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How a Payment Gateway Helps Your Business Grow

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How a Payment Gateway Helps Your Business Grow
Mohab Growth Hacks 0

How a Payment Gateway Helps Your Business Grow

The e-commerce industry continues on an incredible growth trajectory, and as an online business owner, you have to implement the best strategy to leverage this growth. Whether you want to start an e-commerce store, or you already have one running, one of the most important considerations is how to stand out in the crowded market by offering a seamless customer experience. While the e-commerce landscape offers limitless opportunities for your business, you have to appreciate the stiff competition. One of the most innovative ways of growing your business in this highly competitive market is by integrating a payment gateway into your online store.

This article explores how payment gateways work and how using this system will boost your business performance. Keep reading to learn more.

Brief Overview of a Payment Gateway

In the simplest of terms, this is the technology that connects your online business with the payment network.  This system offers your business capacity to process multiple types of payments instantly. The gateway system securely captures payment details for customer transactions in an encrypted format.

This information goes to a payment processor or the acquiring bank in a matter of seconds. A message of approval or decline comes back to your system from the other end to complete or decline the payment. In summary, payment gateways use an encrypted connection to process, verify and accept or decline payments made by your customers.

The payment gateway process might not be the first thing you think of when strategizing for your store’s success, but it should be. This system facilitates fast and secure transactions at your store which is one of the things your customers will always look for before completing a purchase.

Payment Gateways for Business Growth

Now that you appreciate what payment gateways do, it is time to learn more about how this system can help your business grow. Take a look:

  1. Secure Payments

As more people continue shopping online, the issue of data breaches has become a major concern for all online operators and the authorities.  Many consumers and businesses have suffered huge losses due to data breaches and credit card fraud when making online payments. By integrating this right gateway system, you mitigate the risk of fraud through data loss.

  1. Offer Alternative Online Payments

More consumers now look for the fastest and cheapest payment option and your online business has to accept such alternative payments. The only way to accept multiple payments is through a system that allows you to process them easily. By accepting multiple payments, you improve not only your customer acquisition rate and customer retention rate but also sales conversion.

  1. Legal Compliance

Your online business has to comply with the stringent Payment Card Industry Data Security Standard and the only to do this is to provide a safe and secure shopping experience. Falling behind on the PCI compliance curve can lead to hefty fines and loss of customer trust, among other devastating problems. By integrating the best payment system into your store, it is easy to streamline the data security compliance process for your business.

  1. Better Decision Making

The best payment gateways offer you crucial data from your customers and you can leverage such information and feedback to make better decisions for your business. Data-driven decisions guarantee better outcome for your business and also enhances the operational efficiency of your e-store.

  1. Broader Market Reach

If you want to grow your e-commerce store, you have to implement strategies that allow you to reach an international market. By accepting multiple payment options and offering a fast and secure processing system, you can easily target the global market. This increases conversion rates and boosts your bottom-line.

If you want to grow your online business, you need to embrace the latest payment system for fast, convenient and secure transactions at your e-store. It will be a win-win situation for your business and the customers. Get a competitive edge in your target market by integrating the best gateway for payments at your e-store.

5 years ago
Grow Your Business by Offering Alternative Payment Options
Mohab Growth Hacks 0

Grow Your Business by Offering Alternative Payment Options

As the growth of e-commerce continues, business owners face new challenges when they seek to improve customer satisfaction levels. Top among these challenges is how to deliver the best customer experience. Why does the customer experience matter? According to an Oracle Report, 86% of shoppers will pay more for a better shopping experience. This means if you provide the best experience for your online shoppers, they will keep coming back. Offering alternative payment options is one of the most effective techniques to improve the shopping experience on your e-commerce website. This article highlights the reasons to increase your website’s capacity to take payments online from multiple payment methods. Keep reading.

  1. Global Reach

The e-commerce industry is global and however small your business looks, you can target the global market online. The concept of a global village is now real and you can leverage this phenomenon by giving your customers multiple payment options.

When integrating payment options on your e-commerce website, you should remember that some of your target customers cannot use the options available in your country.  By providing alternative payment options, you will grow your global reach which is the dream of every business today. Your international customers will never have problems purchasing from your e-commerce store.

  1. Increase Sales Conversion

At first glance, you might not think the payment solutions company you choose will have an impact on your revenues. Well, you should think again because a YouGov Survey shows that 50% of online shoppers cancel their orders if their preferred payment option is not available.

