Why do Customers Prefer Brands that Offer an Online Payment Gateway?

Apart from providing convenience and feasibility of purchase, e-commerce payment gateways protect from the risks involved with cash transactions. Even if you have a small enterprise, your business appeals to customers if you provide them with online payment modes. Apart from this, swift transactions also allow the customers to make bulk purchases without worrying about the cash. Further, online payment gateways provide a secure one-click solution while reducing threats of fraud and chargeback. Therefore, here’s why customers prefer brands and businesses that offer online payment gateways.

The Elimination of Geographical Hurdles

Conventional transactions always involve the hassle of money exchange. This could also include a separate credit card than the one that the user already has. Therefore, people prefer ecommerce payment gateways. It allows them to make transactions without going through a taxing process of currency exchange. Further, online payment gateways remove the obstacles that hinder businesses from participating in the global marketplace. Therefore, customers are likely to prefer your business over others if it provides them multi-currency acceptance with an automatically calculated currency exchange. An added feature of multi-lingual online payment solutions will give you an edge over the others.

The Element of Purchase Protection

Irrespective of the scale of your business, building trust with your customer base is extremely essential. Thus, it is even more important to deal with new customers as they require solid affirmations from the business before they are involved with it for long. Online payments made through credit cards allow customers to make payments with the lowest prices for a prescribed number of days. Online transactions also benefit from manufacturer warranties that further draw customers towards Indonesia's online payment gateway and gateways of other places. Moreover, online card transactions also create the right to dispute a purchase.

The Element of Efficiency and Cost-effectiveness

Another significant reason why customers prefer ecommerce payment gateway is its efficiency and cost-effectiveness. Online payments allow customers to make transactions from the comfort of their homes. It also provides email confirmations at the end of every transaction, which reassures that the same is completed. These confirmations will also alert customers in case an unauthorized transaction is carried out from their account. It negates the fear of paper receipts being misplaced or late intimation of an unwarranted transaction. In addition to this, online payment gateways allow value-added convenience without requiring any additional investments.

Online Payment Solutions: Understanding the Key Concepts

Innovative technology has allowed online payment solutions to evolve drastically in these last two decades. Online shopping has become a norm, which provides immense opportunities for merchants to expand and succeed in their business. However, constant evolution and intricacies of financial terms can make it difficult to comprehend certain concepts prevalent in the Southeast Asia online payment industry. Read on to find out the basics in simplified terms.

What is a Payment Gateway?

 

A payment gateway is a technology that acts as a middleman between the customer and the merchant in online financial transactions. It ensures that the customer's card details are validated, funds are available, and payment is securely made to the merchant account. It is a service provided as an online payment solution in Thailand or elsewhere, which protects merchants from fraudsters, closed accounts, exceeding credit limits, and the nuisance of chargeback. 

 

Who are Payment Service Providers (PSP)?

 

Payment service providers, also known as merchant service providers, help merchants as third parties. They enable merchants to accept card payments, bank transfers, real-time bank transfers, etc., and connect them to the broader financial world. They make sure that the collection and management of payments are done efficiently. PSPs work with the acquiring bank to manage the payment transaction from start to finish. As the customer initiates the payment, transaction details will be sent to the acquiring bank. It is passed to the payment service provider, which shares the result with the merchant and customer. Look for a reputed e-commerce management company that uses innovative technology to offer online payment solutions in Thailand.

 

Alternative Payment Methods

 

Online payment platforms offer various alternative payment methods and traditional ones such as debit or credit cards. An e-wallet provides a customer with a facility to add money by linking to their bank account and managing it through mobile applications or a computer dashboard. Mobile payment solutions allow the customer to make a transaction by scanning a QR code. In bank transfers, customers can use their regular bank details to make offline and online payments. Any of these payment methods will be used by the customers to make purchases on various platforms. It is essential to understand customers and their preferred payment methods when choosing an online payment solution in Thailand. 

 

It is vital for your business to consider various features offered by Southeast Asia online payment platforms. When your business has a presence in international markets, keep in mind that buyers will be more comfortable to pay in local currency. Consider encryption standards that payment service providers follow, as they will handle customers' payment data, which is sensitive. Negative incidents can hamper your brand's reputation. Therefore, make the right choice!

Why Electronic Payments Are The Way To Go

E-payment technology is digital payments made with a credit card or debit card area quickly become of the popular choice among customers and entrepreneurs and here’s why.

What Makes Electronic Payments Work

Incorporating electronic payment facilities into your business enables you to reach out to more customers which means there is an increase in sales and profits. More and more shoppers around the world are choosing to shop online and this number has already grown to nearly 200 million in the US alone. Online payments have resulted in businesses selling more of their products and services to a greater customer base that is not bound by boundaries. It helps to meet the customers’ needs and to create a consistent experience.

