As we moving towards the future, we can clearly see that there are different industries that are coming up. However, it does not matter what industry this is, there is a common thing that every industry is trying to improve. Well, we are referring to customer experience. One of the best ways to improve customer experience is to give them a better payment experience. In this regard, you need to have an online payment gateway in your business.
The online payment gateway has made online payment processing more convenient. This is something that will definitely help your business to provide a satisfactory payment experience to the consumers. This is why; it is gaining huge popularity day by day. There are industries that have already embraced the convenience of this online payment gateway. With the help of this, you can take your business from the global level to the domestic level. Anyway, if your business does not have this, you will not have to worry. It is a fact that there are many merchants who do not have a proper idea about this. Therefore, they are not embracing this thing. We at International Payment Solutions are familiar with the current situation.
If you consider the current pandemic situation, you will understand that it has ended the era of offline transactions. People are now doing online payments and they will continue this in the future as well. Consumers have got a taste of the convenience of using online payment methods. Now, if your business does not provide this convenience to your customers, it will put your business operation in trouble. In order to help you in this regard, we have explained the important things about online payment gateway here.
Online Payment Gateway: How This Process Works
If you want to integrate an online payment gateway into your business, you must know how it works. Here, we have explained it.
- First, the customer selects the item from your business and then, they will move to the checkout page.
- Secondly, he will select his preferred payment option and after this, the customer will enter the required payment details.
- The online payment gateway will forward the payment details to the merchant processor.
- The processor will forward the same to the consumer’s credit card brand and from there; the consumer’s bank will get the information.
- The bank will verify the details and then, depending upon the available fund, the transaction either gets declined or approved.
- The merchants will receive either an approval message or a decline message. After this, the merchant can either ship the product or cancel the order.
- The transaction amount is settled to the merchant account and then, it gets cleared and the merchant gets the amount in their bank account.
The whole process sounds complicated but, the merchant does not need to think about this. The merchant processor will process everything and the merchant will get the payment in a bank account on time. After going through the process, you might be thinking that it is a time-consuming process. Well, you are totally wrong. It takes only a few seconds to complete the whole transaction.
Benefits Of Online Payment Gateway
As of now, you have understood how the payment gateway is working. Anyway, now, we will be talking about the benefits of an online payment gateway.
- Secure And Faster Transaction: One of the biggest advantages of using an online payment gateway is that it offers speed and security. If you compare it with normal payment methods, you will see that an online payment gateway allows you to receive payments 50x faster than normal payment methods. In other words, we can say that you will have the opportunity to provide a better shopping experience to your consumers. Apart from this, you can regulate the cash flow without having any hassle. Earlier, we have mentioned that it takes only a few seconds. It means that customers and merchants do not have to wait long to finish the transactions.
- Least Set Up Costs: As a merchant, you will always try to minimize the setup costs. Well, setting up an online payment gateway will not be a headache for you. You just need to purchase physical payment terminals such as POS machines, debit card machines, etc. Apart from this, you need to pay the transaction fees and chargeback fees. It does not matter whether you are doing your business on a large scale or small scale; the initial setup cost is affordable.
- Enhanced Customer Experience: By integrating the online payment gateway, you are not only improving the payment experience but also the overall customer experience. Yes, the customer will feel comfortable while making payment at your business. They can choose their favourite payment method.
Not An IPS Merchant?
International Payment Solutions is a reliable merchant processor solution. If you want to integrate an online payment gateway, you can visit the official website. Apart from this, this platform offers customized gift cards, payment terminals, and many more. So, become a merchant of IPS today.