If you have noticed a high rate of cart abandonment and high bounce rates, it is very likely that your limited payment options are killing your sales. By providing alternative payment options, you attract not only new customers but also retain existing ones who would love to change their payment method. If your checkout process is fast, easy and convenient, your e-commerce store will enjoy higher conversion rates.

  1. Improve Security During Payments

One of the greatest concerns for online shoppers is the security of available payment options. If an online store offers a single payment option, customers who would like to try other secure payment methods might have to abandon their purchases.

When thinking about user experience, the security of your website’s checkout process must feature and this is one good reason to provide a wide range of choices. With advances in online security technologies, the latest payment methods promise secure shopping and your customers will expect your e-commerce store to allow these.

  1. Reduction in Operational Costs

Operational costs for businesses eat into the profits and as an online business owner, you have to seek ways to cut costs.  In the e-commerce industry, you have to pay processing fees for the payment method you choose. If you stick to a single payment option, you will never know how much you can save by allowing your customers to use other payment methods. With time, you can identify those payment methods that eat too much into your profits.

  1. Customer Retention

While most businesses invest heavily in customer acquisition, research shows that customer retention has better ROI. Increasing customer retention by 5% alone boosts profits by 20-95% according to a survey by advisory firm Bain &Co published in the Harvard Business Review. One of the best ways to retain your existing customers is by offering flexible payment methods. Internet shoppers are always on the lookout for new technologies, and they will expect your e-commerce store to accept the latest payment options.

  1. Brand Trust

Online shoppers always look for brands that adopt technologies fast. Such brands are easier to trust and shop from compared to those that stick with outdated processes. If a shopper can’t find their preferred payment method on your e-commerce store, they will most likely doubt your credibility. To build brand trust and loyalty, it is advisable to adopt multiple payment options which will, in turn, lead to higher conversion rates and increased revenues.

  1. Seamless User Experience

Internet users are always in a rush and they have an infamously short attention span. They want instant gratification and if there are delays in delivering this, they will quickly move on to another online store. By providing multiple payment options, you will enhance the user experience at your store, which in turn leads to higher sales, positive reviews and a boost in revenues.

The e-commerce business environment is tough but with the right strategies, you can always stay ahead of the pack.  By offering alternative payment options on your e-commerce store, your business can attain a global reach, higher sales conversion, reduce cart abandonment, and improve customer loyalty and brand trust, among other things.

5 years ago
Why is It Important to Be PCI Compliant?
Mohab Ecommerce 0

Why is It Important to Be PCI Compliant?

The e-commerce market continues to grow at an incredible pace across all industries.  More consumers now shop online, and online retail sales keep increasing every year. However, it is not all hunky dory in the online business landscape. One of the biggest concerns online businesses must grapple with is the increase in data breaches.  Now that payments happen online, there is a big risk of data loss without proper data protection mechanisms. The industry has adopted secure online payment systems, but there is still a need for regulation and close monitoring. This is where Payment Card Industry (PCI) standards come in to protect cardholder data. If you are an online business owner, there are various benefits of becoming PCI compliant.

This article examines the risks of insecure payment systems, PCI standards and the importance of PCI compliance. Keep reading.

PCI in Brief 

The advent of internet technology provided an ample opportunity for businesses to expand their reach. As more people went online, trendsetters in all industries moved their operations to this platform to tap into the new opportunities. The early online stores had to accept credit cards to offer a seamless online shopping experience, and this is where security problems started.

With no regulation on data security, data processing, and data storage, it was only a matter of time before credit card fraud started to hamper online shopping. At this point, providers of payment solutions came together to develop the Payment Card Industry Data Security Standard or PCI DSS compliance standard.

PCI standards define data security requirements for businesses handling online payments. The bottom-line is to protect the online shopper by minimizing risk to cardholders’ data. Today, this is an industry regulatory requirement accepted worldwide. Businesses must undergo rigorous requirements, to become PCI compliant and it is an ongoing process.

Reasons for PCI Compliance

The process of PCI compliance is tough but when your company is compliant, there are multiple benefits you enjoy. These include:

  1. Reducing the Risk of a Data Breach

The last thing you want as an online business owner is for your customers to lose their data while transacting on your website. This can lead to devastating lawsuits, loss of brand trust and ultimate failure of your business.  Information flow online is fast and swift and within no time, your business will hemorrhage customers leading to a slump in sales. By complying with PCI standards, you can rest easy knowing your customers’ card data is safe and secure.