Many of the consumers combine their online shopping with in-store and direct mail too. The eCommerce payment gateway also has an enhanced set of security measures to prevent fraud and online theft of data. This makes it a safer way to conduct transactions between businesses and their consumers. The entire automated process has saved on time, effort and costs. It eliminates unnecessary manual tasks, data entry, and invoices and ensures an increase in productivity.

What Are The Challenges of Online Credit Card Processing

With all business systems, electronic payments also undergo certain challenges, one of them is the shopping cart abandonment. Very often, after the customer has shopped and added items to the cart, it is left as it is without completing the transaction. Research shows that this happens at least at an average rate of 69.57%. Payment solution providers can prevent this by informing shoppers about all the shopping and shipping policies upfront, sending reminders to customers via emails about their abandoned cart, simplifying the checkout process, providing a dedicated customer service toll-free hotline.

Businesses can employ preventive security measures to reduce and eliminate online fraud. Customers that spend a lot are usually targeted by online thieves and AVS is an effective tool that helps prevent it. It validates the cardholders’ identity by verifying their billing address. It also employs encryption and tokenization to protect important data from theft.

Businesses need to ensure adequate firewalls and strong passwords are used. Chargebacks can seem like a small monetary cost in order to do business, but in the long run, it can lead to big losses in business. Chargebacks often happen when there have been some fraudulent activities or if the customer has been unsatisfied with their order or even if an order wasn’t received.

Businesses can prevent chargebacks by using a package tracking app that ensures a package is delivered. Providing a detailed description of every product can lower the incidence of customer dissatisfaction. Adding other customer reviews can also help. Clearly posting details on shipping and delivery can keep the customer well informed.

Ecommerce solution providers are creating systems that are simple, convenient, reliable and safe. By understanding how the system works, businesses can improve their services and create a better future for themselves and their customers.

Comprehensive Payment Acceptance Options

Are you running an e-commerce business? Then collaborating with Hong Kong online payment gateway is an ideal solution. Setting up an online payment technology drives more people to shop online sitting in the comfort of their homes. With customized payment solutions, you can grow your e-commerce business faster and bring out the business’s best services.

One of the major reasons for most e-commerce businesses to opt for eCommerce payment solutions is that it offers non-cash payment options, regardless of the industry type. Whether your company is looking to set up a credit card processing gateway or net banking option, get assistance from a trusted online payment service provider in Hong Kong. E-payment solution is definitely your one-stop solution for all your non-cash payments.

Complete payment processing solutions

E-payment solution gives your business the freedom to accept and process online payments through credit and debit cards or net banking. It takes the hassle out of sending and receiving money across the globe. Wherever your clients are based in, e-payment solutions help make payment options easier. E-payment solutions are designed to improve the business’ sales through secure payment options by simplifying the payment process.

It offers your clients a platform to make payments from different sources, but all in one place - your website. Online payment solutions boost customer engagement and ensure lasting client relations. It unifies functionality from the traditional payment methods to digital banking, improving customer satisfaction.

Payment processed through these eCommerce payment solutions is fully encrypted and secure. This means, whatever data your clients share with you online will be secure, thus reducing the returns and chargebacks. Whether you are running a small or a large scale business, an e-payment solution is an ideal way to reach out to more people.

24x7 payment processing capabilities

Whatever hour of the day or night your clients want to make payments, the payment processing will be available on your eCommerce site 24x7. If your clients face any technical glitches while making online transactions, a dedicated team of experts is available 24x7 to assist your clients with any sort of payment issues. Sometimes, when the client makes payments online, the transactions may be declined due to insufficient funds or server issues.

In cases such as these, you can call the 24x7 customer service center to get assistance on alternative payment options. The customer care services are available in multiple languages to assist your clients and any questions they may have.

More Merchants Are Choosing The Internet Over The Brick And Mortar

Merchants have realized that selling goods online is lucrative as it means the overhead charges are low and the reach to customers is extensive. The development of technology also means that online activity is on the rise and more people are using the internet on a daily basis. There are certain things that need to be considered though when one plans to do business online.

First of all, a lot of care has to be taken when the website is designed. It has to be attractive and easy to navigate. Then the payment solutions that will be put in use have to be safe, quick and easy to use. There are several providers of solutions but one must choose them with care. The next thing to consider is the delivery partners that will be used. They too have to be dependable otherwise the business will not be successful.

Secure Payment Method Is Important By PaymentAsia

For any online business to be successful, the payment method should be in place. The online payment services that will be used should be reliable otherwise, the customers will be unable to make the payments for the goods and services they purchase.

It should not be too complicated either as customers who do not have a good experience during the checkout will not want to come back again. The merchant has the option of setting up an account of their own or if they want an easy way out, they can opt for a third-party payment service provider like Alipay. Depending on what works best for them the merchants can decide.

Some Points To Ponder Upon Before Choosing A Payment Gateway

Some factors to consider before deciding on the mobile payment gateway will be as follows. First of all, you should find out if your ecommerce platform supports the payment gateway. Then you have to decide if you would like a separate merchant account and payment gateway or payment service provider who is all in one.

