As easy as that, your store should be readily visible online and open for the world to see. The provider should be able to boost SEO strategies with customizable URLs access. The aim should be to build buzz, find your target customers, and drive more site traffic.   Sell Anywhere and Grow Faster Once your store is

As technology evolves so do payment trends and therefore the opportunity this field presents is enormous.  Take a look at some of the big payment developments taking place in 2020.   Seamless Customer Experience Customer experience is a priority in today’s business world and one of the ideal ways to achieve it is to provide a smooth and invisible payment process.  From customer information to automatic subscriptions or charges, the way forward is to have frictionless payment options embedded into applications through specific software.   More Businesses Will Become Digital More and more businesses are leaning towards incorporating easier online payment technology trends to ease the process for the customer.  There is also a need to keep up with the growing demand for increased digitisation and a huge generation that was born with the internet.  The younger generation has proven to contribute to nearly 40% of payments in some form

With the advancement of technology and the spread of internet-based shopping and banking, the role of online payment services has steadily grown over the years.  As a popular payment option these days, here is a look at digital payments and payment gateways. Features of Digital Payments Digital payment forms are flexible and varied and most are supported by a safe and strong infrastructure although online payments are not completely safe from malpractices.  Cyber-attacks can result in unauthorised money transfer or data theft which can be avoided by creating a secure service provider that is designed on government regulations.  The cost of online cash transactions are close to zero when compared to the high cost incurred through more traditional routes and is far more efficient and quicker. Digital payment service providers ensure that customers are able to conduct all kinds of payments online.  This includes e-commerce billing, ticketing, bill payments, POS,

Merchants used to be quite wary of setting up e-commerce websites, unsure of how effective they really were. Customers likewise traditionally preferred using cash to make their purchases. That scenario has drastically changed so that we now see every little trader and merchant setting up online portals to take advantage of a global clientele.  E-commerce solution providers have become necessary to make it possible for merchants to receive payments from online customers.  Online purchases have become the norm now with surveys confirming that more than 86% of customers use online payment methods such as credit and debit cards or even their smartphones to pay for their purchases.  Payment gateways help merchants to accept different types of electronic payments.  They do not have to take the trouble of setting up the hardware, the software, and the security processes needed for online payments. How to Choose the Right E-commerce Solution Provider? E-commerce

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

E-commerce is rapidly growing. Most tech companies have been providing a wide array of merchant services to e-commerce businesses worldwide.  Online payment technology plays an important role in the building of e-commerce payment solutions. Most providers today face fierce competition to become the most widely accepted payment service across different sectors. Online payment technology has grown so much that it could be quite confusing when it comes to choosing the right solution for your e-commerce needs. Here are a few guidelines to help you choose to help you decide what is best.   What kind of payment solution are you looking for? If you own a small business and manage everything on your own, you could probably use the service that your e-commerce supports best. However, payment gateways would require setting up a merchant account with the bank. Hence it all depends on the online payment technology solution that you

Hong Kong’s e-commerce market has a huge potential and provides a huge opportunity for merchants. Although most people are still quite content with the traditional methods of payments such as using a credit or a debit card, we see a gradual shift happening. There are many online payment gateways in Hong Kong that are slowly gaining popularity. A lot of multichannel payment methods that are available today. However, more and more merchants are switching to Omnichannel payment solutions to increase their performance. Here are a few factors to keep in mind if you are planning to switch from a multichannel to an Omnichannel payment solution.   Aligning the Back-Office Workflow To align the back-office workflow, one must create a solid CRM system. Another important feature is managing security essentials such as PCI compliance and at the same time delivering personalized shopping experiences that will help optimize business.   Understanding Your

Setting up a business can be quite confusing especially when it comes to implementing a payment system. It is especially important to choose the right partner to ensure the smooth functioning of the system which is cost-effective and one that ensures a good conversion. Before getting into the technical side, let us first see what exactly a payment service provider is. A payment service provider (PSP) acts as an alternative between the consumers and the suppliers and helps simplify transactions, while at the same helps connect merchants and various financial institutions, consumers and card brand networks. There are various methods of online payment services that can be used. The service providers are very flexible and a great alternative to the traditional merchant accounts. It allows you to explore various options and at the same time gives you the freedom to change your service whenever necessary. To choose the right kind

E-payment technology is slowly catching up and most people these days prefer to do their transactions online rather than use traditional methods such as cash, cheque, or cards. It is very important to choose the right service providers for your business. Here are a few things to keep in mind before you choose your online payment service provider. Payment Security One of the most important aspects of choosing the right online payment service provider is security. Choose a processor that uses the latest technology to safeguard your customers’ payments. Make use of technologies such as point to point encryption, fraud management tools, and other technologies to secure payments. Also, there are various methods that you can use to check if a service provider is safe or not. Make sure that the service provider has all the necessary permits by the central bank or the local financial regulator and those they

Choosing the right e-payment technology for your merchant website could be a daunting task. However, if you understand the process of online transactions, it may not appear that complex. Read on to figure out certain key terms that come in when you set up an online payment option for your website.   Merchant Bank / Acquiring Bank / Acquirer  The financial institution that enables the merchant to process debit and credit card transactions is acquiring bank. The bank card transactions are authorised by them to pass it to the issuing bank. The acquirers take the risk liability and settle the transactions.   Issuer / Issuing Bank  Issuer is a member of the card scheme and issues credit cards and debit cards to consumers. They provide banking services to customers and allow individuals to initiate purchases using their payment cards. They act as a middle man between the card schemes like

Payment gateways are an essential component of eCommerce websites, without that payment transactions will not happen. Read on to find more about types of online payment gateways and its advantages and disadvantages.   Payment Gateways: A Brief The payment gateway is a software application that acts as a conduit between an eCommerce website and the issuing bank that authorises or denies payment transactions. Without a payment gateway, you cannot process the payment further to receive the money. Transactions on online platforms are done as card not present situation, and the merchant will have to rely on the data provided by the customer. The payment gateways offer security via encryption, authorisation request and fulfilment of the transaction. The eCommerce service providers offer three different ways to integrate a payment gateway to your website.   Redirects: A Convenient Choice  The redirect method is an easy and quick solution to integrate a payment

There is nothing like a secure, quick and easy payment solution that can take place any time anywhere. Online payment service providers offer their services to aid the merchants to run the transactions on their websites. Here are a few considerations on how to choose the right service for you.   Know Your Customers and their Requirements  Customers are making more and more online payments in these days, and they have a variety of options. You need to offer multiple billing and payment methods to keep your customer experience at par with your expectations. It can reduce the time taken for a transaction if you have a number of convenient options to offer.   Preferences by Customers: Decide the Method  The shopping carts go abandoned if you don’t give attention to the customers’ experience. You need to choose from different methods available for eCommerce payment gateways. In the redirect method,

More and more people prefer to shop from the comfort of their home in these days, instead of visiting a physical store to buy services or things. This is quite a natural characteristic of modern life. Online shopping allows customers to purchase anything without the limitations of stock availability in a brick and motor store. This is a golden opportunity for merchants to increase their sales and reach of their products and services. To make it possible smoothly and safely, you need to consider payment gateway integration.   What is a Payment Gateway?  Payment gateway providers facilitate payment authorisation. It is software application that connects your website to the bank so that the customers can pay you right there without any hassle. The service can be used by eCommerce websites, other service providers whose customers pay online, any organisation that collects money online or even physical store that accepts payment