The online payment gateway has now become mainstream for most of the businesses – from chat support, surveys, movie tickets to food catering, e-commerce and many more. According to the report by Google and Boston Consulting Group, the digital payments industry in India is projected to reach $500 Bn by 2020, contributing 15% to India’s GDP.
The main objective of any payment gateway is to authenticate the customer’s credit card, debit card, net-banking details and wallet details securely, and enable the transfer of the funds to pay to the other party online.
This process involves four key steps – collection of the purchased item, authentication of the bank account, an authorization that the payment has been approved, and settlement and validation of the transaction amount in your bank account. Any incorrect process or manual error can create chaos for the buyer as well as for seller.
Online payment gateway should ensure simplicity, security, reliability, availability, and dependability. Merchants need a single solution that enables them to extend reach, allow seamless and timely transaction ensuring safety and security, and the one that build trust. Additionally, the merchant is also concerned about the speed of the transactions during sale or peak hours.
The key barriers to the adoption of payment gateways include the complexity of use, safety and security concerns, fraud or hidden charges involved in the payments process, among others.
The research from Google and BCG also shows that 1 out of 2 non-users haven’t used digital payments because they found the product too complicated to understand and 61% of non-user merchants find it complex to use.
The payment gateway providers need to ensure the ease of use, security and speed are the main features provided to delight the users. Other feature that drives adoption is ease of reaching the customer care for help or support. Customers should not be kept waiting for 24 or 48 hours to get a response to their query.
In Indian market the regulations and laws around payment gateway are still shaping up. It is important for payment gateway India providers to build simplified payments solutions with inevitable features for both buyers as well as purchasers.
The final goal of merchants is to find a cool gateway that backs their business model, product or service by letting them create any payment scenario they want to in the most simple and friendly way. Payment gateway provider in India like EaseBuzz, exceeds customer’s expectations by providing high standards of convenience and security.