Running an online eCommerce store is impossible without a payment gateway. Ecommerce stores and payment gateway work together in making your business the biggest hit. That’s why it is important to give proper consideration while choosing the payment gateway. But many business owners overlook the importance of payment gateway.
If you are wondering about what exactly payment gateway do? This blog will cover all your answers.
Payment gateway is the third-party software that smoothly carries out all the transactions that happen in your store.
Let’s take an example to understand it in a better way, suppose someone orders an XYZ product from your store, then to collect the payment, you need to incorporate the payment gateway. It is a medium that allows you to collect payment from the customers.
Payment gateways streamline the process of accepting and disbursing money.
Why There Is A Need for Payment Gateway?
All online stores’ ultimate aim is to generate sales. And for doing so, they need to collect payment. To collect a payment, it is necessary to have the right payment gateway. You might have noticed this while buying things on Amazon or Flipkart.
In plain terminology, it is a third party that handles credit card verification and completes successful transactions through a card processor. All of this has been performed on the purchaser’s behalf. The user is redirected to the trader’s site once the payment system has received the transaction data.
Not just credit cards, using payment gateway merchants can collect payment via eWallets, debit cards, UPI, and much more. Cashfree is one of the best payment gateways that one can give try.
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How Payment Gateway Plays An Important Role in Making Customers Happy?
Now comes the question of how payment gateway plays an important role in making customers happy. Below are some of the points that will verify the same argument.
The very thing loved by most customers is the convenience provided by the payment gateway. Customers can easily order smartphones while sitting comfortably on their couches. They don’t have to pay a visit to a physical store to buy a phone. Just some tap on the screen, and voila, it is done. Not just this, there is no need to double count the money while making payments. All they have to do is enter the required amount, and the transaction will be carried out most safely.
2. Faster Transaction
The second thing about payment gateway, which makes everyone wow, is the time required to complete a transaction. Most people say that buying things from a physical store takes less time as all you have to do is handle cash to buy things. But they forget the time involves driving to the store, choosing the phone, making payment, and then driving back home. This all can take a whole afternoon, but when you order through an online store, the payment gateway provides faster transaction time. The process will be done in minutes. It helps to save a lot of time for both customers and even merchants.
3. User Experience
Further, the payment gateway’s user experience is another reason people love to do online payments. One can make payment in minutes. The whole process of ordering products is easy. All they have to do is some taps here and there, and it is done.
4. Recurring Billing Option
Moreover, the recurring billing option of the payment gateway is a hidden gem. Most of the customers find it annoying when the merchants poke them for making a payment. This can cause huge disputes between customers and merchants. Further, many times even customers forget to renew their service, which can set back the whole operation. In such scenarios, the recurring payment option is a rescuer for both merchants and customers. Customers can set their billing cycle, and payment will get deducted automatically at the end of the cycle if the customer is using the service. Once the customer cancels the service, there will be no more deductions.
The security offered by the payment gateway is another reason why most customers love to do online payments. All the payment gateway adhere to the security standards, so customers know that their money is not in danger. Other than this, the PCI- DSS complaint always ensures that there will be no security breaches. The payment gateway offers the highest form of security.
That’s all! Here we have mentioned all about the payment gateway and how it makes customers happy. Having a store is one thing but making it successful is a whole lot of work. If the customers don’t feel confident about your store and its service, they won’t pay. So it becomes a necessity to employ the right payment gateway. There are plenty of choices available in the market, so don’t blindfold pick one; it is mandatory to keep your business requirement in check before choosing any service.
We hope you find this blog helpful.