Are you stepping into the ecosystem of online business? Then, you must have a piece of concrete knowledge about the online payment gateway. It does not matter what type of business you are doing, you need to enable online payment methods to increase the overall sales. Accepting payments from customers online is less complicated and faster; therefore, industries across the world are approaching this whole digital payment system. Now, when it comes to accepting digital payment, your business must enable an online payment gateway.
From a businessman’s perspective, increasing the overall cash flow is the topmost priority. Therefore, most companies across the globe are opening their online doors. They have realized that in order to survive in this competitive era, they must have a strong online existence. If they have an online payment gateway by their side, they can accept all kinds of payments from the customers. There will be no paychecks and so, merchants will not have to go to a bank for depositing money.
What Is Online Payment Gateway?
As of now, you have understood that your business must have an online payment option to reach out to more customers. For that, the merchants should have a secure online payment gateway. Now, you might be thinking about what an online payment gateway is. This is why we have explained everything about the online payment gateway here.
Online payment gateway is an inextricable part of the entire online payment system. The customer starts the online transaction process and then, the secure online payment gateway forwards the card information to the payment processor very securely and in an encrypted way. After this, the payment processor sends the same information to the customer’s bank and the credit card company. The credit card company verifies the information and the customer’s bank also checks the information. If the customer has enough credit in the account, the bank approves the online transaction. Otherwise, it gets declined. However, after that, the bank forwards the information and then, the payment processor gets it. This virtual financial institution makes the final settlement.
The online transaction is really faster and more reliable. There are many organizations working to make it successful. Therefore, the merchants need to pay a small fee for accepting payments online. In other words, we can say that merchants will have to pay the online payment processing fee. Now, the question is that there are many merchant processor solutions that are offering various services such as online invoicing systems, online payment gateway, fraud prevention, and many more. But, different merchant processors come up with different rates for processing online payments. As a merchant, you just need to check the payment rates of different payment processors. After that, you need to choose the reliable one for your business.
Benefits Of Having Online Payment Gateway
Having an online payment gateway does not only give you the option to accept payment online, it actually gives a lot of opportunities to grow your business. There are so many things that you can do once you take your business online. Here, we have added a few benefits that you can have after enabling an online payment gateway.
- Add Last-Minute Deals: If your business can accept online payment, you can throw last-minute deals in order to grab more customers. Yes, when customers see cost-saving deals at the last minute and online payment options, they will not hesitate to purchase products from your business.
- Encourage Impulse Buyers: Well, if you have an online payment gateway in your business, you can actually influence and encourage impulse buyers. Online payment gateway actually allows the merchants to send online invoices. When customers get an online invoice, it actually influences them. It can encourage them to purchase products from your business. As the entire transaction mode is online, the customers are more likely to purchase the deal.
- Create Affiliate Program And Increase Sales: Well, when you take the entire business ecosystem online, it opens up new ways through which you can increase the overall sales. We are actually talking about the online affiliate program. Under this program, the affiliates can earn referral commissions. It is a kind of good investment. In the end, the overall sales of your business will go up.
- The Convenience Of Recurring Payments: Well, businessmen that are having subscription-based businesses should definitely go with the online payment system. The online payment gateway allows them to enable a recurring payment system. Therefore, every month, the merchants will automatically receive the payment in their bank account. They do not need to make a call to give reminders to the customers.
Not A Rapidcents Merchant?
Rapidcents is one of the most popular merchant processor solutions. The platform offers a wide range of services such as billing and invoicing, fraud prevention, virtual terminal, recurring payments, and many more. It is a one-stop solution for your business. So, if you want to enable an online payment gateway, you need to become a Rapidcents merchant.