As the World Wide Web spreads it reach farther and farther, a strong online payment strategy becomes crucial for all businesses. With the coronavirus pandemic, more consumers are turning not only to online purchases but are also relying on online payments because of their contactless nature. Now more than ever, it is essential for you to find the right payment gateway for your e-commerce business to make it a seamless experience for your customers while also ensuring the safety of transactions and smooth cashflow for you.
What is a Payment Gateway?
A Payment gateway is a software or mechanism that facilitates a payment transaction from a customer to your merchant bank account. Not only does it ensure payment, but the technology also captures the success or failure of the transaction and reports the same to both the customer and your business.
Since customers input sensitive information like their credit card details, bank account details, other financial data, it is essential to ensure the safety of such information. A reliable payment gateway ensures complete safety without compromising on the promptness of payment. A good payment gateway partner should:
- Verify customer payment details while ensuring encryption
- Authenticate the availability of funds in the customer’s account=
- Transfer the funds to your account with minimum delay
- Provide transaction confirmation to both parties
How to Choose the Right Payment Gateway?
Since the payment deals with the most important part of your business – getting you paid – finding the right one is imperative. A safe, efficient and fast payment gateway increases customer trust and keeps the money flowing to your end. While choosing a payment gateway for your e-commerce business, consider these factors:
Payment types supported
Earlier, the only two ways to make online payments were through credit cards or debit cards. These days, digital payments can be made a number of other ways, including via net banking, unified payments interface (UPI) or internet wallets. When you give your customers a choice among different payment options, they are more likely to complete a purchase. When choosing a payment gateway for e-commerce business, find a partner service that supports different payment methods.
Security of transactions
When accepting online payments, you must ensure complete safety and privacy of your customer’s billing process. All payment details must be encrypted and protected from hackers or malware attacks. When choosing a payment gateway for your business, verify the security and encryption system of your provider.
Hosted versus non-hosted platforms
There are two kinds of payment gateways available in the market – hosted and non-hosted. A hosted payment gateway will redirect your customer to the payment processor’s page, where they will input their details. This reduces the risk for you as sensitive information is not stored on your website. This saves you the additional effort and cost of safeguarding this information. Non-hosted payment gateways allow your customer to enter payment details without leaving your website. This increases convenience for your customers as they do not have an additional step to follow through.
Multiple device support
Today, customers use multiple devices to shop online. People may access your website and make purchases through their laptop, mobile phones or tablet devices. A flexible payment gateway should be able to provide the same ease and access through any device to improve customer engagement.
Speed of settlement
Apart from accuracy and safety, the speed of online payments also impacts final purchases. If a customer gets stuck on a payment for too long, they may get impatient and cancel the order. A good payment gateway provides speedy processing to the consumer. Additionally, it is also essential for the business to receive payments promptly. While choosing a payment gateway for your e-commerce business, check the holding time of funds to ensure smooth cash flow for your business. Quick payments can also help you manage refunds and chargebacks effectively.
Consolidation of payments
Finally, a payment gateway that allows you to view a consolidated summary of all the payment received will improve your business efficiency. You can monitor and manage your cash flows better. Accounting and bookkeeping become simpler. A payment gateway that can be integrated with your existing accounting software would be a huge bonus.
Why Choose Paytm as Your Exclusive Payment Gateway Partner?
- Paytm is India’s largest digital payments company, with highest market share in the payment gateway industry.
- Our powerful and secure solutions ensure a safe, quick and smooth payment journey.
- Our system accepts 6+ payment instruments including UPI and also offers EMI options.
- Anti-fraud technology with 128-bit encryption ensures your customer billing details are 100% secure. paytm gateways are compatible with every tech device.
- Our settlements are cleared instantly with ease of reconciliation for your accounts team.
- Paytm offers business solutions for not just your online business, but for your offline business as well.
With Paytm’s payment gateway, make online payments a delightful journey for your customers!
Know more about our payment gateway here.