For any business, acquiring new customers and generating revenue is essential. However, with the rise of e-commerce and mobile apps, businesses are now competing against other vendors for a place on consumers’ online purchase lists. To stand out from the competition and acquire new customers, businesses must embrace payment gateways. These services enable business owners to accept credit card payments securely from their website visitors or app users. Once integrated into your e-commerce platform or app, payment gateways provide added security and transparency for your company’s financial operations. Businesses that leverage payment gateways also enjoy several operational benefits as well. Read on to learn more about why businesses need payment gateways sooner than later!
What is a payment gateway?
A payment gateway is a service that connects your business’s online store or app with payment processors such as Vantiv, Stripe, Authorize.net, or one of hundreds of other services. With a payment gateway, customers can pay you directly from their credit card, bank account, or other financial service. This means that customers don’t need to know or trust your company.
A gateway is active if it has been connected to your payment processing flow and has received at least one payment. If you’re not sure if your chosen gateway is active, ask your payment processing service provider. If your chosen payment gateway is not active, it means no one has made a payment yet through that gateway. This is likely because you’re not connected to the gateway or you have connected to the gateway incorrectly. To start receiving payments through your payment gateway, you will need to connect the gateway to your payment processing account. This can be done either manually or with an online gateway management tool.
Benefits of Installing a Payment Gateway
- Additional Business Operations - Accepting Credit Card Payments gives you the ability to run your business on an entirely cashless platform. Customers can easily pay you securely and quickly. - Improved Customer Experience - With credit card payments, customers can be confident that they will be charged only for the items they purchased. You can also provide added security through purchase protection, fraud detection, and chargeback reversal. - Increased Revenue - Credit card payment processing provides a reliable, recurring income stream that is often much more than payments through other payment options.
Finding the right payment gateway provider
When choosing a payment gateway, consider a few factors. First, consider the type of payment you’ll accept. Does your business offer different products and/or services? If so, then you’ll need a payment gateway that supports different payment types. Next, look at the coverage and limits of the payment gateway. Your chosen payment gateway should have PCI compliance, a healthy balance sheet, and enough liquidity for your business.
Whether you’re a small business owner looking to accept credit card payments or an enterprise that handles large payments through digital channels, a payment gateway like FrenzoPay can help you increase revenue and improve customer service.