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The benefits of accepting online payments. What features to look for in the best online payment gateway solution.
There has been a sharp rise in the choice of online payments since the use of smartphones has increased. In one of its reports, Statista has shown that online transactions have reached USD 5 million by the end of the year 2020. In the year 2021, an increase of 15% YoY is expected to be witnessed.
Why Accept Online Payments
Accepting payment online has got many benefits including:
Instant payments - Accepting online payments via a reliable gateway solution enables you to access your payments instantly.
Easy and quick setup - Setting up an account with a payment gateway like XanPay is fairly easy and user-friendly process.
Low labor cost - Since your payments become automated, it reduces the need for manual labour.
Fast transactions - Online payments can be leveraged from any corner of the globe. Modern FinTech solutions enable faster transactions to send or receive payments
Convenient for online sales - Accepting online payments also allow you to expand your business operations to a global scale. You can set up an online eCommerce store and scale your products or services to a global scale.
Low risk of theft - A secure payment gateway solution facilitates more security with low risks of fraud or theft while engaging in online transactions.
An online payment gateway helps facilitate a merchants, business, enterprise or any entity to accept payments online.
What is Online Payment Gateway?
A payment gateway is a modern technology used by merchants to accept online payments for purchases from customers. It is specially integrated with e-commerce platforms or online stores to make the process of transactions for goods or services more convenient and easy.
With many payment preferences available to customers, e-businesses must choose the right payment gateway. While considering one, you need to search for a payment gateway that is safe and provides convenience to the customers.
Features of Best Online Payment Gateway
Here is a checklist for helping merchants to choose the best payment gateway for their business needs.
1. Easy Integration
You should search for a payment gateway that allows plugins to seamlessly integrate with your current platform. Integration helps in saving the effort of updating your records manually. This also reduces the scope of errors. Each and every document is maintained in the dashboard. Every time the payment is made digitally, it will start reflecting on the tool you are already using.
2. Multiple Payment Option
As a considerable amount of customers are opting for digital payments, the payment gateway should be able to accept a wide variety of payment options. Moreover, you should ensure that you will be able to cater to emerging solutions like eWallets to your customers. When a retailer provides its customers with their preferred mode of payment, it helps gain their confidence, leads to repeat visits, and boosts sales.
3. Fast Processing Speed
The speed at which the money gets transported from a customer's bank account to a retailer's account is extremely important. A quicker processing speed gives customers a hassle-free user experience.
4. Local Payment Options
Local payment methods are how people pay online in a specific geographic location. Merchants highly value local payments because they gain access to entire populations. For example, in Indonesia and India, people are accustomed to paying online with their local installment cards.
5. Reduced Costs for Transactions
Compared to classic payment setups, where the shopper has to visit a store and pay there or mail a check, online payments occur in a much more automated environment. This translates into their reduced costs. Instead of employing a cashier or dealing with the costs of processing payment slips, merchants can set up payment systems, often at no upfront cost, and subsequently pay low transaction fees whenever a sale is recorded on their site.
XanPay: Payment Gateway Solution for your Business
With XanPay’s solution, a merchant can leverage its innovative technology to conduct cross-border transactions with lower fees and faster payment processes. Furthermore, XanPay facilitates a merchant to enable local payment methods in multiple countries in a much faster, cheaper, and easier manner.
XanPay’s infrastructure integrates its proprietary C2C-routing-technology to facilitate cross-border payments between payment service providers, merchants, and their customers. Moreover, stakeholders can leverage the advantages of XanPay payment architecture without any risks of custody.
Integration - The routing technology of XanPay connects payment service providers and merchants. A single software stack of XanPay supports more than 15 countries and currencies with local payment options. There are three ways to integrate XanPay into the checkout page of any website.
Multiple Payment Options - XanPay supports favorable payment options of more than 15 countries allowing merchants to provide a seamless solution to their consumer.
Faster Settlement - The long settlement times, as high as weeks with traditional service providers, are reduced to instant* processing with XanPay solution.
Low Fees - XanPay facilitates businesses to lower their transaction fee costs from as high as 7% with conventional financial infrastructure to less than 2%.
Local Payment Options - The USP of Xanpay is that it allows business solutions to offer local payment options to their customers in over 15 countries. In turn, the merchants receives the amount in their preferred currency.
Accepting online payments carries several benefits as compared to traditional financial options. Moreover, innovative FinTech solutions have made it simple and easy to engage in online transactions from any corner of the world.
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