Role of Payment Gateways in the Growth of SMEs

For the longest time small businesses have looked at e-commerce giants such as Amazon, E-bay, and Flipkart with envy. However the tide appears to be turning in the favor of the little guys.

Online payment gateways are encouraging and educating SMEs to establish a strong presence in the e-commerce market with the help of online payment systems.

Taking their businesses online will facilitate a greater occurrence of innovations for SMEs. For this steps are to be taken, to make business owners comfortable with using apps and other high-end technology.

The SMEs who have jumped on the payment gateway wagon have reported a 10% increase in the number of clients, increased visibility, and greater networks which resulted in a higher number of leads.

Easebuzz, a high-ranked payment gateway in India is one such entity that handles end to end payment flow for growing businesses across the country. Their services include creating multiple stores according to the businesses’ requirements, payment link solutions, and a single platform for handling complex processes from one place.

With Easebuzz, business owners have the option to create products like events tickets, physical items, digital items or subscription based services with a free integrated payment gateway.

Business owners also have the option to connect and share links of their webstore with their customers using any social media channel. This is one payment gateway in India that makes the process of collecting payments faster and smarter.

Customers are updated about order statuses through an automated order tracking system, the marketing tool by Easebuzz can be utilized to send mass e-mails and SMSes to a large audience, your webstore will be available on multiple platforms with optimized performance so that your business has high accessibility.

Furthermore, Easebuzz also allows business owners to use real-time reports and analytics derived from their dashboard to make faster and more informed business decisions.

For SMEs who are looking for a payment gateway in India to help them get their business online and make a strong footing in the world of e-commerce, this is probably your best choice; no one else makes it as easy as Easebuzz does.

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Why Do I Need an Online Payment Gateway for My Online Business?

Adoption of digital payment methods chosen over cash or other modes of transactions is on the rise.

Digital finance and payment methods are powerful tools of improving sales and business for e-commerce merchants.

Unfortunately a lot of merchants are unaware of such advantages and only 40% of merchants are aware and benefiting from this facility.

This article breaks down the significance, uses, and suitability of an online payment gateway for potential or existing online retailers. Read further to learn how payment gateways work and how you can choose the right payment gateway for your business.

What is a payment gateway?

An online payment gateway authorizes transactions for e-businesses, online retailers, or traditional brick and mortar stores. It is used to transfer information between a payment portal and an acquiring bank. Payment gateways encode private information such as credit card details, to keep the information transfer between a customer and merchant secure.

How do payment gateways work?

A payment gateway first pulls information from a credit card transaction, encrypts this information, directs this information to the credit card processor, where the transaction is finally approved or declined. This is a seamless process between you and your customer via your shopping cart and a secure connection.

Why should I use a payment gateway?

Payment gateways are vital for keeping online transactions secure. They can be integrated with most websites and shopping carts online, to streamline online credit card processing. A shopping cart is usually used before the payment gateway. This allows customers to choose items they want to purchase and at the checkout, the shopping cart totals the items, adds tax and shipping and collects customer’s shipping and billing information.

How do I choose the best payment gateway?

Here is a checklist to finding the best payment gateway for your e-business:

  1. Budget of payment gateway

  2. Time of accepting payments

  3. Time of receiving revenue from sales

  4. Security of the gateway

  5. Cards accepted

  6. Compatibility with existing integrations

We hope this article was helpful in answering some doubts you may have had around using an online payment gateway.