If you are not having a featured payment gateway integrated within your e-commerce, you are diverting the customer flow towards your competitor’s business website. Hence, you should start the process of getting a modern payment gateway today itself.
For choosing the best amongst them, follow the below mentioned tips:
Choose on The Basis of Your Needs
The end results of payment gateway integration should well satisfy all your needs. While some payment gateways have a fixed monthly fee, others charge on the number of financial transaction your e-commerce does. You should choose the one that is affordable for you and by hiring which you do not waste money. You can also get a payment gateway even if you sell through brick-and-mortar stores, but in this case, you may be required to have two different merchant accounts.
With the fast pace at which technology is advancing today, India is not far behind in adapting to it. According to data from the 2014 MasterCard Online Shopping Survey, the number of Indian online shoppers using mobile smartphones to make purchases stood at around 63%, which has steadily grown with the current over 220 million people having access to Android-based smartphones (according to Counterpoint Research, US).
Need for better Online Payment Gateway services
As the numbers of online shoppers using mobile smartphones increase daily, it becomes pertinent for online businesses to adapt to this advancing trend. Today, there are a handful of leading service providers of online payment services who are efficient in giving the best and most effective payment gateway solution in Android in India. Leading payment service providers, such as EBS (E-Billing Solutions) from Mumbai, have been providing the most advanced and efficient online payment collection services for a large variety of e-commerce websites and e-tail shopping platforms in India as well as abroad.
With the expanding reach of the internet in India we are witnessing a revolution of sorts. The regions and areas that were accessible with difficulties earlier are now being connected faster. The internet has enabled people from one part of the globe to communicate faster and more efficiently with people from the opposite side of the world.
Increasing expansion of internet has also brought about the online shopping trend in India as well. Many hundreds of entrepreneurs are launching their own online businesses in India every day to take complete benefit of this amazing opportunity. As with any business plan, the ecommerce business also needs to be well-planned and feasible in nature. There are a few special factors that need to be addressed before establishing an online business. One of the most important from these factors is the type of payment system being used on the shopping website.
EBS (E-Billing Solutions), from Mumbai, has been voted as the top online payment service provider in India since the past decade. The company has been providing extensive and comprehensive internet payment services and systems to a large variety of online businesses. These payment services are aimed at improving the efficiency and security of the payment system for online shopping.
When you are at a brick-and-mortar store, you do not need any technology to know when the buyers are getting annoyed and frustrated. Body language and voices/murmurs show that the credit card payment machine is not functioning well enough and the payment process is getting tiring for the customers. Online merchants also always want to know what the causes are behind annoyance of the online shoppers. A number of factors, including slow uploading of the website, a crashing or unpredictable Visa payment gateway, and other abnormalities can give rise to an annoyed customer behavior.
If you are an online merchant, you need to know about the fee related with a payment gateway, that you will have to pay once you hire the services of a payment gateway in India. Your payment gateway provider will also offer you a merchant account.
The scenario changed after RBI mandated 2-factor authentication in India and the cards industry adopted the 3-D Secure methodology to ensure compliance. 3-D secure added an extra layer of security to credit and debit card transactions. It is an XML-based protocol and involves an additional validation step for online payments wherein the cardholder’s identity is authenticated by his / her card-issuing bank. The technology was first adopted by Visa under the name Verified by Visa and later by
MasterCard under the name SecureCode.
India is the second most populous country of the world and it is believed that if it continues to grow at the same rate, it may surpass China in next 5 years i.e. till 2021.
According to the World Bank’s Report (2014), almost 67.63% people of India’s total population are still living in rural areas. So, saying that “the road to the economic growth of the country passes through the rural areas” will not be hyperbolic at all.