Why Should Your Business Accept Payment Online

If you are a small business owner willing to scale your business up and set a mark in the domestic and perhaps the global market too, you must provide your consumers with an option of making online payments. Digitalization has definitely taken over how we operate in our day-to-day life. Thus, extending such an option will prove fruitful to you as well as to your customers. Let us see how.

1. Easy And Instant Payments

This is one of the best parts of taking payments online, it is really quick! You get the money almost instantly, without being involved yourself. No more going on a quest to return change to the customer or faulty card swiping machines. Your customer need not come to you at all.

2. Convenience To Your Customer

It is also a whole lot of convenience you are providing as a service. Your consumers need not spend hours in the traffic to come to your office/store, browse the options, pay and then go back to the gruesome traffic. Time and energy, both lose. They can now purchase your products or services from their bedroom, anywhere in the world. That is the beauty of online payments.

3. Draws in More Customers

A feature of buying online sure does expand your target audience and circle of potential buyers. You can now cater to more people such as people living on the other side of the town, old people who cannot commute often or even people outside the city and country. Start accepting online payments and watch how your business thrives.

4. Recurring Payments

If you are offering a service that requires a monthly, weekly or annual subscription or even a good that needs a series of payments over a period of time, having your customers pay you online will really prove beneficial to both parties. This way, they can automate the payment process effortlessly, without the need of reminders. A benefit to you as you accept payments online is that they are timely due to automation. This further helps in easily predicting your revenue figures. A typical example is a monthly Systematic Investment Plan (SIP) where an investor’s account is automatically debited on a preset date of the month.

5. An Advantage Over Competitors

Businesses are always looking for a way to stand out from all other fish in the sea whether it is by offering unique products or by providing top-notch customer service. And you telling you customers that you accept payments online does just that – gives you a competitive advantage. It adds to your reputation, credibility and even to your value.

Thus, if you are a business owner contemplating whether you want to accept payments online or not, just go for it!

All you need to know about E-commerce Payment Solutions

E-commerce web stores have taken the world by storm and if a recent survey is anything to go by, it is predicted that the year 2019 will see around 224 million online shoppers in the United States alone. This is definitely something worth capitalizing on if you’re someone who has an e-commerce website or are looking to open one up.

A website which is aesthetically pleasing to the eye simply does not suffice in today’s times. There are a number of factors to consider when it comes to enticing your visitors. From responsiveness of your website to the products you offer- every single detail has to be meticulously picked out. With competition brewing at literally every corner, the last thing you want to do is compromise on any front.

As important as it is to keep in mind the aforementioned factors, there is a need to consider e-commerce payment solutions. Needless to say, this is a major contributor to your success on the whole. The whole idea behind it is for your customers to be able to send and receive payments via your site without which making a profit would be rather difficult.

Types Of Payment Solutions

There are a number of payment solutions for you to choose from. A few that require a considerable amount of time to setup and a few that do not. It all boils down to what you, as an online website owner are looking for.  Customer experience could be a priority for you, whereas fees might not be that big of a priority, or vice versa. The type of solution you pick should eventually contribute towards your vision of progressing your business.

Factors affecting the  choice of e-commerce payment solutions

1. Fee

It’s obvious that each payment solution differs in the fee it charges for the service offered. Payment service providers typically come with a higher price point as this entails the use of a payment gateway as well as a merchant account. On the other hand, there is the option of choosing either a payment gateway or a merchant account, both of which have prices of their own. A comparison of the various services should help you narrow it down to the right choice.

2. Transaction Processing

Transaction processing is essentially the time period between which a transaction is made and the payment is received. Typically a smaller time period is preferable for obvious reasons, so ensure that the payment solution chosen by you offers the same.

3. Customer Experience

The checkout process depends on the solution you opt for. While some might cause visitors to leave your site, others might not. If customer experience matters more than anything to you, then you need to pick a solution that is befitting to the customers you receive. Ensure that your customers’ best interests are taken care of so that they feel that making a transaction on your site isn’t putting them at any risk whatsoever.

E-commerce payment solutions are just around the corner should you need them. Be sure, that when picking out one, the aforementioned points are taken into consideration.

