Picture this: you create a beautiful website with intuitive designs, top-of-the-line products/services and spend a huge chunk of your marketing dollars on driving traffic to your website. Website traffic hits an all time high with customers selecting their products and adding them to their Shopping Cart.
Then they abandon their cart and leave.
This is one of the most frustrating roadblocks faced by an Ecommerce website, and most often than not SMEs tend to underestimate the importance of Payment Gateways and its impact on the successful completion of a purchase flow on a website. In reality, it is one of the key factors affecting shopping cart abandonment on a website. Here are a few statistics that highlight the importance of Payment Gateways (PG):
- Over 65 percent of users regularly abandon purchases during the payment process.
- Of those who leave, less than 63 percent are likely to come back to you via a different channel once they’ve had a bad experience.
Among several reasons for Shopping Cart abandonment, a few of the top reasons for abandoning purchases during payment include:
- Lack of Suitable/familiar Payment Options
- Prices not displayed in Local Currency
- Payment Security Related Concerns because of an unknown brand
- Forex Fluctuations
So, while the Internet & Ecommerce Boom has undoubtedly enabled people all across the world to purchase and sell products and services online with just a click of a button, it is vital that you have popular Payment Gateway(s) (PG) integrated with your website to increase conversions, offer your customers convenience and facilitate faster processing of transactions. Read on to find out how you can maximize ROI by integrating Payment Gateways on your Website.
How PGs Work?
In simple terms, a payment gateway is the online equivalent of a credit card processing facility that you would find in a physical store. If you are operating an online store or a website that requires you to accept any form of payments from users, then you would need a payment gateway to process transactions.
Top 5 Reasons why your Business Needs a Payment Gateway
1) Don’t lose out on traffic from outside your Geography
If your website attracts traffic from a wide global audience, you can increase conversions by integrating payment gateways that are popular in different countries. For instance, if you have a large amount of traffic coming in from China and neighbouring regions, integrating Alipay would be a good bet to increase conversions.
2) Integrate local payment gateways to increase brand valuation
Establishing your brand’s identity in a new market and connecting with these customers often requires a great deal of time and effort. One way of increasing brand valuation and trust is integrating a popular local payment gateway. This way, even if customers like your product but aren’t familiar with your brand, they will be more likely to trust your brand and complete the purchase if they see that you have a renowned Payment Gateway like PayPal integrated with your storefront.
3) Increase automation and prepare your business for higher volumes
PGs come equipped with powerful automation tools such prepaid billing and Automated Recurring billing that allows you to collect payments from customers easily, Built in security and data encryption tools such as fraud detection ensures that you don’t need to worry about unauthorised transactions from your customers’ accounts. All you need to focus on is growing your business and increasing your volumes.
4) Multiple Payment Gateways mean One Size Fits All
For maximum ROI, you should ideally look at integrating a number of payment gateways to attract customers, especially if you cater to a global audience. Accepting payments in local currency is a surefire way of increasing conversions and maximizing returns. Some PGs allow you to customize checkout pages to gives your users a more seamless UX.
5) Give them what they want, the Customer is King 😉
As clichéd as it may sound, this philosophy goes a long way in increasing Customer Satisfaction. A good Payment Gateway facilitates real-time transactions and payments which mean that you can accept payments in real time on your website and your customers get immediate feedback about the status of their payments. Reputed PGs often accept a wide range of payment options such as Credit Card, Debit Card, Net Banking, IVR Payments & invoicing allowing customers to choose the payment method they prefer.
With BitCoins gaining a lot of popularity in 2014, a number of major brands such as Expedia, Dell and over 63,000 businesses have started accepting BitCoins too. In 2014, PayPal announced that it would start accepting payments from customers in BitCoins.
What you Should do Next?
Payment Gateways do come with their own set of disadvantages such as security vulnerabilities, fraud related risks and the consequent disputes arising from these issues. However, you can still use Payment Gateways effectively to get maximum ROI. There are a number of PG solutions available with a wide gamut of features to suit every need and pocket. Do a thorough study about the various options available. Keep in mind the popularity of the PG, the service charges per transaction, the security features that it offers as well as your customers’ convenience before you choose your Payment Gateway Solution.
At ResellerClub, we provide you with a host of popular Payment Gateway options using which you can add funds to your Reseller Account, as well as collect payments from your customers with ease. Choose from PayPal, Skrill, Alipay, WebMoney, PayU, Pay.PW and CCAvenue and explore the convenience offered by Payment Gateways.
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