According to Statista, the Digital Payments segment eyes a target of US$4,406,431m in 2020. A staggering increase of 14.2% year-on-year stages a colossal range of opportunities in the future.
The growing need of digital-based transactions instead of hard money has led to the creation of multiple payment gateway systems, enabling consumers an easy & swift way to commit transactions while shopping their favorite products simply using their fingertips. Right from a needle to a Mercedes-Benz car or even a helicopter can be bought online these days. This triggers the reason for the merchant communities to incorporate online payment gateway systems.
Common Concerns Shared By Online Consumers
Before setting the explanation on the benefits of online payment gateway integration, let us highlight primary discrepancies that consumers may face these days.
· Unreliable and unsecure payment systems (assumed by customers)
· Unsuitable payment systems (for both local and international shoppers)
· Unclear or cluttered shipping & taxing details
These instances amplify the shopping cart abandonment by 68% or more. If merchants cannot sustain high-end solutions at their side, consumers may have to switch marketplaces or virtual storefronts.
How Does A Payment Gateway Work?
E-commerce merchants or websites require a software application for payment authorization, which enables them to receive payments against their offered commodities to the consumers. Here, a consumer doesn’t need to step out of their home to collect cash from the bank or transact at the bank to pay a retailer. Popular payment gateways like Stripe, PayPal, MasterCard/Visa payments make transactions easy, smooth & secure for consumers/merchants.
When a customer pays via phone or website, the payment details are securely sent to the bank or financial institution via payment gateway system, and the merchant account processes these details. Customers receive a notification about a transaction’s outcome (successful/failure). The merchant receives the funds in their accounts while getting charged for processing the transaction. Digital commerce has increased rapidly over these years and merchants should provide the best online payment opportunities.
Customized Payment Gateway Solutions For Businesses
At Cruzotec, we identify the specific needs of a business, especially in terms of needs & objectives for a customized merchant solution. Our recommendations don’t come as a uniform payment gateway system for a one-size-fits-all-like solution. We care to comprehend the requirements for creating a unique solution to accept payments via e-wallets, credit/debit cards, net banking, mobile payments, etc.
The easy-to-handle and feature-rich payment gateway solutions come with swift integrations and intuitive dashboards. Our customized offerings in a payment gateway solution boost transaction success rates to greater heights and enhance checkout performance. We have built a diligent response team for addressing and troubleshooting both generic and ingenious problems.
Highpoints Of Payment Gateway Solutions
We understand core problems associated with payment gateways, particularly when they fester on failures – leaving customers irate & miffed for a long period. A customer(s) is less likely to revisit a platform where they have to endure a series of transaction failures for buying their favorite products. This dampens the convenience value of a business platform on the web or app.
Cruzotec’s team is right at it for improving conversion rates with API integration. Automated inspection of gateway health helps in the dynamic routing of transactions to the best one. Similarly, a versatile checkout UI gives a seamless payment experience to the consumers. Feature-rich elements like on-the-go split settlements with vendors & commission payments install a solid e-Commerce.
Scalable Payment Gateway Solutions
The desperate need for a payment gateway solution for ensuring the security of customer’s money and data has led to a stream of innovations. Settling on technological improvements may not help the cause for a while. This is the primary reason why scalable payment gateway solutions set the score high and standard among competitors.
At Cruzotec, we define the client’s issues, requirements, and expectations first. When complex challenges arise, we don’t want our clients to appear helpless at their side. Intermittent adversities have caused several problems for merchants across the globe, specifically data breach issues, payment scams, etc. We address those critical issues from the beginning.
As a leading app development company, we have an industrious team of specialized professionals for creating, designing, and developing unfailing solutions for our clients. We stick to the highest industry standards for app or web development solutions. Our 24/7 technical support system handles all queries for troubleshooting intricately complicated issues.
