The idea that business is running in the modern world is fast undergoing a significant change with most of the companies already embracing the cutting edge in technology. The advent of the internet in the past few years makes it possible for the whole world and people from every corner of the world to connect effortlessly. It is also affecting the way that businesses work and open the gateway for a massive increase in profitability.
With the inception of the internet, the convenience in obtaining the essential for people is right at their fingertips. From information to groceries, everything is accessible through the internet for the masses without the geographical constraints of visiting a physical store. E-commerce is gaining momentum throughout the world and every commodity which a customer needs is now available through online portals.
The concept of real-time payment is vital at the time of purchase as it provides the seller with the capital to offset their investment. It also aids in making the payment for logistics in delivering the product to the customer. The digital form of transactions is even more convenient for the customer and the business compared to cash transactions as it improves the ease of doing business.
1.) Protecting From Fraud:
In an online e-commerce business, keeping transactions secure and eliminating fraud is crucial for running a successful business. If fraudulent activity is prevalent, it can mean that you lose your business will incur a loss and result in it shutting down. However, the e-commerce business must also not reject a significant number of customers for not adhering to stringent anti-fraud policies.
Finding the perfect balance between making the shopping experience streamlined for the customer and integrating anti-fraud measures is vital for a successful business. This will avoid customers abandoning their carts due to frustration from the complicated transactions and prevent scamming by potential fraudsters.
The payment gateways use several technologies that make the transactions secure for the customer as well as the business. These include tools such as Address Verification Value, Card Verification Value, and Card Code Value for preventing any fraudulent transactions.
2.) Secure Transactions:
Having a secure payment gateway is paramount for a successful e-commerce business as customers will be less likely to perform the transaction over shady looking gateways. Payment gateways utilize business typical encryption features for protecting the transaction for both the customer and the business. The payment takes place in HTTPS protocol which serves to secure the private data of the customer while they initiate the digital transaction,
The payment gateway uses a secret word confirmation with the e-commerce business to authenticate and validate the payment process. Further, the gateway validates the IP address of the requesting server to initiate the payment page. You will also enjoy an extra layer of security in the form of Virtual Payer Authentication and 3D secure protocols whose implementation is by the card associations.
3.) Integrating Mobile Payments:
Nowadays, more people are turning towards using their mobile phones for accessing the internet. E-commerce businesses are also experiencing maximum traffic of customers from mobile users with smartphones getting more powerful with the passing day. This makes it critical for having a payment gateway that integrates mobile transactions through an e-commerce mobile app.
Customers can also check their account balance through a wallet app and make all the decisions for further payments from a single app. Using mobile-friendly payment gateways will increase your conversions and aid in enhancing your customer base.
4.) Integrating Payment Gateways In Website:
Most online payment gateways redirect to a secure IP address for completing the transaction. However, you can use a payment gateway that provides the customer with the option of completing the transaction on the payment gateway client webpage or on the webpage of the e-commerce business itself.
Changing to a different webpage will prevent your brand from displaying on the screen and also eliminate the chance of recommending other items or upselling to the customer. This choice allows the customer to further the smooth shopping experience as switching to another webpage will distort the shopping experience.
5.) Better User Experience:
Besides offering a digital payment solution, a prominent feature of an excellent payment gateway is the actual user experience that it offers to its customers. The customers can easily purchase the products they need with the click of a button on their mouse or touch on their mobile screen. They also have the option of saving the products for purchase at a later date which is a useful feature for customers.
6.) The PCI-DSS Wallet:
The payment gateways can integrate the PCI-DSS feature, which permits them to securely save the details of their credit or debit card of customers. This makes it easier for a customer in making future purchases as they do not have to enter the entire card details every time they make a purchase making it a faster experience.
7.) International Customer Base:
Real-time payment gateways allow a customer from any place in the world to purchase your e-commerce business at any time of the day. This will aid your business to create and maintain a global customer base and improve your sales.
The rise of e-commerce through the internet is making it necessary for businesses to find alternative approaches to payment methods through online means. Fortunately, there are several payment gateways in use by the major e-commerce websites that are perfect for your needs. Through this article, you can get to know the 7 ways real-time payment systems ramped up the e-commerce business.
The onset of modern technology is making significant advancements in the ease of doing business. This is making it possible for the new business to set up online stores instead of physical stores as it reaches more customers, thus improving your sales. Even businesses that already have a physical store are also establishing their online presence as customers tend to prefer shopping online as it is more convenient.