Today, with the increasing technological advancements and smartphone penetration, more and more entrepreneurs are taking their businesses online, regardless of their size and industry. No doubt, it is one of the most successful ways to maximize your returns and increase revenue generation. Let’s see what makes payment gateways the best option for e-commerce business in India.
But running an online business isn’t as easy as it sounds. The biggest challenge online entrepreneurs face is accepting online payments via multiple payment methods. Not to mention, online payments are also exposed to security threats and cyber-attacks. In this situation, if you don’t have a secure payments processing environment, it can badly impact your business and you may suffer poor conversions due to customer drop-off. This is where a payment gateway in India can help you.
In this article, we will discuss why a payment gateway in India is the best option for your online business.
Why is A Payment Gateway In India The Best Option For Your Ecommerce Business?
If you’re still wondering why your online business needs a payment gateway, then check out the following points:
1. Offers Ease & Convenience
Having a reliable payment gateway in India, such as Cashfree, is beneficial for you as well as your customers. It offers the ease of accepting payments via multiple payment methods and multiple currencies to the merchant. Similarly, it allows customers to pay almost instantly using any payment method they like, which in turn improves their shopping experience and encourages them to come again.
2. Enhances Security
As mentioned earlier, online businesses are exposed to numerous security threats. Hackers and fraudsters on the internet tend to target eCommerce websites from where they can steal sensitive customer information for illegal activities. But if you have a secured payment gateway in India, then you don’t have to worry about any kind of security breaches. The best payment gateways tightly secure your payment processing environment via features like data encryption, tokenization, two-factor authentication, PCI-DSS compliance, GDPR compliance, etc. This helps you run your online business in a stress-free way.
3. Reduce Operational Cost
By integrating a secured payment gateway with your eCommerce website, you can reduce your overall operational cost. The best payment gateway in India will help you automate your payment processing operations, which will reduce the labor cost. Further, you will be able to save a lot of time and effort as well.
4. Balances Cash Flow
To run an eCommerce business efficiently, you must ensure a smooth cash flow. However, it is not easy as it sounds, especially when you don’t have a reliable payment processing environment. Most businesses face liquidity crunches on a great level, which affects their efficiency and performance.
A payment gateway in India helps you resolve this issue by offering features like instant settlement, instant mass payouts, automated invoice processing, and so on. So, you can easily keep your cash flow smooth and balanced, by simply integrating a reliable payment gateway.
5. Helps in Establishing Stronger Customer Relationships
When you offer a secured and reliable payment processing environment to your customers, along with features like multiple payment methods, easy checkouts, instant payments, etc., they see your business with more trust, reliability, and familiarity. In other words, you can strengthen your customer relationships by providing a better and enhanced shopping experience.
6. Handles Chargebacks & Refunds
There are basically two types of chargebacks that can negatively impact your eCommerce business: shopper chargebacks and appropriation chargebacks.
Appropriation chargebacks are when your providers charge more than you charge your customers. This usually happens in the wholesale model and recovering from this type of loss can be very challenging for the merchants.
Shopper or customer chargeback can happen to any merchant who accepts credit card payments. Any fake customer can make purchases using a taken card, or even a genuine customer can use his card on a “pay later” basis, which can harm your business operations by making you pay higher than the shopper himself.
The best payment gateway helps you resolve this problem and save you from these types of fake customers.
7. Supports Global Growth & Expansion
The biggest advantage of having an online business is that it allows you to grow and expand in global markets. However, this is only possible when you have a reliable payment gateway by your side.
The best payment gateway in India comes with features like multiple currencies, multiple language support, multiple payment methods, etc. that make the global expansion of your business easy and hassle-free.
As you can see, having a payment gateway can help you in so many different ways. Not only does it offers security to your online business, but also improves the overall performance and efficiency. So, if you haven’t already selected a secure and trusted payment gateway for your business, then it is the right time to do so. Start your search today!