Meaning and Working of Payment Gateway
Payment Gateway is a medium between the customer’s bank and the merchant’s bank to enable the payment processing and transfer.
When a customer enters the payment details at the checkout, the payment gateway receives the payment information in a secure manner. Then it sends the authentication request to the customer’s bank to deduct the payment amount.
Once the authorization is obtained the payment gateway would receive the funds and then as per the settlement duration would settle the payment to the merchant’s bank (business).
Thus, a payment gateway is a technology that provides a secure payment infrastructure for online payment processing. It is the mediator between the customer, banks, payment networks, and you.
Points of Importance
Below are the essential top 7 points of benefits of the payment gateway in India for small and large businesses. These would also explain why online payments have been gaining an essential place in transacting.
1. Meets today’s digital needs
The world is changing rapidly. Even for the simplest search and smallest needs, the customer knows that they can use the internet and get what they want in seconds from the comfort of their place. May it be purchasing apparel or booking a ticket, they do not go to any physical place.
Payment gateway enables you to go along with this continuously changing world, rapidly transforming methods of how the businesses trade, and innovations in customer behavior. You can meet the competitive edge and be a part of the digital revolution. This is essential for the growth of your businesses.
2. Earn returning customers
The payment gateway provides a systemized payment method. It facilitates the customer with a fast and flexible way to pay. They can pay from wherever they are even through their mobile or desktop.
The payment gateway APIs and tools enable you to provide a personalized experience to the customers. For example, through the dashboard, you can know the maximum payment mode used, the customer who abandoned the checkout, etc. This enables you to reach out to them and also to know your customer base and behavior.
This, in turn, provides a great customer experience and earns customer loyalty resulting in an increase in the returning customers.
PCI DSS compliant payment gateway enables a safe and secure environment for transactions and card data. Thus, it helps to safeguard you from security vulnerabilities.
The end-to-end encryption and SSL security help with the data transmission between the various parties (issuing bank, card networks, acquiring bank, etc) in an encrypted manner.
The fraud prevention measures of a payment gateway safeguard you from payment and card frauds. This would bring down the frauds, chargeback, disputes, and the resultant losses.
The transaction and settlement reconciliation would also play a tool for security in your business. Each transaction reconciliation would retrieve any frauds and thus curb risk factors.
4. Powerful technology
In this competition with the prevailing and emerging digital platforms, making your business digital ready is tend to be advantageous for your business. Installing the high-tech payment system with the payment gateway is a big part of it.
Payment gateway would automate your business payments and would make it fast, better, and always available any time of the day.
You can reach globally with your business and serve any part of the world globally. When this payment gateway technology would meet your hard work and dedication, you would have an equal opportunity to grow. As truly said, the startup of today is a multinational of tomorrow. Thus, small and large enterprises will have the same growth opportunities.
The payment gateway can be easily integrated into websites or apps with the minimum coding requirements. The ready plugins and SDKs for various platforms make it a hassle-free task to do so.
Modern technology enables a smooth checkout process and it can be customized as per your brand, logo, and the color of your platform.
5. Merchant Dashboard Tool
The robust APIs would enable you with real-time analytics, graphical representation, and transaction management. It is a smart hub for other important functions like refunds, settlements, payment links, settings, etc; all in one place. This saves time and makes the management automated.
Accepting online payments with a payment gateway is cost-effective. The merchant dashboard tool makes it easy to manage and enables smooth operations. Thus it would reduce the cost of operations. Also, cash management is not required because the payments are directly received in the bank account. Further, reducing that cost.
PayKun Payment Gateway charges the lowest transaction discount rate and even provide customized pricing solution as per the transaction volume and business model.
The payment gateway does not require maintenance costs. PayKun charges zero maintenance, setup, and integration fees.
7. Multiple payment modes
A payment gateway helps to meet the customer demands for the multiple payment modes. This is one of the most important benefits for your business. This would encourage the customers to complete the transaction. Payment gateway in India such as PayKun provides various payment modes in one checkout such as credit cards, debit cards, wallets, net banking, UPI, QR code, and EMI.
The presence of a payment gateway would provide a great customer experience. It is a need for today’s business to be tomorrow-ready.
Selecting the right payment gateway for your business is also essential. The right payment gateway would be able to deliver the above 7 points and more for your business.
PayKun is one reliable, reputed, and trusted payment gateway making the 7 points and more possible for the businesses. It has the lowest transaction rate and is a PCI DSS secured. It has the best customer support services via chat, email, calls, and WhatsApp and provides 120+ payment mode options.
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