Creating an online presence for a business has become mandatory in today’s age especially with the evolution of the smartphone bringing about convenience at the mere click of a button. This has made it imperative for eCommerce companies to provide end-to-end solutions via their applications. Integrating online payment gateways on applications is highly beneficial is streamlining the process of facilitating online transactions by creating a smooth flowing ecosystem between the merchant, customer and the bank. Simply put, payment systems process transactions are a saving grace and they have been a proven strategy for skyrocketing sales by processing and verifying payments after which it is verified or declined in a secure manner based on the information received from the bank.
In this article, let’s survey at some of the advantages that integrating payment systems can have on businesses and why more companies should consider implementing them:
Offers a great customer experience
Optimising a customer’s journey is highly important for a business and the provision of payment systems in applications help them offer convenience at the user’s fingertips. Online payments gateways allow users to pay whenever and from anywhere they want hence enhancing the ease of processing eCommerce transactions. Moreover, digital transactions are highly preferred by users as they no longer have to draw a blank when credentials are asked for as these extensive details can be saved for future comfort and convenience.
Reduced costs for businesses
The provision of online payment systems creates a self-sustained environment for a business which helps them to offset the costs which they might have incurred otherwise. eCommerce is fast replacing brick and mortar stores and facilitating online transactions allows companies to be part of this change wherein they can automate their processes and bring forth their businesses to the new digital norm. Additionally, online payment options have low transaction fees which translates to reduced costs incurred by a business over time.
Provision of multiple payment options
A company looking to make it big in today's cut-throat competition needs to make intuitive and smart business decisions and it has been seen that humans psychologically lean more towards options that offer choice. The provision of online payments also involves integrating multiple payment methods which let’s customers have more control over their purchasing decisions. Online payment methods offer multiple choices such as UPI, card, credit, internet banking etc. creating an enhanced experience through variable options while also helping businesses to boost their sales.
Safe and secure transactions
Online payment systems are growing in popularity as cutting edge technologies have rendered them far more safe and secure than ever before. Payment gateways are highly encrypted using stringent cybersecurity measures along with offering customers an additional layer of security using measures such as fingerprint scanning, biometric etc making it advantageous for both customers and business owners. They also allow businesses to maintain transparency throughout the course of the transaction and companies can now flourish a detailed bill to the customer instantaneously, even before the transaction. Furthermore, the presence of an online system for payments allows for the safe processing of the overall transaction while also securing the customer’s data.
Targets a wider customer base
As trends in purchasing decisions are changing, it’s been studied that more and more customers prefer shopping for items across borders. Integrating the online shopping experience with online payment systems allows businesses to reach out to a wider range of customers and target a customer base which would not have been possible otherwise. Automated payments are also a great way for a company to go beyond geographic borders and leverage this as a factor to expand its customer base. Online payment systems also help to attract that wayward user who is making an impulsive purchase decision, hence allowing a business to expand its sales.
Contactless form of payment
Avoiding human touch has become the convention ever since COVID-19 and integrating contactless forms of digital payments has become the need of the moment for every online business. Using the latest technologies, companies can integrate contactless payment systems and leverage it to attract more customers by providing them a safe way to do business online. While a lot of the new standards may pass with the pandemic, digital payments and the online way of doing this has brought with it far too much convenience because of which it can be established as the new norm.
As a business owner, it is crucial to think from the user's perspective to understand the product in order to understand how to improve and market it. Not only are digital forms of payment far more reliable than using physical money, but they are simple, fast and easy to use which helps to attract more customers. The future is sure to be cashless and while integrating online payment systems bring multiple benefits to both parties, they are the arsenal that a business can use to target a wider audience without a consideration of geographic limitations.