Signs That You Need a New Payment Gateway

If you have any kind of online business, the payment provider you choose is one of your most important partners. It is an indispensable interface between you, your customers, and your bank and allows safe, convenient, and timely transactions between you and your customers.

Seeing the significance of your payment gateway partner keeping its performance in check is necessary. Keep a keen eye to check for any of the following signs that reflect whether your payment provider is benefiting or costing your business:

Sign #1: Not enough payment options
Customers like to have more than one payment option. With the level of distrust around online transactions still not vanquished, more payment options help instill trust in customers towards your offering. Credit cards, debit cards, and direct bank transfers are major payment methods in the market that customers expect from you if not more.

A good payment gateway should not only offer all three payment methods, it should also be easy to use for you as the merchant. Steer clear from gateways that require you to create or log in to more than one account, or download multiple reports. Concise, comprehensible, easy to access information about every transaction through your gateway should be stored in one central location, from where it can be downloaded and interpreted easily.

Sign #2: Customers need to register twice through your payment gateway

Greater the number of hoops your customer has to jump through to complete a purchase, the more likely they are to leave halfway. If your website requires your customers to register before they can start shopping, they might grumble a little but most of them will stick with you. Asking them to register a second time before they actually make the payment can be problematic. You want to choose a payment gateway that makes the entire purchase process easier, not more complex.

Sign #3: Expensive or weak fraud protection
A number of specialist fraud protection services exist but they are quite expensive and time-consuming to run. You want to partner with a
payment gateway that offers affordable and easy to use fraud protection. This isn’t something you can risk ignoring as its one of the most important measures you can take to protect yourself against fraud. Ensure your gateway safeguards you from credit card fraud.

Ultimately it comes down to customer focus: As an online retailer, you want the effort you put into making your site experience a memorable, one that pays off.  If that effort is undermined because of your key partners it’s time to make some important changes. If you’re in search of a new partner, visit Easebuzz at <link>, one of the best options for a payment gateway India has.

 

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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.

Expectations from the payment gateways partners

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.