A payment gateway, which is an e-commerce application that approves credit card payments for online businesses, offers many benefits to merchants.
1.Instant, Error- Free and Secure Payments
Payment gateways facilitate direct communication between the merchant’s website and the bank. This allows for payments to be made directly on the merchant’s website, which means that payments are immediately deposited into a merchant bank account, error-free. In addition, the customer receives instantaneous feedback as to whether the payment was approved or declined.
Moreover, payment gateways ensure that payments are secure, which means that merchants do not have to worry about the possibility of scams or fraudulent payments. All major credit cards and debit cards are accepted.
2.Increases Likelihood of Customer Purchases
Customers will be more likely to make purchases on your website because the buying process is both easy and streamlined. For example, payment gateways allow the customer to make payments without having to leave your website.
This fact is very significant because not only does it make the buying experience much easier, but it also increases customer trust because he or she is not being sent to another website, which often increases the likelihood that customers will not end up making a purchase.
3.Wider Customer Base
Given that the payment gateway allows for anyone around the globe to make a payment by allowing multiple currencies, this ultimately translates to a wider customer base. In addition, a payment gateway means that your business is open 24/7.
4.Business Protection: Reduces Chances of Fraud & Creates Customer Trust
One of the biggest benefits of a payment gateway is the security and protection against fraud that it offers. As soon as a purchase is made on the merchant’s website, the customer’s credit card details are sent encrypted to the payment gateway, which stores this highly sensitive information on the merchant’s behalf.
This reduces the possibility of a hacker obtaining the information. The customer’s belief in a safe transaction means that customer trust is created, making it more likely that customer will not only feel comfortable making the purchase to begin with, but that they will be more likely to return again.
5.Improved Business Operations
Most payment gateways offer certain advanced management features, such as reports, returns and voids. These features will ultimately improve the way in which your business operates.
Given that payment gateways process the transaction instantly without the need for a third-party to intervene means that administration is reduced and in the end, time is saved.
Our payment experts have a long history in the industry with a strong reputation. MerchAct offers the easiest, fastest, most cost-effective way to process credit cards for your online business. Contact our team today for a free consultation.