10 Benefits a Good Payment Gateway Can Bring To Your Business No matter what kind of business you're running, which industry you're working in, you will need an online payment gateway in India to boost your performance and growth. Sounds unbelievable? Then, know that more than 25% of customers abandon the site they are on and go for the competitor sites when they don't find their preferred payment options on the checkout pages. This is enough to prove that if you want your customers to stay loyal to your business and boost your sales, then you need to provide them with all the flexible payment options that are trending — and this is only possible by having an online payment gateway in India. Online payment gateways have gained enormous popularity over the last few years. They have given a new and better face to the online payment processing system. The only reasons behind their popularity is an array of amazing features and benefits they offer to the businesses as well as customers. Not only do they make transactions faster and more secure, but they also offer a variety of options to scale your business on a domestic and global level. Let's take a look into some of the other benefits of using an online payment gateway in India. Benefits of Using An Online Payment Gateway in India 1. Faster and Secure Transactions The foremost advantage of having a payment gateway is the security and speed it offers to your payment processing environment. The best online payment gateways can help you receive payments nearly 50 times faster than you normally. This means you can provide a better shopping experience to your customers and regulate your cash flow without any hassle. Since the process of approving payments takes a few seconds, both merchants and the customers don't need to wait for a long time in order to finish the transaction. Payment gateways are generally customer-facing. This is how the whole process works: ● The customer selects the desired item and moves to the checkout page. ● He selects his preferred payment option and enters the required details. ● A payment gateway then receives an approval kt decline message from the customer's bank. ● If the merchant receives the approval message, he initiates the shipping process. ● The total amount is settled by the bank of the customer to the payment gateway, which then clears payment to the merchant's account. During the process, all the data and private information is kept encrypted and secured by the online payment gateways in India. Hence, you as well as your customers don't have to worry about any security issues. 2. Minimum Set Up Costs Many people think that setting up an online payment gateway in India is a very costly affair that can be only afforded by large businesses and enterprises. But that's not true. Although payment gateways incur a specific amount of transaction charges and chargeback fee, they are all worth it. Also, the initial set-up cost of most reputed payment gateways is affordable. It doesn't matter if you're running a small business or just getting started with a start-up, you can set up your payment gateway with minimum cost. 3. Keep Up With The Trends Because payment gateways offer secure, faster and smoother transactions, they surely include almost all the possible payment options and this stays true even for the future. Payment gateway providers keep their systems up to date and this allows you to stay ahead in the payment processing landscape. 4. Save Your Time The biggest reason why online payment gateways are loved by users is, they save a lot of time. It only takes a few seconds to make payments via an online payment gateway in India. No matter in which part of the world you're sitting, you can collect/make payments in a swish. This offers added convenience and peace of mind to both customers and merchants. 5. Improved Customer Experience Shopping cart abandonment is one of the serious issues businesses have to struggle with. The biggest reason that gives rise to this phenomenon is the unavailability of flexible payment options. When a customer doesn't find his favourite payment method on the checkout page, he's compelled to abandon your site and shop from the competitor site. It simply means websites that offer a good variety of payment options along with faster and secure transactions are loved by the customers. By integrating the right payment gateway, you can take your customer experience to another level. 6. Accept Worldwide Payments Payment gateways allow you to take your business to the global markets. Anyone with internet access can shop from your site and make payments from any corner of the world. Online payment gateways allow you to accept payments in multiple currencies via multiple methods, so you can freely grow your international customer base without worrying about anything. 7. Reduce Declined Transactions Declined transactions are another headache for businesses. They can cause a lot of inconveniences and incur additional costs, but not with a payment gateway. Generally, the payment gateways check the availability of funds right at the moment customers enter their banking information. The request either gets approved or declined in its initial phase only. Therefore, no need to run after customers to remake their failed transactions. 8. Enhanced Cash Flow Most reputed payment gateways credit your money within 2-3 days of transactions. This means you don't have to wait for days to use the money you've earned. You can enjoy a balanced cash flow within your business. 9. Payment Automation Another perk of having an online payment gateway in India is that it reduces the need for human interference or labour work in your payment processing. Payment automation not only saves time and money but also minimizes errors. You can set up automatic withdrawals, recurring bills and payouts using the right payment gateway. 10. Fraud Detection Tools Protecting the customer’s private information and dealing with the chargebacks is still a major challenge for businesses. The best payment gateways come with features like online fraud detection, PCI-DSS compliance and data encryption to offer maximum security to you and your customers. Delayed payments, late deliveries and a poor payment processing environment are a few reasons that stop your business from growing. So, use the right online payment gateway in India and improve your performance significantly.