The Online Payment Scenario changed and is changing with forthcoming of the Digital Payment Experience advancements. USA stands second in the Total Transaction value of US$1,296,362m in 2021, after China (Transaction value: US$2,892,494m in 2021) (Statista).
It massively takes the prospect that Digital Payments will govern the future. However, with the considerable transaction values, there is enormous competition in the market. To get a consumer for a business means to provide the best to the consumer.
In other words, if a merchant wants a consumer to buy a product or service from a business, a merchant needs to provide the best payment experience in the market. It becomes more crucial concerning the High-Risk Businesses.
The Stumbling Block for High-Risk Merchants
High-Risk Businesses need to be extra cautious while reaching consumers. They are not only vulnerable to Bank’s setbacks but also volatile due to the consumer’s involvement. Frauds, Identity Thefts, Chargebacks, and much more deplete the business standards and reach. Statistics (First Card Payments) suggest:
- 30 Percent were cases of identity thefts.
- 15 Percent of orders were wrong
- 26 Percent of orders had something else in the box.
On the one hand, Merchants have to deal with Fraud, Money Laundering, and Wrongly delivered or charged products. And on the other hand, Chargebacks have ruined more businesses than low profits.
It is hard to digest, but the truth needs to be out in public. At this point, what is the need of the hour? Is it reaching out to the consumers and telling them that there are better ways to deal with it?
It is not the feasible way and can never be!
The Role of a Payment Gateway
Transitioning from cash and POS card payments to digital payments took some time. However, streamlining the process of online payments became both seamless and hassle-free with the introduction of Payment Gateway.
Furthermore, it is more crucial regarding the High-Risk Merchants around the globe. The notoriety level of the high-risk industries can be reduced with the dedicated payment processing channel.
Yet, there are still multiple lingering questions in the air that needs to be answered. And we will be the active support to answer the questions related to the payment processing. We will also cover how this can streamline the process, offer a better consumer experience, and reduce the high-risk factor of a high-risk business. Let’s get into it right away.
How does a Payment Gateway Ease Digital Payment Processing?
A payment gateway works as the solution to online payment processing. There are multiple crucial components to the complete online payment scenario.
All internal financial institutions take on several steps in quick consecution to complete the payment processing. The Payment Gateway, the Payment Processor, the Acquirer, Consumer’s Bank, and the Card Schemes form the base to the complete process.
However, the question is, how does it make the process faster?
Technology has significantly reduced the time involved in the process.
- The Payment Gateway allows the consumers to directly pay on the website for the goods or services they need.
- The Payment Gateway takes the authorized transaction details and routes them to the Payment Processor.
- At times of Card Processing, The Payment Processor then quickly checks with the Card Schemes, Consumer’s Bank Account and returns the payment status to the payment gateway.
- At the same time, if the Transaction is successful, the payment is transferred to the designated acquirer through an encrypted channel.
- Lastly, the Payment Gateway Reports to the Consumer and Merchant about the end result of the payment.
The Payment Gateway reduces the initializing time, time of reporting, and exchanging information. Therefore, it enhances a merchant’s online payment processing power and streamlines the process for a better payment experience to the consumers.
A Better Payment Experience to the Consumers
A Merchant’s business, most of the time, is Consumer-Centric. Therefore, it requires a payment solution that complements it and adds to the growth of the business. There are multiple payment gateways around the world. However, there needs to be an expert Payment Service Provider such as e MerchantPro to produce significant results in the payment experience line-up.
The features are a representation of the Payment Gateway’s capabilities. Moreover, it produces solid consumer retention for a business through the service provider’s expertise. Here are some of the features that a payment gateway must have for consumers.
Card on File
Handling card information and entering it, again and again, is a traditional method for the consumers. To make the process seamless for the consumers, the Card-on-file feature of the payment gateway will be a massive support.
The Consumers can save their transaction details on the payment gateway for future payments. It reduces the time taken for the initializing of the payment. In other words, it instigates the payment faster. The consumer can use the saved transaction data to repay in the future with just a little credential entry Digital Payment .
To smoothen the process further, the Easy Checkout feature of the Payment Gateway removes any waiting time or illogical re-directions. Payment redirects reduce the experience of the payment for the consumers. Thus, it becomes pretty competitive for your business to provide a single-window for the consumers to pay.
A profound payment gateway offers only one window for the completion of the payment. Moreover, due to this feature, Card on File is easy to maintain and offers solutions for the consumers.
