The importance of electronic payment for your store

The importance of electronic payment for your store

Online payment for your store is very important, so if you are in the process of creating your own e-commerce store, congratulations. However, creating an e-commerce store is not easy; You need to make tough decisions, and payment processing is the most important of them. This article will highlight the importance of an online payment solution gateway and will help you choose the best one from the rest. Before we move forward, let us understand the basics and how you can get started with your online merchant account.

What is the importance of electronic payment for your store?

• If you want to set up your own e-commerce store, you'll first need to create a merchant account and payment gateway.
• Merchant account is the place where the payment is placed, the funds will be held temporarily, while the payment gateway includes the payment method for processing such as credit and debit cards, etc.
• Creating a merchant account for your e-commerce website usually takes 3 days to a week, so it's best to plan your schedule accordingly, so nothing slows you down.
• Many payment gateways like PayPal and Stripe offer a merchant account, so if you're willing to go there, it'll be a less worry-free and less difficult decision to run your online store.

Why do you need an online payment option?

Speaking of the importance of online payment for your store, now that you know the basics, let's get down to the facts. Here are several reasons why you need a reliable online payment solution:

Meet customer expectations

• The growing e-commerce boom shows no sign of slowing down, with e-commerce retail sales reaching a total of $5 trillion by 2021.
• The Internet has made consumers more compatible in purchasing products and services.
• A good payment service provider is inevitable in such times when the opportunity is at its maximum.
• Choose the best PSP (online payment service provider), which allows customers to shop any way they want.

Fast payments with Less effort

• Manual payments are something that happened in the past; Today, there are faster alternatives in the world.
• Online payments are a better option since they are instant, and merchants can easily check whether a transaction has gone through or not.
• Digitizing the payment process not only reduces the manual effort of merchants, but also keeps a record of every deposit in the account and this is where online payment really comes into play for your store.
• With online payment solutions, these things happen automatically, saving you time and energy so you can use them more effectively.

Multiple payment methods

• With so many payment methods available, including credit, debit, mobile wallets, and more, as a merchant, it's in your best interest to offer your customers a variety of options.
• Payment service providers accept a variety of payment methods and single or multiple integrations.
• Also, the online payment solution provider takes care of managing and tracking all payments using the online web-based platform.

Read also: Create a free online store via the NGShop platform

Enhancing security and protection for the online store

• Security is the first concern that pops up in every trader's mind when they think about going global.
• Also, consumers are aware of their payments and data online.
• Merchants use a web page hosted by payment service providers, which makes them satisfied that their data is protected.

More marketing/distribution channels available

• In our article on the importance of online payment for your store, no list of the advantages of online payment processing would be complete without mentioning the benefits it can bring to your distribution channels.
• If you are able to accept online payments, you can distribute your sales in the affiliate domain and have other websites and online opinion leaders showcase your products and services with full payment options available online.
• Merchants who sell online through affiliates can generate up to 28% of their online sales through these channels, which represents a significant increase in revenue.
• Explore the options to join an extensive affiliate network and discover this potential for yourself.

Online Payments Solutions Jobs

• Online payment services offer variable tools that reduce the chances of fraud and theft. There are a huge number of detection tools that include:

1. Computer fingerprint innovation
2. Identity is shifting
3. Check speed pattern
4. Geographical location
5. Access information for delivery
6. Conducting AVS tests

• Now you know how important online payment is for your store, let us now help you choose the best online payment service provider by highlighting only some of the best qualities.

How to choose the best online payment method?

Fees and costs

• Fees and costs vary, making it difficult to determine exactly what's right for your business.
• For example, some payment gateways charge an initial registration fee and others don't.
• It's important to note how costs are broken down before committing to the service.

Modern versus traditional

• One big difference between modern and classic online merchant payment solutions is that modern payment does not require you to create a merchant account.
• It's easy to set up but charges more than traditional payment gateways.
• it can be considered PayPal and EmpirePaytech Two modern gates, and Authorize.net A good example of a classic payment gateway.

Read also: Online stores and their importance in light of the Corona pandemic

A variety of e-commerce payment methods

• Speaking of the importance of online payment for your store, before finalizing your PSP, be sure to note how many types of credit and debit cards the service provider accepts.
• The more payments you accept, the greater your chance of getting more conversions.
• Also, if you want to go internationally, make sure your payment provider supports this, as only a few do.

The importance of electronic payment in creating recurring invoices

• It gives you the ability to set up a payment that will repeat after a specified period.
• Although not all businesses need to worry about this, if you think that your business will need such recurring payments, then you should look for this feature before finalizing with an online payment service provider.

Read also: Ways to profit from the Internet

Is the payment method hosted outside the online store?

• A hosted payment is one that directs the customer away from your website to complete the final payment.
• A good example is PayPal, which directs customers to PayPal to complete the transaction.
• Initially, it is recommended not to choose hosted payment methods, as it adds another step for the consumer before they pay the required amount.

Protection and security

• Security and protection is an obvious concern when it comes to processing transactions.
• Although all online payment services companies boast that their security is top-notch, only a few pass the test.
• Before falling for their false claims, look for a 1PCI DSS compliant payment gateway.
• Also, for further confirmation, ask if they have CVV2, verification and encryption standards.

 

In conclusion of our article on the importance of online payment for your store, whether you are handling your e-commerce store yourself or collaborating with an agency, it is best to have an understanding of the online payment processing landscape to take advantage of the maximum potential of the online platform.