In a digitally connected world where a large population shops for goods and services online, it is more important than ever to accept online payments for a business to grow and prosper. So, if you are an online merchant and want to grow and scale your business, you need to give your customers an experience that will have them coming back for more.
Therefore, it’s all the more important to integrate online payment gateways into your eCommerce website and give customers are many options as possible when it comes to accepting online payments. In this article, we will look at online payment platforms and how you can go about integrating and accepting online payments to take your business to greater heights.
What is an Online Payment Platform?
An online payment platform is your gateway to a larger consumer base and allows you to accept online payments across various payment modes. It acts as a bridge between customers, merchants, card networks, and banks to make the entire process of selling and getting paid online a breeze.
Without it, you won’t be able to process online payments, which would be disastrous for any online business since it kills the purpose of selling goods and services online, i.e., to make profits by selling.
How Does an Online Payment Gateway System Works?
An online payment gateway system works by communicating transaction-related information between various parties. It does so in the following method:
- Customers choose an item and hit the buy now button or its equivalent, and is taken to the checkout page where they need to enter payment-related information such as card details
- The gateway captures that information and encrypts it before sharing it with the acquiring bank for approval
- The acquiring bank performs a series of fraud checks to either accept or deny the transaction
- In case the payment is approved, the acquiring bank accumulates all information from the issuing bank, and funds are transferred to the merchant account
- Once the transaction has been completed successfully, the amount is transferred from the merchant account to the business account of the merchant
- The transaction is complete
This is how you accept online payments via a payment gateway.
What Payment Modes are Supported by a Payment Gateway?
For example, a modern payment gateway like Plural Pinelabs supports a wide range of online payment modes, including newer options such as UPI, BHIM, WhatsApp, Facebook, Instagram, and even SMS-based payments via a single link. However, not every gateway provider offers these wide-ranging modes of payment, so do your research and compare before you integrate one with your eCommerce website.
Benefits of Having an Online Payment Gateway Integration
Having a robust payment gateway integration can do wonders for your online business. Let’s look at 3 of the most prominent benefits you can expect from investing in such a platform!
Reach a Wider Consumer Base:
online business is all about accessing a higher number of customers without the limitations of geographical boundaries. An online payment gateway will allow you to tap into this consumer base by allowing you to sell internationally.
Offer a More Secure Experience:
The best payment gateways adhere to industry security standards such as PCI DSS, 3D secure, etc. Doing so allows you to give your customers a more secure experience whenever they shop online on your website.
Deliver Customized Experiences:
These days, it’s important to have brand recall if you want to stay in business. Some payment gateways allow you to customize the checkout experience by adding your brand’s logo, colors, and typography to stand out from the competition.
Online payment platforms are integral to the success of your business, and therefore, you must invest in a great one as soon as you launch your online store. We mean, what’s the point of having an online business if you aren’t able to accept online payments from customers? So, do your research, compare and choose one that suits your business case to get that edge over your competition!
