An effective payment process focuses on the customer rather than the company. It is not only convenient for the customer, but it also builds a positive brand experience for the company. People will remember a company if it offers an easy-to-use application or service as per Steven Bernstein, the US and Global ACH Business Development Manager at J.P. Morgan. A poor user experience will cause a sharp drop in trust. A good user experience amplifies this trust and creates a loyal customer base.
Why is a payment gateway important?
Consider adding third-party payment gateways to your website; these can allow your customers to pay with a credit card, debit card and 100+ other payment modes.
In addition, big eCommerce businesses expect retailers to increase their conversion rates by up to 50% by adding a payment gateway functionality to their websites.
A good payment gateway like Zaakpay allows you to accept multiple payment methods. This means that you can accept more types of payments and a larger customer base that can help you grow. They can even provide options to eliminate form fields for merchants who don’t want to accept card payments.
Benefits of Having an Easy Payment Process for Customers
- Greater payment security: Electronic payment systems have not been so popular with merchants despite their robust features. They still use the old methods of accepting payments. As a result, they are missing the chance to serve more customers.
You have many options to secure your payments with electronic payment systems, including tokenization, encryption and SSL. Your customers no longer have to enter their card information every time. Instead, they can save their card details and complete transactions using a One-Time Password.
- Manage subscriptions: Online payments can take away the headache of reminders and payment processing. A recurring billing option is available through online payment gateways. This automates all steps of collecting subscriptions on time. This feature does not require client action.
- Saves processing costs: You will need to connect with a processor to offer payment services to customers. The processor will charge you a fixed fee in exchange for a payment gateway which is usually very high.
However, you don’t have to pay such high fees if your business uses an electronic payment system. Only a fixed monthly subscription is required to access your service provider.
- Every business can afford it: Many providers offer no setup fees and lower transaction costs than e-banking systems. A few online payment gateways in India have transaction fees-free minimum amounts per year. Online payment providers will often offer a discount for payments above a certain limit. Even if your business is doing well, your costs will remain low.
- Instant Payment: Electronic payments are faster than traditional payment methods like cheques or cash. Online payments are easy to use, and you don’t have to worry about location or time constraints. Online payments are easy to make from any location around the world. E-payments have made it unnecessary to go to banks to make payments. Your customers can avoid waiting in long lines at banks. You can make it easy for them to pay you using an electronic payment app.
- Very low risk of theft: Although the phrase “Cash is the King” is popular, it has its limitations. Cash can be stolen if you use it to accept payments from customers. Therefore, it would be best to take extra precautions when depositing cash in your bank account.
You can reduce this risk if your business uses an online payment system. You don’t have to worry about the payment record as it will be easier to keep a detailed record of all transactions at the end.
- Mobile payments: You can make online payments through mobile devices and from any other location as long as you have an active internet connection. Online shopping is becoming more popular, and buyers increasingly use their smartphones to buy items. This makes it essential that the process be as easy as possible. The customer experience is enhanced by online payment providers that offer user-friendly and intuitive interfaces.
- You can tailor the payment to fit your workflow: Online payment providers provide customizable APIs as well as plug-ins for popular third-party applications. This allows you to tailor the billing process to suit your needs and create an online payment system that benefits operations.
- Customer service excellence: Online payments can be a boon for your company as well as your clients. Your clients will appreciate the convenience of online payment options to complete their orders online. If you are a freelancer and offer services to companies, this is true for you as well. Your customers will be able to pay any outstanding invoices in a safe and simple-to-use environment.
After introducing electronic payments systems in the markets, cash transactions have begun to decline. Therefore, small businesses must use the most recent technology to avoid being outpaced by competitors. Using an electronic payment system, you can transform payments to a competitive advantage from a cost centre. It can also save you time and money and offer additional benefits such as faster payments, increased security, and premium services. Zaakpay is one of the best payment gateways in India that provides all of these services under one roof.