  1. Increase Brand Trust

The PCI badge on your website makes shoppers more comfortable to undertake transactions. It is a badge of honor for any business to attain and it takes a lot of investment in security standards on your website.  It is easy to build customer loyalty when you offer a secure shopping experience.

  1. Boost Sales Conversion and Revenues

When your customers feel secure shopping from your website, they will always come back. If there is no security breach on your e-commerce website, there is a higher chance of retaining existing customers while attracting new ones. All these factors boost sales conversion which in turn improves returns.

  1. Avoid Costly Fines

The issue of data fraud affects all businesses in the online ecosystem. If your business suffers a data breach, there is an immediate impact on all other businesses as customers will fear the same will happen elsewhere. For this reason, your business will suffer hefty fines from PCI in case of failure to comply with the standards. These hefty fines force businesses to observe best practices in data protection while at the same time implementing all guidelines provided by PCI.

  1. Build Your Company’s Image

Internet shoppers can always switch to another online store if they feel uneasy making payments on your website.  For this reason, you need to invest heavily in your image branding and one way of doing this is by becoming PCI compliant. Consumers now appreciate the importance of security when shopping online. If you have met the highest standards, they will comfortably shop from you and recommend you to their friends too.

When thinking about facilitating online payments on your e-commerce website, you should look for a payment solutions company that will boost your efforts to achieve PCI compliance. By becoming PCI compliant, you will easily sustain your business by averting fraud, increasing customer loyalty and building brand trust.

5 years ago
5 ways to optimize your m-commerce business
Mohab Growth Hacks 0

5 ways to optimize your m-commerce business

E-commerce is revolutionizing the shopping experience of the buyers. People are more comfortable shopping online rather than stepping out of their comfort zone. The widespread smartphone penetration has further propelled the growth of e-commerce, particularly mobile e-commerce. By 2021, mobile commerce sales will constitute 54% of the total e-commerce sales.

If you are planning to tap prospective customers who prefer mobile shopping, you must focus on delivering a seamless mobile retail experience. And if you are wondering how to optimize online retail business for mobile users, the following tips will be beneficial for you.

Get hold of a responsive design

A responsive e-commerce website is one that comfortably adapts according to the screen size of the device. When it comes to mobile shopping, the screen size matters a lot. The condensed layout of the website must accommodate all the information in a well-defined manner. For example, the payment gateway page should adjust accordingly, without ruining the user experience.

Focusing on visuals rather than text is a smart way to connect with the buyers. This will ensure a minimal layout, and at the same time, you do not have to compromise on the user experience. Developing a shopping app is also feasible, but it will cost a fortune. Moreover, according to BI Intelligence’s Mobile Checkout Report, mobile shopping websites are popular among shoppers. Therefore, optimizing e-commerce website for mobile users should be your priority.

Facilitate social media shopping

If you do not find, shoppers browsing your mobile shopping store, you will find them hanging out on social media. And since you can integrate your online store and social media accounts, you can enable social media shopping. For example, Facebook, Instagram, and Pinterest allow you to promote and sell your products and services on social media. The visitors click on the Shop or Buyable Pins icon, and they are redirected to the secure payment processor. This is an excellent way to drive more sales because social media shopping reduces the number of steps involved during shopping.

Provide an intuitive user interface

If you deliver a seamless user experience to mobile users, you will witness higher conversion rates. Optimizing user interface is the best way to ensure maximum engagement. As the screen size gets smaller, it is better to focus on visuals rather than text information. Opt for photos, 360-degree images, videos, and so on. To increase click-through-rate, add a hovering “Buy Now” button. Keep the checkout process simple enough to avoid any confusion. Develop urgency in buyers by displaying product count, placing a countdown for a limited-time sale, and highlighting slashed down product prices.

Develop a relationship with customers

Once you acquire customers, you have to double your efforts to retain them. Let them create a profile on your e-commerce site, invite friends, share their collection with other users, upload photographs, and so on. Since users spend most of their time on smartphones, consider optimizing profile section for mobile screens. Allow customers to log in with their social media accounts, eliminating the need to create a personalized account.

Ask customers to opt for mobile notifications so that you can send them instant notifications related to product deals. Communicating with your customers via an email outreach program ensures higher engagement and conversions.

