Payment gateways lay the stable foundation of online payments and give a window to the customers for making e-transactions. There are over a dozen service providers in India offering payment gateway services to facilitate smooth online transfers. They channelize the flow of money from the customers to the merchants’ banks. This software gives the authorization to the e-store to offer online payment facilities of all kinds. Customers can use debit cards, credit cards, mobile wallets, UPI (Unified Payments Interface), and international currency to pay their dues.
Online merchants have a plethora of options to pick their best service provider. To make the right choice, one should know more about the features, benefits, and uses of this software. Also, a well-informed consumer has a better opportunity to filter the most beneficial deal for him. Since any wrong choice can lead to cybersecurity failures which in turn affects the reputation of a business, merchants should not make impulsive decisions. A high-quality and reliable payment gateway will help you generate customer traffic and reduce load time.
UPI and mobile wallets have become highly popular because of the reinforcement provided by payment gateways. Source: theweek.com
Different Types of Payment Gateways
There are three types of payment gateways available on the online platforms that the merchants use as per their convenience. One can choose any of them to facilitate online transactions.
- Redirects Gateway
Small businesses mostly use the redirects gateway since they are cost-effective and lightweight. It incorporates the security and convenience of major platforms. This service does not come with a customization benefit since it “redirects” the transaction to a payment page. One should check the terms and policies of this service before agreeing to integrate it!
- On-site Payments
This service is the most expensive one and used mostly by large-scale businesses working on large capitals. The payments are entirely managed and processed on the merchants’ servers. Integrating this gateway can be a long-term and time-consuming task, so one must always find a trustworthy and reliable service provider for this job!
- Off-site Payments or Checkout on Site
In this system, the on-site transactions take place on the merchant’s website, but the processing happens through the backend of the service provider. The integration of this system is co-reliant and safe. Online stores can use different features to create effective payment processes and systems to manage transactions.
Features & Payment Process
The features and payment processes of these gateways are what make them suitable for safe online transactions.
- It offers a secure and safe portal to conduct online transactions and transfer money from customers’ accounts to merchants’ accounts.
- There are multiple payment options to meet the needs and demands of different masses.
- Robust payment processing and assistance help customers make their purchases in a few minutes.
- Customers get a payment invoice against each transaction. This service helps the payment gateway service providers to gain their trust and confidence.
- International transactions are also a matter of a few minutes with gateways that offer multi-currency facilities.
- Merchants use this platform to advertise and promote their brand, as some leading service providers offer these customized services.
Benefits of Using The Best Payment Gateway
The benefits of using the payment gateways to provide online transactions fall in favor of both the customers and merchants. One should always make the right choice as one unsatisfied customer can cost a lot more than saving some amount from the purchase.
- Far-reaching customer base who are comfortable with the online platforms.
- Safe and secure payment facility with no complex payment procedure.
- Direct fund transfer from one account to another with the assurance of receiving payment receipts and invoices.
- Well-integrated and technically advanced services like auto-detection service to read OTPs.
- Feasibility of choice and service while shopping in e-stores.
Tips To Choose The Best Payment Gateway
- Analyze the service background and technology used by the service provider to see if the integration will be successful with the website or not.
- Go through the reviews of the existing customers to see if the provider justified his terms or not.
- Always compare the prices as well as the benefits in that range to pick the best service provider.
- Check the success rate of the payment gateway to ensure a satisfactory service in the future.
- PCI DSS compliant service and securities as it is the most reliable verification method.
- Availability of competitive pricing options to offer a variety of options to the customers.
- Multiple payment methods offer the benefits of diversity to the customers while allowing them to make their preferred choice.
There is no possibility of uninterrupted online transactions without the convenience offered by the payment gateways. Every merchant who offers or wants to offer online services have to tie up with a service provider to set up the gateway. Therefore, the best one can do is set their budget, go through the charges of the leading service providers, and filter the one with the most competent compatibility between cost and benefits. Give customers the courtesy of e-payments!
Payment gateways lay the stable foundation of online payments and give a window to the customers for making e-transactions. There are over a dozen service providers in India offering payment gateway services to facilitate smooth online transfers. This service helps the payment gateway service providers to gain their trust and confidence.
The benefits of using the payment gateways to provide online transactions fall in favor of both the customers and merchants. Every merchant who offers or wants to offer online services has to tie up with a service provider to set up the gateway.