Penetrate The Foreign Market With International Payment Gateways

Do you think your online products/services can be of use to customers across the globe? If you answered yes, then here’s a question for you! Why stick to selling them locally when you can make it big in the international market. According to a recent survey, almost 25% of customer's shop for products from websites that are outside their native country. 

Earlier it used to be a rather lengthy process to get in touch with international clients. But thanks to digitalization and the growing online industry, merchants can now easily access the global market with eCommerce websites and international payment gateways. The global online trade is expected to reach 3.5 trillion by 2020 which is good news to anyone who sells products online.

Online businesses that are capable of providing effective solutions to their customers worldwide are expected to grow tremendously with digitalization rather than businesses that have presence only in the local market.

For small and medium-sized business owners integration of international payment gateways can prove to be a USP over competitors. Mexico being a testament to the aforementioned statement,  has seen the largest growth of online export sales with a percentage of 27.4% in 2014.
Let us try to find out what factors need to be looked into for an international online payment gateway.

1. Multiple Currency Benefits:

Expanding your business internationally expands your customer base but this also means an increased competition from other merchants. The only way to outrun them is by providing payment support in the client’s native language and currency. There are several payment gateways like PayTabs that can process payments in more than 150 currencies and convert them into USD.

2. Efficient Currency Conversion:

It is very obvious that the customer would prefer to buy your services and products when the exchange rates for the local currency to USD are in their favor. An efficient international payment gateway is one that is able to advise the merchant on setting the price for their products and keep track of the conversion rates.

3. Efficient Settlement And Reduced Complicacy: 

The most common issue that business owners face is settling the international transactions for each batch. Instead of having a number of bank accounts in multiple countries, a business owner can completely rely on their local payment gateway for settling and authorize their international transactions.

4. Safety, Security, and Minimized risk:

Even though the EMV Chip technology has proved to be very effective in minimizing the present card frauds in offline transactions, it has failed to prevent online frauds. International payment gateways like PayTabs incorporates the required technology and security to any e-commerce website preventing online fraud in the process.

Conclusion: 

An international payment gateway can prove to open up a new world for your online business. Why not take the advantage of the increased digitization rather than sticking to existing local clients.

Alternative Payment Gateways For Your Business

If you are an online merchant, you would surely understand the value of reaching out to the international market rather than simply selling your products locally. This is why most of the online businesses are focusing more on integrating multilingual and regional alternative payment gateways.

Why switch to Alternative payment gateways, you ask? The answer to this is rather obvious: in order to boost sales! As an online merchant, if you provide your customers with safer and faster alternatives for a transaction, it is guaranteed that your business will be on a higher ground than your competitor.

How are alternative payment methods beneficial for online business owners?

Do you know the reason behind the popularity of Chinese products across the world? In addition to a lower cost, their products are easily accessible. The same applies to online businesses. If online business owners are able to cater to the needs of their international customers and offer them with faster solutions, success is assured.

By faster solutions, we mean an efficient website, a reliable supply, and faster transactions. Traditional payment gateways face a lot of issues while entering a new market which is why it is a smarter choice to opt for alternative payment gateways.

There are regional gateways available that offer chargeback free transactions. Merchants who are in the business of selling risky products like hazardous goods, and adult materials often choose such gateways.

How are alternative payment methods beneficial for customers?

Let us suppose you are planning to buy a football. Wouldn’t you prefer having an endless number of options to select from rather than having a limited choice?

Similarly, by penetrating through the international market, the merchants are giving its customers a huge list of options to choose from while buying a service/product. Now the big question that arrives is, how to engage any visitor that comes to your website and minimize the bounce rate? This is where alternative payment gateways come into play. When your customer knows that your website accepts payments of their native currency and language, it brings comfort and trust. 

Remember if you are able to attract a customer to your website and offer him faster solutions for registering, payments will automatically flow in.

In conclusion, we would like to add that the bond between a client and the vendor develops long before a transaction. Choosing alternative payment methods strengthens this bond by removing hurdles. This ensures that your customer will never jump off to your competitor. Hence, alternative payment gateways are the pilot for online businesses. 

"A vendor who offers trusted payment alternatives to the clients is adding value and trust throughout the buying process. These factors transform into increased sales in the long run."

Make sure that you thoroughly research the alternate payment gateways for your business so that you can offer the best to your customers. The last thing you want is for your customers to run off to another business which is on par with yours, baring the payment gateway issue!