Articles

E-Commerce Payment Gateway Solutions for Online Business

by eMerchant Pro High Risk Merchant Account

The world shops and inclines to the eCommerce business today. According to Oberlo, the majority of statistics suggest that 2.9Trillion product and service sales happen online. The present gen wants to buy everything online either it is the homes or the car’s maintenance.

Each individual in the present generation wants to lay in their bed and shop for their needs. Nobody has the time and patience to go to the malls and markets to buy their needs and wants. Therefore, an online business needs to have an online payment processing gateway that handles the payment processes for their eCommerce Business.

No online business can deny the fact that the payment gateway is a crucial part of their profits. Businesses can sell services and goods offline but the labor charges and time consumption are just out of the charts. Not to mention the advertisements for it. So, how does an eCommerce Payment gateway help an online business to flourish in the global market and what are its features and benefits? 

How does an eCommerce Payment Gateway Help a Business?

Most of the time an eCommerce is seen through the lens of the High-Risk criterion. Though the parameters are not rigid yet many Merchant Account Processors classify eCommerce as a high-risk business

To accept payments and initiate online transactions a merchant needs a merchant account through an acquiring bank. Which is the base of operation for all the transaction that goes in and out for an enterprise. However, a Payment Gateway is a channel through which the payments are processed for the business. Both are equally important but a Payment gateway has some unique features that allow an eCommerce business to lower the risks around them. 

The line-up of features allows the payment gateway to be a beneficial part of the company. It not only helps with the inflow of revenue but also ensures the business’s presence online.

Therefore, the question is, What are the features and benefits that a payment gateway has to offer an online business in the present generation.

Features of a Payment Gateway

Every feature of a payment gateway allows an enterprise to be more profound depending on the choice of a payment service provider. Here are some of the exclusive features that eMerchant Pro provides for a payment gateway that will help an eCommerce business to launch an online business.

  • Security: According to a business needs a security feature is set up on a payment gateway. PCI compliance, SSL certification can be set up according to the business needs. Whereas there are two different types of payment gateway based on security. 3DS vs Non-3DS: know what is the basic difference:

  • 3D Secure: 3-Domain Secure Payment gateway is one where there are three layers of security present. The input of correct details, verification of the details, and the OTP are the three layers in a layman’s language. The virtual one-time use pin is the third layer of protection that exponentially increases the security parameters of a payment gateway.

  • Non-3D Secure: a non-3D Secure payment gateway has less than three layers of security. It is mainly used where time is of the essence. 3D secure takes time for the complete payment. Because of that many high-risk businesses deny 3D secure for example Forex or Online Betting where every second count. 

  • Easy and Simple Integration: In the competitive world today, it is crucial that every business needs to be ready with its operations from the very start. Hence, the easy and simple integration feature of a payment gateway allows it to integrate into a website as soon as possible and allows the business to keep rolling forward.

It is important to note that the easy integration feature is not a common feature of every payment gateway provider. A company should research for a PSP that has certain features that can provide the company with a big upper hand in the business sector.

  • Prompt and Detailed Reporting: Running a business means keeping all the details of a transaction safe and sound. What is more important is that every transaction is accounted for. Else it may rise to a dispute of some nature later in the future.

Reporting means booking the transaction details. Whether the transaction was a success or a failure. If success was the transaction happened through a proper channel and how valid is all the information means a lot for a business. The detailed and prompt reporting feature of the payment gateway will inform the owner of all the details.

  • Invoices: As simple as that every transaction needs a bill or an invoice to get the consumers proof of transaction and a guarantee of product or service delivery. 

The in-built invoicing capabilities of a payment gateway is a great feature to have because it saves a business from the hassle of sending an offline invoice to the consumer every time. Though every enterprise has the choice to send in an invoice, a feature of the payment gateway will be instantaneous. 

  • Multiple Modes of Payment: A great feature of a payment gateway is multiple payment options. It adds to the consumer convenience and experience. More modes of payment mean more options for consumers to pay.

Credit Cards, Debit Cards, eWallets, Net Banking, eChecks, etc. are some of the modes of payment that help in increasing the UX of a company. “Convenience leads to loyalty” and different modes of payment is a great convenience feature of a payment gateway that provides firm support to the eCommerce business.

  • Multi-Currency Support: another crucial feature of a payment gateway for an eCommerce business. As the global reach is the motto behind an eCommerce business it becomes very important to accept the major global currencies.

Multiple currency support provides convenience to the customers. And as mentioned above loyalty is a complimentary perk of convenience. 

  • Large Value Payment System (LVPS): ease to settle larger value payments are essential for an eCommerce business. LVPS allows the consumers to pay huge values over the payment gateway and settlement of the transaction is ensured smoothly.