You will have to check what the transaction fees are and if the provider satisfies your needs and has a good reputation. Another thing to consider is if you would like the payment details of the customers to be entered directly into your site. If the payment methods supported by the payment gateway is what the target market prefers to use. Since there are several payment gateways, these factors will help you decide on which one to choose.

PaymentAsia Alipay Is A Popular Payment Gateway

Alipay is one of the more popular payment gateways in China and it is a third-party online payment platform. The fact it does not have any transaction fees is an advantage and it offers an escrow service. This means that only when the consumer is happy with the goods that have been shipped the money needs to be released to the seller.

Thanks to the advancement of online payment technology users can purchase a number of services and products online and make the payment easily with just a couple of clicks. It is important to remember that it is because of these payment gateways that online sales have increased so much. Payment is so simple now that more consumers are willing to buy online.

Finding The Right E-Commerce Solution Providers Is Important

Once you have decided to start an e-commerce business the next step would be to find reliable e-commerce solution providers. There are quite a few in the market but you should find the one that will be compatible with your kind of business. So, the first thing you should see is that the provider has clients who are in a similar kind of business as you. It is always better than its main business is e-commerce.

All companies work differently and have internal structures that are different. The provider should be able to adapt to your business whatever size it may be. If they are familiar with working with businesses in the same industry, it will be really helpful as this means the working and selling processes are similar.

A Detailed Study Is Important Before Decisions Are Made

It is always better to ask around and find out from other companies who are using the services of the same payment solution provider, about the efficiency of the service. It is better to know first-hand how good a provider is. Find out what other companies are using, this is the best way to find a supplier. If both the merchant and the vendor do not complement each other then you can be sure that the partnership will not work out.

The e-commerce provider should not only set up the platform but also provide the company with all the support they may need. It is therefore important that you find out what support is offered, what kind of training is given to the customers, the time they will take to respond to any query and if they will be able to provide support in your region.

If It Does Not Work Out, Opt-Out

After all, when you finally think that you have found the right e-commerce payment gateway, and you start the implementation process, you may realize that it is not working out. There is no problem if you change the payment gateway even though you may lose out on the initial investment.

The focus should be on how it could affect your long-term costs.  Every merchant has different requirements and so it is important that payment gateways offer merchants a range of payment methods, settlement periods that are flexible and multiple currencies.

The Pros And Cons Of E-Commerce

The development of e-commerce technology has paved the way for e-payments. This has a few advantages and disadvantages for sure and some of them are listed below. The speed and convenience are an advantage and the fact that you can buy things from any part of the world at any time of the day. There is no cash being handled. Sales increase and the transaction costs decrease as there is sometimes a very small fee charged for swiping the card.

The security issue is an advantage of e-payments. As for disadvantages, fraud and phishing could happen. Unauthorized use of an individual’s card could occur and, in most cases, due to a lack of information, it is impossible to win a claim. Costs may increase as money has to be spent to install payment -security technologies, as well as maintain them.

5 Parameters For Choosing Reliable Online Payment Solutions For Your Business

Most business owners prefer using omni channel payment solutions in China as it makes transactions simpler, easier and faster. However, while choosing an online payment solution for your business in China it is important to ensure your online payment service provider is safe, reliable and functions smoothly. Here are a few advantages of using online payment solutions:

PSP Accepts Several Payment Methods

Through the omnichannel payment method, your clients will have multiple options to make payments online for the products and services purchased on your online store. Whether your clients want to make the payment through credit card, debit card or net banking, omni channel payments makes it easier.

Setting up a payment service provider wouldn’t cost much to your business as well, as you would have to make only two payments: the first time installment fee and a small amount of monthly fee as transaction charges. Also, before choosing a PSP for your business it is always recommended that you enquire about any hidden costs involved in order to avoid any confusion later on.

PSP Makes Transactions Safe And Secure

A safe and secure online payment is definitely a must for businesses that look for steady growth. All the information given by the consumer while initiating payments for the purchased product or service is secure safe and secure, as they are regulated and validated. Also, the transaction process from the consumer’s bank account to the business owner’s bank account is secured by the relevant compliances.

Easy Signup And Checkout Process

Omni online payment solutions are as easy as ABC. Gone are the days where you have to wait for days to get payments done for purchases made. Online payments make it easier for both the consumers and the sellers to settle payments faster. Such an easy payment method makes the shopping experience simple and great for your customers. A reliable PSP ensures an uninterrupted checkout process for your business clients.

High Success Rate

There could have been instances when PSP has failed transactions due to low internet connections or wrong customer details being entered. However, most business owners prefer online payment solutions as they always have made transactions faster and easier. Also, as it gives the customers multiple options to choose from to make their online payments, it increases customer loyalty and satisfaction.

Maintains Transaction Database

An additional advantage of having PSP installed is that it allows business owners to maintain a database that helps them get an insight into the details of transactions and settlements made with their clients through an online payment platform. You can also opt for real-time reporting features, so you are updated at every stage of the transaction process.