Payment gateways authorize payments for retailers in several categories of business. Payment gateways safeguard sensitive information such as credit card details, entered into an e-commerce website and are passed between the customer and merchant and from the merchant to the payment processor by using encryption.
Initially merchant accounts providers and payment gateways operated separately, but with increasing adoption of e-commerce by businesses of all kinds, many processors have started offering an all-in-one solution for merchant processing and gateway services.
Payment gateways offer several benefits for merchants that include the following:
Payment gateways use industry-standard encryption and effectively protect sensitive information, safeguarding both merchants and customers against fraud.
Larger customer base:
Payment gateways make it possible for customers all over the world to access your business from your online store which in turn works towards expanding and increasing your customer base.
Bundled with shopping cart:
Gateways club shopping cart software with their own programs. This software makes it possible for customers to choose products with a simple, easy click of the mouse, add them to his/her shopping cart, and complete their purchase at the checkout stage. The shopping cart calculates the cost of the items, sales tax, and shipping charges without you or an employee being present to carry out the sale.
Using a payment gateway is much faster than manual processing which allows customers to make faster purchases without the inconvenience of waiting in long, rushed lines.
Payment gateways allow you to keep your e-business open 24/7. Your customers can shop at any time of the day, from the comfort of their devices, at the comfort of their homes.
Customization and user experience:
Payment gateways can be customized to suit the look and feel of a website. Customers need not be directed to an external website to make payments, which helps create a seamless experience for the user and enhances their user experience.
Choosing the right payment gateway for your business helps increase transparency, security, and other features that will make your business flourish.