A great feature of a payment gateway. There are some supposed risks and challenges in LVPS. to know more, read here.

  • Global Card Saving: an efficient feature of a Payment gateway that saves the payment details for further use. A person buying anything with your website can save their payment information to easily checkout later. 

Adding on the convenience of the consumers, this feature pushes customer retention to newer limits. Recurring payments can be handled swiftly for a business.

These are the laid out features of an eCommerce Payment gateway that operates as a support system for payment processing.

Benefits of Using a Payment Gateway for E-Commerce Business

Using a payment gateway benefits a business in different directions. Being it globalization or a business’s ease of payment processing. But the core benefits of using a payment gateway from eMerchant Pro are listed below:

  1. Global Reach: By accepting multiple currencies across the world and providing convenience to the customers through various payment methods it allows the globalization of a business. International consumers mean more exposure to the worldwide markets. A global reach for a business means greater competition and more deals and revenue flow. That can easily be handled with a payment gateway.

  2. Swift Purchases: Back in 2018, Splitit surveyed and Press Released that most of the consumers tend to abandon the shopping cart if the payment procedure is extensive and inefficient. Thus, a reliable payment gateway has the benefit of easy checkout that shortens the period of the consumers who need to buy the goods or services from the eCommerce site.

  3. Reduced Chargebacks: The chargeback ratio seriously depletes while using a payment gateway. A reliable and secure payment gateway allows different screening and protection services according to the needs. Chargeback Monitoring is one such feature that reduces the chargebacks and constantly keeps an eye on the payment process.

  4. Shopping Cart Integration: An add-on feature of the payment gateway that allows the checkout procedure easier for the consumers. Integration with the shopping cart allows the payment gateway to enhance the transactions smoothly. Adds on to the consumer’s convenience. Moreover, the eCommerce business doesn’t have to face downtime to integrate shopping carts through a third-party service.

  5. 24 x 7 support: It is eminent that every business faces challenges and needs assistance as soon as possible. Thus, a 24 x 7 support from the eMerchant Pro makes it easier for the business to counter the problem. Expert support should be provided by a PSP to deal with the potential problems that a company faces in the run. It serves as a working backbone to any online business.

  6. Powerful dashboard: One place to understand all the transactions and billings. A powerful dashboard eases the work. It simply provides all the information in one place making it easier to understand.

  7. Complete Merchant Assistance: A benefit, not every PSP provides the merchant. From setting up the payment gateway to explaining all the features that can be great for the business, is provided by eMerchant Pro. 

  8. Dedicated MID: A  Merchant ID number for every merchant allows a unique identification to the merchant on every transaction through the payment gateway. Ensuring a smooth transition of data without complications.

  9. Smart Routing: The benefit of smart routing allows quick payment processing. A parallel channel to process the payment allows a payment gateway to swiftly complete payments without delay. 

How to set up a Payment Gateway for an eCommerce Site?

The Setup procedure of a payment gateway varies from PSP to PSP. As a Merchant. One needs to contact a Service Provider who will guide through all the steps and credentials to integrate a payment gateway into the eCommerce site.

Choosing a payment gateway is the key to every benefit and feature. Moreover, it will define if the assistance and support are credible or not. A trusted and secure payment gateway will not only boost the company’s reliability but will also add to the global reach of the company. Thus, choosing the correct payment gateway is important for any eCommerce Merchant.

Conclusion

A premium service provider will assist a business to its absolute best. Getting the core benefit and features becomes easier with a worthy service provider. Thinking about the reliability, security, and flexibility of the payment gateway is important because a rigid structure or a solution can never benefit any business. It will stop a business’s full potential and bind it to a certain level. 

However, it should be noted that every aspect of a payment gateway is created with a merchant in mind. A payment gateway that is for a forex merchant is different from a payment gateway provided to an eCommerce merchant.

The reason being a forex merchant may need a quick transaction facility and may drop the 3D secure feature as it is slightly time-consuming, but on the other hand, an eCommerce business needs a complete security protocol to ensure the best transaction safety. It enhances the transaction quality for both the industries in a flexible manner.

Last but not least, research the payment gateway that is required for a business. It will create an overall idea of what the solution will help the business and in what terms. It is crucial because every payment gateway provider has different parameters to accept and deny a business. Whether high-risk or low risk, offshore or onshore, etc. are 2 of the parameters widely used. 


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About eMerchant Pro Advanced   High Risk Merchant Account

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Joined APSense since, August 8th, 2019, From Washington, D.C., United States.

Created on Jul 19th 2021 04:31. Viewed 71 times.

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