When a retailer goes online, the first thing on his or her mind is the payment transaction. Because payments are not made and received in real-time, as they are in an offline scenario, making these transactions safe and secure becomes a top priority for an e-commerce venture. Here is where payment gateways come in.
Until a few years ago, setting up a payment gateway was a massive undertaking. It used to take a lot of paperwork, verification, large setup fees, and technical knowledge to make it work. However, with PayCly Payment Gateway Philippines, it is now very simple to set up a payment gateway for selling your products. You can easily take control of your payments with cutting-edge technological tools that will help you redefine your payment system.
Business owners want to move their operations online to increase revenue and sales. Customers’ shopping habits have shifted as the number of smartphones in urban and rural areas has increased.
Innovations enabled by technology, such as digital payments, logistics, and digital advertising, have accelerated growth in this sector.
Customers’ payment habits have changed as well. Customers now prefer to pay online rather than in cash at the time of delivery (COD). eCommerce websites must have a payment gateway to accept online payments. Selecting a payment gateway with high risk merchant account can be difficult if you are new to the business.
If you are planning to launch an eCommerce store and are looking for a payment gateway, the following are a few factors to consider:
With the rise of online fraud activities such as phishing, identity theft, data security breaches, and hacking, ensuring that your customers receive high-level security is critical. Select a payment gateway that is PCI DSS Level 1 compliant (Payment Card Industry Data Security Standard). It is a valuable asset to your online business, ensuring that your customers conduct transactions safely and securely.
During the registration process, payment gateway providers will request ID, business, and address proof. Your account will be reviewed once the formalities are completed. The entire procedure takes no more than two business days. This time may differ from one company to the next.
How is your payment gateway able to assist with integration? Is there a plug-in for your CMS? Is it supported by the Software Development Kit libraries? Go ahead if the answer is yes. SDK libraries are a collection of code that can be used to integrate the payment gateway. Simply download, install, and integrate the SDKs to begin accepting online payments.
Various Payment Options:
If one payment method is not working for some reason, customers can complete the transaction using another payment method. This reduces cart abandonment and increases customer retention. Some payment methods offer fantastic discounts and cashback. As a result, having more payment options is always advantageous.
The cycle of Settlement:
The settlement cycle is the time in which a merchant receives the amount charged for a service or product in his or her bank account. It is usually T+1, T+2, and T+3 days, where T represents the Transaction date plus 3 working days.
Customer support is the most important factor to consider when selecting a payment gateway, and it should not be overlooked. Check to see if the payment gateway offers email and chat support 24 hours a day, whether it offers dedicated support, and how long it takes to solve a problem.
Pricing should be the last consideration when selecting a payment gateway. Some payment gateways charge a setup fee, an annual maintenance fee, and an integration fee. Check to see if the service provider is charging any hidden or additional fees that could reduce your profit margin. Domestic transaction fees range from 1.75 to 2 percent, while international fees range between 3 and 5 percent. These fees may vary depending on the volume of transactions and the type of business. To get the best deal, conduct thorough research.
The following are the Benefits of Accepting Credit Card Payments for Small Businesses:
Increases consumer trust: When credit card logos are displayed on your website, it gives customers a sense of credibility and legitimizes your business. Customers will develop a rapport with and trust in your company as a result of this.
Removes the security risk: With the rise of online fraud, it is critical to maintain a high level of security to prevent such activities. Credit cards include security features that provide peace of mind in the event of an online data breach.
Increase Sales: Giving your customers more payment options makes them happy and provides a positive customer experience. It increases your sales by broadening your customer base and attracting potential customers.
Encourages purchasing: Other forms of online payment may limit customers’ spending. Credit card payments, on the other hand, can persuade impulsive buyers to make a purchase. Customers who use a credit card tend to spend more.
Saves time: To accept credit card payments, you’ll need a payment gateway with a plethora of features. Invoice generation is one of the time-saving features. It generates invoice copies automatically, which can then be shared with customers via email, SMS, and social media.
Eases reporting and reconciliation: Because all credit card payments are processed through a single interface, reporting and reconciliation are simplified.
Makes you more competitive: If your competitors are already accepting credit card payments, you may fall behind. To survive in this cutthroat competition, you must up your game and begin accepting credit card payments. PayCly has the right payment solution for you, whether it’s a secure Payment Gateway Philippines or a high-risk merchant account. Furthermore, because of our strong relationships with banks and financial institutions, we can offer some of the industry’s lowest rates.