As more customers acquire smartphones and data becomes cheaper, more consumers are likely to shop from the comforts of their mobile phones. The sheer convenience of online shopping is especially expected to drive growth in the e-commerce industry.
As of 2023, there were 345 million digital shoppers in India. This number is expected to increase to over 400 million by 2027.
Businesses can capitalise on this growth spurt by making early investments in automated solutions. For instance, they must ensure that consumers enjoy a secure, transparent, and flexible payment experience. Businesses that integrate superior e-commerce website payment gateway with their web platform can greatly benefit.
In this blog, we decode eight transformative features of this solution.
What is an e-commerce website payment gateway?
An e-commerce website payment gateway is an innovative payment solution that automates the entire payment cycle.
By integrating this solution on a website, app, or any other interface, businesses can simplify the payment process for customers and drive sales. Customers who prefer to shop on a website can also enjoy a flexible, secure, transparent, and convenient payment experience.
For instance, electronics brands like CROMA and Vijay Sales leverage Plural by Pinelab’s powerful e-commerce website payment gateway to ensure a smooth, high-trust payment experience on their web platforms.
Customers can access attractive EMI offers at the point of sale, including curated branded EMIs of their favourite electronics brands. Customers can also make payments using a wide range of payment modes, from credit cards and debit cards to UPI.
8 features of an e-commerce website payment gateway
A snapshot of eight key features that make E-commerce website payment gateway a valuable solution for businesses:
1. Seamless, transparent payment process
The integration of a payment gateway ensures that the entire payment experience is a seamless, transparent process. There are no manual interventions required, and customers and businesses are communicated about the status of their transactions at every step of the way.
2. Multiple payment options
A superior payment gateway offers up to over 100 payment options. Here are some important examples:
- Customers can make payments via credit card, debit card, net banking, and cash on delivery.
- Consumers who prefer to shop via social media and messaging apps can receive secure, branded payment links; businesses can convert leads to sales through these channels.
- The UPI Autopay feature enables customers to approve subscription mandates. Customers can then renew their subscriptions consecutively via recurring payments at intervals of their choosing.
- Customers can choose the Buy Now Pay Later option, which allows them to make purchases as per their cash flows.
3. EMI options at the point of sale
Rather than paying a lump sum for products and services purchased, customers can adopt an e-commerce website payment gateway to break these payments into Equated Monthly Installments (EMIs). The entire process is automated, and customers can choose the EMI terms and conditions as per their preference at the point of sale.
This feature completely eliminates the need for customers to take personal loans, a time-consuming process that requires lengthy documentation and much effort. Access to EMIs at the point of sale nudges customers to make purchases according to their needs. This feature also helps increase the ticket size of purchases.
3. Seamless, instant refunds
When customers cancel an order or return an item, they expect instant refunds. A website payment gateway helps automate instant refunds, which is a high-value feature especially valuable as businesses scale.
Customers tend to shop at any time from anywhere, and relying on manual interventions can result in delays and errors. Using a payment gateway ensures that there are no errors and that refunds are credited to customers on time.
4. Higher transaction success rate
When the success rate of payment transactions is just 50% to 60% or less, it can deter customers from shopping at a business’ website. Failed transactions can lower customer trust and prevent first-time customers from converting to repeat customers.
The adoption of a superior e-commerce website payment gateway enables businesses to boost the transaction success rate to between 90% to 100%. This is a significant improvement which can help businesses accelerate growth.
5. Enhanced data security
Protecting the sensitive financial data of customers is a top priority for businesses. A superior website payment gateway leverages innovative methods and protocols to boost the security of its software. These can include 3D Secure Authentication, data encryption, and tokenisation, to name a few.
6. Low transaction fees
Another attractive feature for businesses is the low transaction fees associated with robust payment gateways. The service provider will charge a small percentage of the ticket size of the purchase as fees. This brings down the overall cost related to payment operations. In turn, this translates into higher profitability.
7. Access to Superior Data Analytics
Today, data plays an important role in all business decisions. Businesses can extract a large amount of data insights from a superior payment gateway.
Payments data can help businesses gain extensive knowledge about consumer habits, patterns, and preferences. Based on the insights, they can revise their strategies and drive revenues.
Impact of an e-commerce website payment gateway
This solution has the potential to help businesses in multiple ways, as follows:
1. Boost customer retention
Integration of a superior e-commerce website payment gateway enables businesses to offer customers a seamless, secure, and transparent payment experience.
Customers can pay via their mode of choice and enjoy a high transaction success rate, branded EMIs, and other perks. Collectively, these elements contribute to raising customer trust in a brand, which translates to repeat customers and higher customer retention.
2. Offer an inclusive experience
This payment gateway offers an inclusive payment process. Customers have the option of paying via net banking, UPI apps, or Buy Now Pay Later.
They can access EMIs, including cardless EMIs, according to their monthly cash flows at the point of sale. These options ensure that newer internet users and consumers who have opened their first bank accounts can easily participate in the online shopping economy.
3. Data-driven decision making
Businesses can access a wealth of data insights via e-commerce website payment gateway software. These insights can help them better understand customer payment behaviour, patterns, and aspirations. In turn, businesses can make data-driven strategic decisions as they drive revenues and profitability.
The conclusion
Today, many consumers continue to shop on e-commerce websites. Businesses can benefit by paying equal attention to improving the payment experience on their website as they do for their apps. By integrating an e-commerce website payment gateway, they can elevate the payment experience for website shoppers, reduce cart abandonment, and drive revenues.
Plural by Pine Labs offers Plural Gateway, a high-trust, inclusive, holistic payment solution designed for enterprises. This software offers over 100 payment modes, a robust affordability suite, customisable payment links, and a UPI Autopay feature to power recurring payments.
Reach out to us about your needs and start a conversation.
Plural by Pine Labs has received an in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator.
