No matter what kind of business you are dealing with or which industry you are working in, you will always require a merchant payment gateway in order to boost your business and generate revenue. A significant number of customers abandon the site and go to the competitor’s site when they do not find their preferred payment methods.
This is enough reason to get a merchant payment gateway to keep your customers loyal to your business and generate revenue. Payment processing companies have gained significant popularity over the last few years. Not only do they make the payment process faster and more secure, but they also offer numerous options to showcase your business on a domestic as well as international level.
Let’s read further about a payment gateway and its benefits.
What is Merchant Payment Gateway?
A merchant payment gateway authorizes payments for retailers in every business categorization. These payment processing platforms ensure that the sensitive transactional information you enter on any E-commerce website is passed safely from the customers to the retailer.
Originally, merchant account providers and payment gateways are operated separately; however, in recent years, many processors have started offering all-in-one solutions. Let’s look at why one needs a merchant payment gateway.
Related read: What is a Payment Gateway and How Does It Work?
Why is Merchant Gateway Important?
1. Quick and Secure Transactions
One of the greatest advantages of having a merchant payment gateway is the speed and security that it offers to you and your customers. This means that you will be providing your customers with a better overall shopping experience while regulating your cash flow without any hassle.
2. Minimal Setup Costs
The majority of people believe that setting up a merchant payment gateway can prove to be an extremely costly affair that only large businesses and enterprises can afford. However, you will be happy to know that it is not true; although these merchant payment gateways charge a small transaction and chargeback fee, they are still worth it.
3. Keep Up with the Trends
The merchant payment gateway providers offer secure and smooth transactions by including almost all the possible payment options. These payment solution companies keep their systems up to date, which allows a business to stay ahead with their operations.
4. Enhanced Customer Experience
Shopping cart abandonment is a serious issue that online businesses struggle with. Consequently, one of the biggest reasons for this phenomenon is the lack of flexibility in payment options. That is to say, when a customer does not find his choice of payment method available on your website, they will be compelled to abandon your cart and move to a competitor’s website.
5. Global Acknowledgment
The merchant payment gateways take your business to the global platform, which means that anyone with access to the internet can shop from your website and pay from any corner of the world. Since it is accessible to make payments from all corners of the world, it is obvious that the merchant payment gateway accepts multiple currencies.
6. Improved Cash Flow
A good merchant payment gateway credits your money within 2 to 3 working days after the transaction takes place. In fact, Razorpay’s latest feature of an instant settlement payment gateway can make your payments reach you in a few minutes. This means that you would not have to wait for weeks for your payment to reach you; instead, you can enjoy a balanced cash flow within your business.
7. Fraud Detection
Providing your customers with a secure platform to enter their sensitive details is any business’s first priority because you can only generate revenue if your customers trust your business.
Razorpay comes with features like fraud detection, data encryption, and PCI-DSS compliance to offer utmost security to you as well as your customers.
With Razorpay, get detailed statistics on payments, refunds, settlements, etc., in order to take better business decisions. Razorpay offers online onboarding, easy integration, best-in-class performance and much more. Go live with Razorpay and experience a seamless payment process.