Make the mobile checkout process smooth and attractive

The cart abandonment rate is approximately 85.65% for mobile shopping carts. This highlights the need for optimizing checkout procedure for m-commerce. Aim at reducing the checkout steps to increase the conversion rate. If the customer abandons cart at the last moment, send a personalized offer such as a discount or cashback. In addition to credit and debit card transactions, online payment platforms should provide options like net banking, wallet payments, UPI payments, gift vouchers, and so on.

The bottom line

M-commerce can drastically increase your customer base if you optimize your business for mobile users. As smartphone penetration and internet accessibility increase exponentially, people are opting for convenient shopping means. Adhere to the aforementioned tips to render a hassle-free mobile retail experience for the shoppers.

6 years ago
How Digital Payments Can Ensure Online Business Success
Mohab Ecommerce 0

How Digital Payments Can Ensure Online Business Success

The modern business ecosystem today, is fast changing and as a business owner, you must adapt to survive these changes. One of the most phenomenal change, is the influence of the online market. If your business is not leveraging the growing internet market, you are missing out big time. Now, to survive in the highly competitive online market, you must provide a seamless shopping experience. One way of doing this is implementing a system which allows you to take payments online. A digital payment option helps unlock your business potential in various ways.

This article highlights how an efficient digital payment system, can ensure the success of your online business. Keep reading to know more.

  1. Providing a Fast and Convenient Payment Method

Online shoppers are infamous for their short attention span and their want for instant gratification. What this means, is that you must provide what they need, there and then. After a shopper adds items to their cart, the last thing you want is hitches in the payment process.

While most e-commerce websites promise easy payment, this does not reflect on the choice of payment options they offer. With digital payments, you can now provide a seamless shopping experience which in turn, leads to customer loyalty, fewer abandoned carts, increased sales conversion, and better ROI.

  1. Expanded Customer Base

Most e-commerce websites started out with only credit and debit card, as payment options. But things have now changed and if you do not adapt, you risk of being swept aside in this volatile market landscape. Digital payments allow more customers to complete the purchase journey on your online store.

You have an opportunity to expand your customer base which is the dream of every entrepreneur. By offering multiple payment options, you improve the shopping experience leading to increased sales, high ROI, customer loyalty, and brand recognition.

  1. Serve Various Geographical Markets

The best digital payment systems provide multi-site and multi-currency capabilities. It is now possible to target different geographical markets without the complexities of currency conversion. The idea of a global village has come to pass, and you should implement the best payment system to ensure you leverage this internationalization of commerce.

  1. Minimize or Eliminate Fraud

One of the greatest concerns in the online market ecosystem is safety when making payments. Shoppers must provide sensitive data, to complete payment and when such data falls in the wrong hands, many things can go wrong. This is where digital payments come in handy. The best payment gateway process entails performing card related encryption, authentication, and verification. Through such foolproof security measures, identity theft and fraud can be prevented.

If you have not integrated a digital payment system in your e-commerce store, you need to consider the risks for your business and your customers. Now that online shoppers appreciate the risk of online payments, they only use stores which guarantee the safest shopping experience. It is time to explore available payment gateways and purchase the best for your online store, to provide a safe and seamless shopping experience to the customer.

  1. Increase Profitability

One of the main objectives for every business owner, is to make a profit. In the e-commerce landscape, the stiff competition can reduce profitability and you must think outside the box to maintain the flow of the customers. This is where a digital payment solution comes in handy.

If you can accept multiple credit cards, mobile money, and other digital payment options, you will make customers happy which in turn leads to increased sales and profitability.  Potential customers will find it easy to complete orders which will, in turn, improve your brand’s reputation.

  1. Excellent Customer Satisfaction Levels

One of the major points of concern for online shoppers is the lack of a flexible payment option. It is a major reason many businesses rank poorly in terms of customer satisfaction levels. To overcome this challenge, you need to adopt digital payments.

It is an easy way of keeping your customers happy which leads to high customer ratings. Now that most shoppers look for business rating before making a purchase, you need to implement a seamless shopping experience by allowing flexible digital payments.

There is no gainsaying, the importance of an efficient payment gateway solution allows for seamless digital payments. It is an effective technique to keep your customers happy, increase your customer base, enhance safety security, cut the cost of accepting payments, and increase ROI.

6 years ago