We have come a long way of doing daily business deals from the barter system to monetary exchange. Nowadays, we can deal remotely from one end of the world to another, all thanks to online transactions.
But why the need for payment gateways if buyers can send money directly from deposit machines or even transfer via banks’ official website to the seller account? Why need the middleman?
A Payment Gateway
A payment gateway is a third-party payment processor that connects several financial institutions & services provider to the merchants. Payment gateway enables merchants to provide multiple payment options for customers to make online purchases easily. With a robust payment gateway like eGHL, merchants can accept multicurrency payments from customers all over the world with just one integration.
The payment gateway also serves merchants by providing transaction-monitoring functions such as email notification, sales report, and database management. So, as the middleman, payment gateway provide these features that make transactions more seamless and systematic for the ease of all parties – merchants, customers and financial institutions.
Making Payments Simple & Secure
Without a payment gateway, customers will need to do a manual cash deposit or online transfer. Manual deposit is very time and energy-consuming. As for the online transfer, customers will need to go through the hassle of opening multiple windows, keying in the account number, then having to save and share the receipt through attachment or email. The first option may take half-a-day, while the second can take about 15 minutes.
Purchasing is a breeze with a payment gateway. To buy something, the customer simply clicks “add to cart” or “buy now” button, fill in their particulars, credit card number, and voila, all is done in less than 5 minutes! Receipts and notifications will be automatically sent through the email.
What most online consumers don’t know – manual deposit or online transfer does not provide a secure validation that they are paying to a legit business, especially when the account is under a personal name instead of a company. With a payment gateway, businesses need to register and will be screened by us and the banks. Businesses registered with online gateways can be trusted and all transactions can be traced. In a worst-case scenario, a customer can report and file for a chargeback. Read more about online shopping safety here.
Making Business Efficient
There are so much to handle when operating a business. From optimizing products, taking inventories, to managing human resources. The more process to do, the more cost to bear. Without a payment gateway, more staff need to be hired to close sales, monitor transactions, make sure the payment is accepted in the account, update customer database and create sales report. Imagine having interbank transactions that take a few days to settle. It may cause some delay and thus affects your business efficiency.
With a payment gateway, all of the above will be taken care of. You don’t have to worry about interbank or international transactions, sales reports, spreadsheets, charts or the hassles of compiling customer’s database. At eGHL, we’ve studied both customers and merchants user experience to develop payment features that make payment journey seamless and up-to-date with the evolving financial technologies & trends.
In summary, these are 5 reasons to use eGHL payment gateway.
- Integrate to all payment channels in one platform.
- Integrates with e-commerce platforms, shopping cart, or via API
- Automated system – sales report, analytics, database.
- Operating 24/7
- Risk mitigation and secure transactions.
We are always updating and improving our features. What else do you need to run an online business? Let us know in the comment below.