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![*]()
Payment Gateway and its benefits to Merchants and Consumers
![*]() A payment gateway is a service that gives
merchants the ability to perform real-time credit card
authorizations from a Web site over the Internet.
Some of the advantages, payment gateway has to offer:
- It reduces cost of manually processing credit card
orders
- It improves control over individual transactions
- It improves customer service through real time status
of payment authorizations
- It helps you manage and increase the knowledge of
your business through detailed reporting
- It improves security against malicious credit card
"attacks"
- It reduces incidence of fraud
- Increases payment service availability
- It reduces cost through rapid integration with existing
applications
Online payment gateways for retailers have become a very
profitable additional revenue stream. Retailers have realized
that by not offering online payment services they are
turning down lots of consumers and losing substantial
business.
Consumers also across the world have embraced the online
payment route for buying products and services not only
from pure play online establishments but also from offline
establishments who are also now offering an online payment
option.
The convenience of making payments at the click of the
mouse has caught the fancy of consumers globally, even
those who earlier were hesitant to use online payment
gateways.
Lets quickly look at some of the benefits a payment gateway
has to offer a businessman.As a business owner, how does
using an online payment gateway benefit your business?
- Consumer base is larger. An online payment gateway
gives you instant access to a global marketplace.
Your business will no longer be restricted by geographical
boundaries. Access to global marketplace brings more
consumers and larger profit margins.
- Investment is low. With online payment gateway enabled
businesses, you can offer your products and services
to consumers globally, without setting up physical
stores or investing in retail infrastructure. This
model will also cut down manpower expenses and will
contribute to a healthy return on investment.
- Order processing is faster. With online payment
gateways you process orders faster. As there would
be no lead-time for receiving checks and money to
come. The gateway will also allow you to monitor payment
confirmations in a real time basis, all this leading
to faster order processing.
Enjoy consumer trust. As a retailer with an online
payment gateway, you will enjoy increased consumer
trust as it makes the whole process transparent and
also gives the consumer the option of reclaiming their
money through the charge back process in the event
they are not satisfied with the product or service.
The above -mentioned and many other benefits make online
payment gateways imperative for modern business. It opens
up a lot of untapped avenues and also opens up an additional
revenue stream.
Lets now understand why payment gateways have found wholehearted
acceptance by Consumers:
- Online payment gateways hold universal appeal, they
help consumers from one part of the globe transact
with a retailer on the other end instantly.
- Consumers can now shop remotely without physically
visiting the retailer. This saves time and makes the
whole shopping process hassle free. Consumers also
have the freedom of shopping 24/7 sitting home at
your desk.
- Online payment gateways have become, over a period
of time, completely safe and secure. Online payment
mode also provides the customer with a charge back
facility if they use a credit card for payment. Charge
back allows the consumer to get their money back if
the service is dissatisfactory or not honored
- Consumers don’t have to wait for weeks to get a
status on their payment, whether it has been accepted
or dishonored for various reasons. Monitoring also
helps in real time error correction and that empowers
the consumer substantially.
The above-mentioned and many other advantages have made
online payments popular with consumer.
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