Why Should You Set Up Payment Gateway For Your Website?
Starting one’s own business/brand is exciting, but also an ordealWhile it signifies the establishment of one’s brand, it also comes with its hasslesEvery brand is required to have an online presence todaySocial media, websites, apps, blogs, all of these help a business growgain a customer baseAnother vital part of any business is making profits from this customer baseThese profits are directly or indirectly from sales, subscriptionsother paymentsThus, a brand’s website or application needs to have direct debit facilities.
Selling products online is the best way to grow a customer base,payment gateways are conducive for this effortA direct debit facility allows customers to make payments by setting up a payment gateway linking the customer’s bank to the website.
Setting up payment gateways has become effortless with organisations that specifically provide this serviceThese organisations offer a complete package that takes care of payment-related functions end-to-end.
Multi-Platform Payments
A payment platform organisation sets up payment protocols that allow customers to choose any payment mode – debit or credit card transactions, net banking, online walletsothersThis wide range of options motivates people to become customers.
Subscription Payments
These payment platforms help set up a direct debit facility for recurring paymentsOnce a customer subscribes to the business, payment protocols debit the amount from their account monthly, quarterly or annually based on the subscription plan.
Invoice Generation
Payment platforms also set up in-site or in-app invoice protocolsOnce a customer makes a payment, the protocols trigger invoice generation for both the customerthe businessThese invoices help in keeping track of fundsThis instant generation of invoices ensures the accuracy of data as well.
Sign-Up Management
Organisations that set up direct debit facilities also take care of customer sign-up formsThey can help specifically design these forms for each brand,ensure that they are compatible across all platformsdevicesThis ease of signing up encourages customer engagement with the business, increasing brand awarenessloyalty.
Global Reach
A payment platform organisation helps broaden the international reach of a business by allowing multi-currency paymentsThe brand has to only set up basic instructions for cross-currency payments (like the delivery fee for long-distance deliveries),the payment platform takes care of the restIt is a cost-effective payment solution for cross-border payments.
Analytics Services
Another convenient service offered by these platforms is their analyticsThese organisations can set up protocols for the analysis of payment dataOrganisations can use this data to find customer trends which help formulate business strategiesThe reports are based on actual payments, ensuring the accuracy of the data collected.
Handling of Failed Payments
Payment platforms use effective payment routing systems to collect recurring or one-time payments from customers, reducing the risk of failed paymentsEven in the event of a failed payment, there are protocols set in place to notify the customer,the automatic rebilling systems ensure collection of fundsThis protocol prevents a business from facing any revenue loss.
SafeSecure
Any payment platform must be authenticated by the PCI, to ensure that both the customer’sthe business’ bankingfinancial data are secureThe PCI examines their payment gateway, routing systems, tokenisation solutionspayment vaults to check whether they meet the highest security levelThis authentication is doubly beneficial, as it increases customer confidence in paying the business.
Payment platform organisers are truly versatile solutions in today’s world of online retailEvery business or brand has to have some form of an online presence to build their businessThese platforms are especially beneficial to small-time business owners who rely on customer payments as their primary revenue sourceThe services they provide ensure the collection of funds with no revenue loss, which ultimately helps businesses make money online.
