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How Offering Alternate Payment Methods Provides a Competitive Edge

Tag: payment solutions

How Offering Alternate Payment Methods Provides a Competitive Edge

How Offering Alternate Payment Methods Provides a Competitive Edge

With e-commerce gradually taking centre stage, online shopping is emerging to be a highly competitive space. Every merchant is keen to include differentiating factors based on customer convenience and choice to stand out from competition. One such feature is offering alternate payment methods to the customer. We shall look at how offering alternative payment methods can help one stay ahead of one’s business rivals.

  1. Let the customer choose: Just like with products, customers like to be presented with choice when it comes to payment methods. For a global e-commerce business, it is important to identify the locally preferred, accepted payment methods. This option varies among different geographies, regions, industries, age groups, and devices i.e. smartphone, tablet or laptop used to make the purchase. For example, it is not practical to enter card details in a mobile. In such a case, digital wallets might be popular. In another study, it has been found that millennials prefer text to talk in case of payment methods.
  2. Adapt to local tastes: There are several e-commerce payment options available like direct bank transfers, direct debit, digital wallets, cash on delivery, phone and mobile payments, prepaid cards, money order, online invoices, digital currencies and specific local payment modes. A payment solutions company with a global network would be able to provide valuable insight about the most commonly used payment option. The data analytics would enable higher sales conversion.
  3. Fraud risk evaluation: One can use digital solutions that provide real-time information on the most suitable payment method to be provided to a shopper, after an automated background verification of customer credentials. The shopper’s delivery address, device location and other specific data can be used to assess the risk profile by the time the customer reaches the payment page. This offers dual advantages of providing appropriate payment methods as well as reducing incidents of fraud.
  4. Customer recognition: It is best to provide customized payment options of at least 3 modes. This can be determined based on the past purchase trends like value, frequency and the use of a particular payment mode. This would help provide seamless payment processing based on intuitive data.
  5. Multi-currency support: It is best to opt for online payment platforms that support multiple currencies or provide an accurate currency conversion option. Often, a customer might be travelling internationally and would need to make a purchase from an e-commerce merchant. In such a case, a payment gateway that offers payment acceptance across payment modes in multiple currencies can be a huge advantage.
  6. Secure payment processing: To win the trust of the customer, it is vital to provide secure payment solutions that comply with the highest security standards. Only then would the customer be willing to save confidential details of payment modes like credit card or debit card on the e-commerce website. This saves time during the checkout process as the details will be pre-filled. Some modes like EMV chips can negate any scope for credit card fraud.
  7. Enhance value: One could offer frequent customers the option to pay with reward points or loyalty cards. Co-branded cards that offer rewards like discounts, etc would encourage higher spending with certain merchants. Certain digital wallets also enable the storage of ID cards issued by Government authorities.

Technology is redefining the way we think about payment modes. Gone are the days when one had limited options of cash, cards and net banking. A whole plethora of alternative payment methods are available to cater to the preferences of every wallet, demography, market and business type. A one-size-fits-all approach would prove counterproductive and might result in losing out valuable business to the competition. One needs to find the right payment mix that works best for the unique needs of each business segment and customer profile.

How does the PayTabs partner dashboard work?

How does the PayTabs partner dashboard work?

Have you signed up for PayTabs Partner Program to unleash a stream of referral income? If you haven’t then you are missing out on a rare opportunity to earn hefty commissions, going up to $8,000 per month! Whether you are into website development or a freelancer or just a promoter of payment solutions, PayTabs gives you a chance to boost your referral earnings to new heights.

With a presence in 17 established markets, serving organizations in more than 49 lines of businesses, and transacting in around 168 currencies; PayTabs is emerging as a reliable payment solutions company. With the integration of GCC Switch and Plug & Play APIs, you can expect unparalleled payment services.

So if we have your attention now or you have already signed up as a PayTabs Partner, let us guide you through the procedure of how PayTabs Partner Dashboard works. This will help you in setting up your partner profile, analyze earnings and performance, withdraw commissions, and much more. Have a look at the detailed procedure.

Setting up the New Password

  • Once you have signed the Referral Partner agreement, you will receive an invitation email on your registered email address to setup your PayTabs Partner Dashboard.
  • The email contains your PayTabs Dashboard’s username, password, and a link to the landing page.
  • You have to click on the link to sign in using credentials, and afterward, set up a new password.

Welcome to the PayTabs Partner Dashboard

The elegant design will mesmerize you at the first instant itself. The minimalistic design allows partners to navigate through various sections without any trouble. On the left side, you will find all the sections. The broader right side showcases details of the selected section.

The Home Page

On the home page, at the top, you will find the referral link that you will share with your audience. When someone signs up using this referral link, they will be added as a merchant referred by you.

Other than this, the home page displays all the sections on the left side and important information like the number of merchants, last withdrawal, hold amount, available balance, today’s number of transactions and amount, top performing merchants, regional stats, and so on.

Sections in PayTabs Partner Dashboard

Let us discuss the various sections listed on the left side of PayTabs Partner Dashboard:

  • Merchant List – All the merchants referred by you are listed here. Their transactions, total amount, commission earned by you, etc; everything is displayed here. If you click on the merchant ID, you can view complete details of the merchant. Moreover, you can export data in CSV format as well.
  • Bank Account – Under this section, you have to furnish bank details like account number, account holder name, bank name, currency, bank statement, etc. This will facilitate a seamless transfer of earned commissions whenever you generate a withdrawal request.
  • Withdrawals – You can access complete information related to withdrawals in this section. View available balance, send withdrawal requests, and access withdrawal history in this section.
  • Messages – Get all the important messages from PayTabs in this section. You can communicate with PayTabs representatives by sending messages.
  • My Profile – Update and maintain your personal information in this section. Also, you can reset your password.

