А payment gateway – a technology that captures and transfers payment data from the customer to the acquirer on an online platform.
Today there are so many options to choose from for a payment gateway for your website depending on what type of payments you are having.
A payment gateway is what keeps the payments rolling smoothly to your account, as it enables online payments for consumers and businesses. If you are an online merchant, you don’t need to be a payment gateway expert, but it is definitely worth understanding the basics of how an online payment flows from your customer to your bank account.
This article explains what is a payment gateway, how it works, why an online merchant needs one and how to choose which payment gateway service is right for your business.
Benefits of having a payment gateway for your website
Getting a digital platform to accept the payments online can be very nice and it improves the overall performance of your business. Here are the key benefits of having a payment gateway:
1. Easy Checkout
A quick and seamless checkout experience is a must from a customer’s point of view. Payment gateway helps enable these features and helps make online shopping very easy and fast.
2. Impulse purchase
More than 40% of customers cancel their purchases when they find the checkout and/or payment method complex. On the other hand, impulse purchases account for 40% of all online purchases, so being provided with an easy payment option will undoubtedly make an increase in sales.
3. Payment gateways also helps in
- · Integrating with shopping cart
- · Provides a faster payment processing
- · Accepts multiple payment options from the purchaser
- · Provides fraud management
- · Provides recurring billing more conveniently
4. Security
Payment gateways often help with better security standards like PCI DSS, etc. providing good secure transactions for all.
Find out the key players involved in a payment gateway for payment transactions in the upcoming article. Stay tuned for more on this space.
FINAL THOUGHTS…
Hope you enjoyed today’s article…
Hope you enjoyed today’s article…
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