What are the Payment Gateways?
Electronic payment gateways are the intermediary in e-commerce between your online store and the payment processor responsible for receiving payment from your customer.
Once you enter a customer’s payment details on your site, the payment gateway securely sends that data to the payment processor, this makes it an essential component that enables e-commerce stores to function.
Through electronic payment gateways, merchants can accept credit cards and other forms of electronic payments, while ensuring the protection of their data and ensuring the integrity of transactions from fraud.
The impact of payment gateways on e-commerce
Unlike credit cards and checks, payment gateways allow e-commerce business owners to process optional payments online.
So it is important to have several options for payment gateways to boost your business.
Here are some of the most important reasons for getting the optimum payment gateway to uplift your business:
This is an essential reason why online payment has been constantly becoming popular, which is the reduction of transaction costs, including the labor cost. In a manual payment method such as cheque, money orders, and cash, transaction costs may be incurred. This may include but not limited to transportation fees, postage, or even overhead cost for physical stores.
Most online payment system providers offer low fees, and in Vapulus payment gateway the set up costs zero fees! In terms of transaction fees, most online payment gateways offer low transaction fees as compared to e-banking systems. And in some instances, online payment providers would even go as far as giving sign-in bonus or great discounts for first-time users.
If you have tried any banking transactions and had some issues, you might have already experienced some difficulties dealing with their customer support. Even if you will be communicating online, responses will sometimes be delayed, especially during holidays.
In contrast to that, modern online payment systems offer great customer support even on holidays. There is no need for you to travel to their office to air out any concerns or issues. On top of that, some of these online payment service providers offer a 24/7 support system, either chat or phone call.
Since online e-commerce customers in different countries rely on different payment technologies, you can use a global payment processor. Choosing a payment processor will help speed up your plans so that you can expand globally.
Apart from speed, one of the benefits of e-payment is the increase in profit. In the current time being, online purchasing is increasingly getting higher every year, no need to mention how the latest pandemic affects this! Most of our shopping behaviour turned online already.
With the growing popularity of online stores, such as Amazon stores and the decreasing reliance on cash, it is no surprise that more and more merchants are embracing online payment as a modern payment alternative.