Consumers 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.
Retailers have also realized that by not offering online payment they are turning down lots of consumers and losing substantial business. Online payment gateways for retailers have become a very profitable additional revenue stream.
Lets now understand why payment gateways have found wholehearted acceptance by consumers:
- Universal Appeal: Online payment gateways hold universal appeal, they help consumers from one part of the globe transact with a retailer on the other end instantly.
- Convenience: 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.
- Real Time Monitoring: 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.
- Safety & Guarantees: 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
The above-mentioned and many other advantages have made online payments popular with consumer. But as a business owner, how does using an online payment gateway benefit your business? Lets quickly look at some of the benefits it has to offer you.
- Larger Customer Base: 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.
- Low Investment: 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.
- 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.
- Faster Processing: 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.
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.