Peter Olynick, a Card and Payments Practice lead for Carlisle and Gallagher Group, has rightly quoted in 2012 that “within five years, half of today’s smartphone users will be using their mobile wallets as their preferred method of payments.” Well, his prediction could not have been truer than what we are witnessing today.
The e-commerce payment system is booming all around the world. As the majority is getting comfortable with adopting this seamless payment system, every business, be it online or retail should accept online payments.
With just a few clicks, your customers will be able to transfer payments. Therefore, if you have not yet started to accept online payments, you should integrate them right away. Next, you will have to work on your e-commerce payment system to provide easy and secure payment services to your customers. Now, let us start this article by understanding an e-commerce payment system.
What is an E-Commerce Payment System?
Simply put, e-commerce systems allow users to pay for goods and services electronically, eliminating using cash and cheques. Traditionally, online payments are made via debit or credit cards. However, with the rise of technology, we have also been introduced to alternative methods like e-wallets, cryptocurrency, and many more. So, let us move forward to learning a few things about e-commerce payment systems that will help you in the long run.
5 Most Important Features Your E-Commerce Payment System Should Have
Real-Time Payment Processing
Why wait to receive payments if you accept online payments for your business? There might be times when you have immediate use of those funds. If not, there are many other factors like cash management, financial projections, budgeting, etc. Therefore, timely transferring funds from your customer’s bank accounts to yours is extremely important.
Multiple Payment Options
An e-commerce payment should be capable of accepting payments through multiple methods like debit and credit cards, UPI, e-wallet, rewards, PayPal, wire transfer, etc. But, of course, the percentage of customers using these methods varies according to the product you sell.
You can attract more and more customers to your business with this approach, hence raising your overall revenue.
As a merchant, you should be extremely cautious about payments. After all, all that demanding work you have put into building a business is based on revenue generation. Therefore, this is one of the most prominent features when opting for any payment gateway. Authenticity and effective fraud prevention would also make your customers feel safe when they enter their sensitive transactional details on the website. The absence of this crucial feature can lead to major fallouts.
Always look for an e-commerce payment system that allows plugins to integrate seamlessly with your platform. By enabling easy integration, you save significant effort that you would otherwise put into updating your records.
Active Customer Support
So many e-commerce payment systems or payment gateway services limit customer care support to emails and tickets. Consequently, the users must go through all the efforts in case they face difficulty making payments. Therefore, you should always opt for providers who offer live technical support at least within standard working hours so that they can seamlessly resolve any technical problems faced either by you or your customers.
India has experienced a meteoric rise in e-commerce and an e-commerce payment system. The advancement of technology has, of course, played a significant role in making it easier and more convenient for its users. So much so that this new system has completely revolutionized the payment experience for both customers and merchants.
If you are looking for a payment gateway provider that simplifies this process, then Razorpay is your knight in shining armor. They offer the maximum payment methods along with easy installation and integration. Visit their website today to find out more!
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