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Payment Transactions From Customers to Merchant Bank Accounts

Payment Transactions From Customers to Merchant Bank Accounts

Payment gateways are software systems that facilitate payment transactions from customers to merchant bank accounts. Apart from ensuring payment, the technology also immediately captures a transaction’s failure or success and reports it to both customers and merchants. Since customers enter sensitive information like their bank account and card details, ensuring safety is essential while choosing a payment gateway. A reliable payment processor provides data security without compromising on payment promptness. A fast, efficient, and safe payment gateway boosts customer trust and improves cash flow. Consider these essential features while selecting a global online payment processor.

Payment Security

While paying at an eCommerce website, customers enter their confidential financial data like their card details and CVV. Therefore, the business owner is responsible for handling this data and keeping it safe. This is when a trustworthy payment processor plays a crucial role. The topmost gateways are PCI-DSS compliant and use screening and fraud detection tools to ensure safety during financial transactions. Double-check these compliance and security systems before finalising a payment system.

Easy Integration and Onboarding

Ideally, business owners want the integration process to be short and straightforward. They don’t want to wait for weeks to be onboard as a merchant with the payment processor. Gone are the days when the onboarding process used to be cumbersome and lengthy. Now, the best payment gateways can complete the integration and onboarding process within a couple of days, depending on the complexities involved.

Multiple Payment Methods Supported

Online payments are not limited to debit and credit cards. Over time, they have widened to include net banking, digital wallets, UPI, EMI, and other options. So, it’s crucial to choose a gateway that offers customers the flexibility to pay using their preferred mode at the payment checkout. Customers are more likely to complete a purchase and reduce the cart abandonment rate if they find their preferred payment method. Thus, selecting a gateway that supports maximum payment methods is advisable.

Sooner or later, the business may spread beyond the national borders and start doing international business. At that time, letting customers pay in their local currency would be of utmost importance. A payment gateway that supports multiple currency payments will make this possible.

Transparent Pricing Structure

The merchant discount or transactional rate is not the only expense a merchant pays for online transactions. There are many other charges involved, including an annual maintenance fee, monthly subscription fee, purchase fee, and hidden charges. An eCommerce business owner must compare different online payment platforms and find the best one that offers maximum value for money. However, price is not the only factor in making a decision. Very low rates may indicate inept facilities and payment infrastructure.

Payment Consolidation

The payment gateway must allow the business owner to check a consolidated summary of all the received payments. It must provide a merchant dashboard that mentions all payment information and helps maintain a steady cash flow. A merchant dashboard with a consolidated payment summary helps manage and monitor the cash flow better and simplifies the bookkeeping and accounting tasks.

No Transactional limits

Many payment processors set a maximum limit to the transaction amount or the number of transactions a merchant can process in a month. Many businesses agree to these limits because they seem sufficient for the current business scale. However, as the business grows, the limited number of transactions starts clinching the finances and losing potential customers. Therefore, it’s crucial to select a gateway that does not have such limits, or it must be scalable to increase the limits as the business grows.

Solid Customer Support

Running an online global business means the customers can purchase from the store round the clock. Given that, payment-related issues may arise at any time, for which the online payment processor must give active support whenever needed. While dealing with payment issues or queries, the payment gateway must be accessible 24/7 and provide a solution with minimal turnaround time. Solid customer support ensures customer satisfaction while dealing with the merchant.

Selecting the best payment gateway is not that tough if the retailer keeps these crucial factors in mind. Integrating the right payment system will deliver immediate positive results in the business profitability and customer experience. All they need is to understand their business needs and choose the right online payments platform.

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