With a growing trend of e-business, payment gateways have become a major trend for easing the process of transactions. The total number of e-commerce transactions are increasing at the rate of 18% per year. To stay ahead in competition, it’s important for the owner to improve the level of the customer satisfaction. A good payment gateway gives a rich experience to the customer and allows them to buy the products or services from anywhere. Its integration with the website, makes the sale robust and benefits the business. With so many options to choose from, integration of payment gateway becomes a tricky task and hence, while selecting a payment gateway, there are certain features that one should definitely consider.
In an online transaction, security is always admired by customers. A client only decides to buy or place an order online, if the owner provides a secure transaction. Having a secured server to run and store the confidential info of the clients can augment the service efficiency and provide a transparent approach in dealing with customers. It can also be beneficial in growing the business with a strong customer base.
Multiple Payment Method Support
One should look for versatility in a payment gateway. Losing a customer, just because he has credit card or debit card that the installed gateway doesn’t support, can affect your revenue. A payment gateway should be compatible, essentially with all the major banks and should also support net banking. Having this feature will open the business for a vast consumer range and can be profitable for the company.
Fraud protection is an essential feature of a payment gateway that one should seek, to solidify the risk-management aspect of the business. With increasing adoption of electronic payments, an elevation has been observed in credit-card fraud rate. The ability of fraud protection in a payment gateway can minimize such malpractices and protect the business from high charge back costs. One should look for a payment gateway that offers automated tools against credit card fraud.
Skilled Customer Support
Efficient customer support of a payment gateway is necessary to gain reliability for the customer. To ensure customer satisfaction, one should adopt a payment gateway that is able to give 24 hours assistance to the customers in case of a problem during the transaction. It enhances the image and quality of business services. Round the clock customer support comforts the clients and encourages them to buy the products.
Fast Processing Speed
Slow processing speed of a transaction is always avoided by customers. One should only adopt the payment gateway, which is user-friendly and speedy in processing. It will make the business more operative and will delight the customers by saving their time.
A payment gateway transfers the information between the payment portal and the bank. As an online business owner, one should know exactly what’s the whole process behind the working of payment gateways.
Here is the step by step details of a payment gateway process-
Step-1 The customer places the order by clicking “Order Now” or equivalent button and enters his card details.
Step-2 The gateway collects the info, encrypts it, and sends it to the bank for authorization.
Step-3 The processing bank transmits the data through Mastercard’s or Visa’s network on to the card issuer.
Step-4 The card issuer declines/approves the request and forwards its response back.
Step-5 The processing bank then sends the response to the payment gateway.
Step-6 The payment gateway transfers the response to the website and displays it to the client.
Having a good knowledge of payment gateway features and its processing is important for a business owner. Ensure that the payment gateway serves the customers in the best possible way, giving them every reason to come back in the future. This can help them increase their sales and maintain a good relationship with customers.