Multiple Modes of Payment
Payment Methods define the reach of a business. Therefore, the Payment Processing Channel must have multiple payment methods for the consumers. For an optimal experience, the consumers need to be satisfied with the modes of payment. Hence, Card Payments, Netbanking, eWallets, eChecks, Cryptocurrency, ACH, MOTO, etc., are some of the most important modes.
An expert payment service provider will ensure that your business has all the payment methods ready for the consumers. It eases the consumers’ pain to use only one mode of payment and get all the credentials in line.
Digital Payment Multiple Currencies and Languages
Everyone wants the preference to pay and read in their local currency and language. Therefore, the payment gateway has the support for all the major currencies and languages for the consumers. It means a merchant can reach a global audience easily and quickly.
Keeping in mind that preference is the key will revolutionize the business. Moreover, the Fintech industry has seen massive growth being consumer-centric.
A Seamless Payment Solution for Merchants
On the other hand, a merchant requires a payment processing channel that has all the capabilities. While doing so, it must make the complete payment process hassle-free. It’s duly the work of a payment gateway to ease the pain of the Merchants.
For a long time, the manual data entry for all the payments reduced the productivity of a business. With the forthcoming cutting-edge tech solutions, productivity increased, and manual labour found zero involvement in the process. Here are some of the advantages of a payment gateway to merchants.
Easing off the pain of reporting every financial institution involved is a leap forward. Thus, the reporting mechanism of the payment gateway readily informs the concerned institution promptly. It is the technological advancement that is talking in the payment processing channel. Therefore, invoices and bills will not be an issue for a business anymore.
Where there is hard-earned money, there needs to be top-notch security. Therefore, a payment gateway follows the compliances with the standards and enhances the protection of the consumer’s payment details.
PCI DSS Compliance Level 1 ensures top-level security to the payment information
3D Secure Payment Gateway provides OTP based authentication security to the consumers and merchants
Tokenization converts the sensitive transaction details into non-sensitive data for seamless exchange,
And P2PE (Point To Point Encryption) keeps the data channel secure throughout the process.
Fraud Prevention System
Frauds hinder the efficiency of a business and style a negative brand image between the involved financial bodies. Therefore, the payment gateway needs to be equipped with tools to keep fraudsters and scammers away from the website or application.
eMerchantPro uses AVS, CVV Checker, Device ID, Geolocation Tracking and Fraud Scoring as the primary FPS tools. The payment gateway carries out a thorough checking from the most initial payment processing step to keep the security high and fraudulent activities away.
Chargebacks, on the other hand, are more complicated than frauds. Therefore, a merchant needs to handle those sophisticated requirements with care. There are two aspects to the chargebacks that can help a business to avoid or rather manage them.
- A merchant’s solution is to provide refunds and customer support. It will undoubtedly allow the consumers to reach your business before issuing a chargeback.
- A merchant can get a payment gateway with a chargeback protection system. eMerchantPro covers the total cost of the chargeback and ensures smooth payment processing.
Both of these serve the purpose but getting chargeback protection from the payment service provider will ensure a better surety to all the payments.
Integration Flexibility Digital Payment
A payment gateway’s integration to a website or mobile application helps a business transition into digital payments seamlessly. Therefore, a merchant might seek API, HPP, mobile SDK, or shopping cart plugins. With an experienced IT person, the payment gateway can be integrated into the website or the application.
Moreover, it is the expertise of the payment service provider the integration takes minimal time and increases the productivity of a merchant’s business instantaneously.
Lastly, the white-label solution is an enormous advantage to the merchant to get a better brand image picking up a better outlook of the payment gateway as an extension to the website or mile application. The White-Label Solutions allow a merchant to change the looks of the payment gateway according to their needs and fancies.
A merchant can change the brand name, logo, font, colour or even the UI to match their business. It provides a clean and modern look to the payment gateway and cohesively brings a better payment experience to the consumers.
Changing the scenario of worldwide digital transactions
With all these features for payment processing, a payment gateway provides high security and eases the payment management process. Pushing into the digital marketplace to boast the goods and services needs a robust payment gateway that supports the payments.
eMerchantPro’s Payment Gateway has all the capable features with state-of-the-art solutions. Thus, the payment gateway knows how to handle whether the payments are rapid or of significant value.
In conclusion, a merchant needs to care about the consumers’ payment experience to get the best consumer retention. Being a consumer-centric merchant is the most significant possible support for a business. Because caring for the consumers will bring the best payment practices to the forefront.