Got any Queries?

By following this guide, you will become aware of all the components of PayTabs Partner Dashboard. You can view referred merchants, check earned commissions, manage bank details, monitor withdrawal requests, access referral link, and much more. Once you use the dashboard for some time, you will become familiar with the interface. If you have any doubts or queries, feel free to get in touch with PayTabs representatives.

Grow Your Business by Offering Alternative Payment Options

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.

K-Net Payment Gateway: Kuwait’s Leading Online Transaction Service

K-Net Payment Gateway: Kuwait’s Leading Online Transaction Service

Are you a merchant in Kuwait looking for a secure and efficient payment gateway to accept online payments? The solution is K-Net payment system, suitable for online retail businesses, operating in Kuwait. It is also the most popular gateway, with 71% people using K-Net as the APM. This payment system has also opened up a wide world of opportunities for online merchants, as you can now trade with more potential customers and get paid easily. Read on to learn more about K-Net electronic payment solution.

What is K-Net Payment Gateway?

The Shared Electronic Banking Services Company, better known as K-Net, came into existence in 1992. The company is jointly owned by 11 of Kuwait’s national banks. It began its operations in 1994 when The Kuwaiti Network – financial switch of Kuwait – was formed to facilitate hassle-free transactions.

K-Net payment gateway was introduced in 2004 as an online payment solution for private and public institutions. The payment gateway allows merchants to collect payments in exchange for trading products and services. The transactions happen over the internet in real-time. Currently, K-Net payment gateway processes only debit card payments.

How Does the K-Net Payment Gateway Function?

K-Net is a joint venture of the national banks of Kuwait. Apart from this, K-Net is associated with member banks that provide K-Net payment gateway services to their customers. As of now, K-Net accepts local debit cards issued by the member banks. To become a member bank, a bank has to undergo the certification process. Once the process is complete, a member bank has the rights to process payments initiated via K-Net payment gateway.

The payment gateway is developed for collecting online payments by using debit cards. The process is initiated and accomplished in a secure environment, maintained using Security Socket Layer (SSL) protocol. The payment solution integrates with the websites developed using web technologies like ASP, PHP, ASP.Net, and others.

What about the Security Aspects of K-Net Payment Gateway?

The transactions happening over K-Net payment gateway are secured with SSL protocol. The encrypted mechanism prevents any data breach and foils any hacking attempts. Moreover, in 2017, K-Net signed a deal with Gemalto, a global pioneer in digital security.

Gemalto is responsible for authenticating debit card transactions by generating and sending SMS one-time passwords (OTPs) to the users. This prevents any fraudulent attempts during the transaction process.

How to Apply for and Integrate K-Net Payment Gateway?

If you want to install K-Net payment gateway on your website, you need to fulfill the following criteria:

  • Obtain a business license to operate online retailing of products and services
  • Open a business account with a member bank
  • Secure your website with an SSL certificate
  • Sign a contract with the member bank to get a nomination
  • After getting the nomination, K-Net will provide plugins and necessary documentation for installing the payment gateway

You should note that transaction charges may vary from bank to bank. Further, K-Net payment gateway is solely meant for online debit card transactions. For credit card transactions, you should consult the bank.

Install K-Net Payment Gateway Now

For a retail business owner planning to venture into e-commerce or online trading of services, installing K-Net payment gateway is the most feasible option, as it ensures seamless, secure, and low-cost transactions. You will be able to attract more customers who are tech-savvy and use their mobiles for online shopping, as well.

The 4 Step Procedure for an Easy Payment Gateway Integration

The 4 Step Procedure for an Easy Payment Gateway Integration

Payment integration is a technical process, but it can be made easier if you remember a few points. Nowadays a payment gateway can be integrated both into a desktop website and a mobile app.

So, first decide where you wish to integrate it because the processes for both are different. Here we will discuss how to integrate your payment gateway into a desktop version of an e-commerce website.

1.Determine your priorities

It is extremely important to determine your priorities and what you want from your payment gateway. It will help you decide how development should be done so that you are able to achieve your desired objectives in less development time and hassles. Before you decide to choose an integration solution, define your objectives clearly.

2. Select the right integration solution

As far as integration and its coding and development are concerned, we can select from the three major types that are as follows:

A.Hosted payment forms

This is the simplest way to integrate your payment solution as you require no coding in it. It is simply a plug and play option where you can pick a specific payment form for your website. You can also paste it into your mobile app. It will help you securely collect payment from different credit cards and debit cards. But it doesn’t happen on your servers as the hosting company that offers this solution processes the information on its own servers. However, you can choose from a host of templates. Customization of your brand is also possible when you choose a hosted payment form.

B.Payment module 

If you already have a predefined platform on which your website is based such as Drupal, UberCart, Shopify or iOS, then you will get the specifically designed payment modules for those platforms.

Obviously these payment modules have far more features than the basic hosted forms that we discussed above. However, the coding requirements are still minimal.

C.Use your own code for advanced e-commerce sites

This method allows you to use your own code and even modify templates. The API language support is available for various coding languages such as Java, C++, Python, C#, Visual Basic, PHP, Ruby and Pearl, etc.

3.Test the integration

Now that you have already integrated your credit card processing, test your configuration to make sure that everything is in perfect shape and your website is ready to go live. Conduct live transactions using a dummy account so that you can detect potential issues in the trial phase itself. At every step of the way, you can get in touch with the technical support team of the payment gateway solution provider you have chosen.

4.Activate your account 

Once your payment gateway is integrated and tested, you are ready to accept payments. Contact your payment solution provider to activate your account and you are ready to go live.

The payment gateway integration seems to be a challenging process but if you know your objectives, the entire process will become a cakewalk. If you need assistance, just connect with technical support and they will guide you in the best way possible.