As the digital economy rapidly expands, an increasing number of consumers are opting to shop online due to the convenience, flexibility, and wide array of choices available.
This trend is especially evident in markets like India, where the number of online shoppers is projected to reach 427 million by 2027, and the eCommerce industry is expected to be valued at $300 billion by 2030.
Despite the growing popularity of mobile shopping apps, many consumers still prefer making purchases through websites. Therefore, it’s crucial for businesses to ensure their websites offer a seamless and secure shopping experience. Integrating a payment gateway is a key component of this, which plays a vital role in retaining customers and driving business growth.
What is a payment gateway?
A payment gateway is software that automates the entire payment process for businesses. It can be integrated into websites, apps, and other interfaces to simplify the payment workflow and deliver a secure, high-trust payment experience to customers.
Without this facility, businesses are more vulnerable to cyber-attacks and leakage of sensitive financial data. The likelihood of failed payment attempts also increases, which can be very frustrating for customers.
On the other hand, a payment gateway for a website is a valuable investment for businesses, which are increasingly attracting online shoppers.
For instance, an eCommerce website can benefit from such integration through value-added features such as point-of-sale EMIs (Equated Monthly Installments), multiple payment modes, and inclusive options like Buy Now Pay Now.
5 benefits of a payment gateway for a website
Here is a snapshot of how businesses selling products online can benefit by integrating a payment gateway for their website:
1. Instant payments
Today, a growing number of customers do not prefer to make payments via cash on delivery. They like to conserve cash in their wallets for offline expenses and avoid the hassle of fumbling for change at their doorstep.
By integrating a payment gateway on their websites, businesses can activate and enable instant payments for their customers. In turn, they can reap the benefits of receiving instant payments in their bank accounts and, in turn, positive cash flows in their balance sheets.
2. Flexible payment mode
Today, customers transact through a wide variety of payment modes based on their personal preferences and comfort levels. Payment modes can range from credit cards, debit cards, and Internet banking to UPI apps and digital wallets.
Customers who have yet to build their credit want access to Buy Now Pay Later (BNPL), an attractive affordability opportunity. Additionally, customers may need to renew subscriptions via a company’s website; recurring payments require a different workflow.
The integration of a payment gateway for a website allows businesses to activate all these options in one location. During the check-out process, customers can quickly select the mode of their choice, make the payment, and complete the transaction.
3. EMI options at point of sale
Today, a growing number of customers are looking for affordable options during their shopping experience. Such options empower them to make purchases according to their needs and aspirations.
However, taking a personal loan is cumbersome. Businesses can solve this problem by integrating a payment gateway for a website, as this product offer offers EMI mobility at the point of sale.
Customers can choose from options such as credit card EMI, debit card EMI, and no card EMI. Additionally, branded EMIs offer customers attractive payment options for their favourite brands.
4.Transparent communication
A high-quality payment gateway ensures clear and consistent communication at every stage of a transaction. Customers and business owners receive real-time updates via SMS, email, and authorized messaging services, keeping them informed about the success or failure of the transaction.
5. Enhanced security
Customers are concerned about the security of digital transactions. Superior payment software prioritizes data security while processing large volumes of transactions simultaneously, so businesses can rest assured.
At the same time, it ensures that sensitive financial data of customers and businesses is managed with transparency and accountability.
A superior payment gateway for a website leverages multiple security methods and protocols. These include SSL (Secure Sockets Layer), Data encryption, Secure Electronic Transaction (SET) protocol, tokenization, 3D Secure Authentication, address verification services, and anti-fraud tools.
Impact of a Superior Payment Gateway
Here’s an overview of why the adoption of a payment gateway for a website is an investment in accelerating business growth:
1. Higher cart conversions
A lack of confidence in the payment experience can make customers reluctant to convert first-time cart items into purchases. Factors such as a dodgy-looking check-out interface can reduce trust.
On the other hand, the adoption of a superior payment gateway can inspire confidence in customers. A professional-looking interface can nudge them to convert cart items into purchases the first time they are on a company’s website.
2. Repeat sales and reduced customer acquisition costs
Acquiring new customers is expensive. Instead, businesses should focus on the customers they already have by offering them an optimal shopping experience. Payments are emerging as a top factor governing a customer’s shopping choices.
If customers enjoy a high-trust payment experience, they are more likely to return and purchase from the same website again. Repeat sales can help businesses increase customer lifetime value and reduce customer acquisition costs.
3. Greater market capture due to inclusive payments
New consumers are entering the internet every day. They are opening bank accounts and leveraging various financial tools to accelerate economic mobility. Businesses that invest in an inclusive payment experience can attract new consumers to their websites.
Offering features like Buy Now, Pay Later (BNPL), Debit Card EMIs, and no-card EMIs through a robust payment gateway can significantly enhance your market share, appealing to a broader and more diverse customer base.
Wrapping up
Businesses today must pay equal attention to their website shopping experience as they do to mobile apps. In particular, they must ensure that customers can enjoy a flexible, secure, and transparent payment experience.
The integration of a superior payment gateway in a website offers customers a smooth, high-trust payment experience. Businesses are advised to partner with a payments technology specialist to identify the best solution aligned to their needs.
In this regard, Plural by Pine Labs offers Plural Gateway, a high-trust, state-of-the-art payment solution.
Our transformative product enables businesses to offer a secure, flexible, and transparent payment experience to customers on their website and other shopping interfaces. Businesses can offer value-adds such as affordability solutions, multiple payment modes, and a transparent, secure payment flow to customers.
Reach out to us or click below to discuss your needs and start a conversation today!
