Features of Digital Payment Gateway

Recent statistics reveal that credit cards issued in the US alone hold an approximate market value of over $2.92 trillion, with 83% of Americans aged 30-49 holding credit cards themselves - making for an enormous potential customer segment that can directly support your business expansion. As an online business owner, you understand the significance of accepting payments to make your business successful. While some customers still prefer traditional forms of payment like cash and offline checks, more customers prefer electronic payment solutions today when making their purchases from you.

One of the key eWallet app development trends pushing users towards digital payment gateways is the hassle-free payment processing feature. This plays an integral part in increasing conversions on your site by making payments easier, faster, and more reliably processed. Payment gateways serve as an intermediary between your website and customer payment methods, enabling you to accept and process them safely and securely on the latter. Your customers can provide their payment information securely while paying online, all this while managing processing, security, and protection in one seamless step. So sit tight, as in this article we are going to talk about top features of digital payment gateway you must integrate to make your wallet app successful in the market.

What Is A Payment Processor?

Payment processors are third-party companies used by businesses to accept credit and debit card payments from customers. Their functionality varies depending on which payment processor company you select. Typically, these payment processors will handle most situations, like clients standing at your POS terminal making payments in person, paying online via a web browser, or making mobile app payments. Capabilities will depend on the features of digital payment gateway you opt for. With so many payment processing solutions on the market, it can take time to choose one as the ideal payment processor for your smaller-sized business. To help make your choice simpler, we've put together this list of 10 must-have features of digital payment gateway for consideration when making this important decision.

How Can I Secure A Payment Gateway?

Payment gateway software processes card payments and e-transfers and can be integrated into websites or shopping carts so customers can enter their payment information easily. Online businesses have turned increasingly towards payment gateway aggregators such as Razorpay, PayU, and Cashfree in recent years as they bundle multiple gateways and payment methods into one integrated package. For convenience, they even provide one-click checkout solutions that combine numerous gateways into a one-stop checkout solution! Here is how it all goes down - 

Signup

For accepting payments online, an account with an online payment aggregator is necessary. Opening such an account is similar to opening any other bank account, except with one of many payment gateway aggregators instead of your local branch bank. Merchant accounts can be set up quickly through these gateways. One of the features of digital payment gateway is offering free trials so users can evaluate the services before making a decision.

Onboarding

Once you sign up with a provider, the next step in onboarding involves filling out the documentation for the payment gateway. Depending on your business entity type and risk/compliance requirements, payment gateway documents vary significantly in terms of what needs to be included for approval. With one account, your documents can be sent out for review to multiple aggregators at the same time, saving you the hassle and confusion. Integrating multiple features of digital payment gateway in the app offers flexibility.

Integrate Your Payment Gateway

With account and API keys ready, now it's time to connect them to your website or app so customers can pay online. Onboarding and integration processes may occur simultaneously for an easy customer experience. With top features of digital payment gateway, such as One-click checkouts have many advantages for business. One such benefit is being able to connect to various payment gateway providers with just one integration, saving time and resources spent on development and implementation.

10 Must-Have Features of Digital Payment Gateways

Here are the most anticipated features of digital payment gateway businesses included in eWallet app development services to make payment gateways an easy to use solution for users.

Offer Multiple Login Options

While it is more efficient for marketing purposes to require shoppers to create accounts prior to placing orders, this approach might alienate customers who prefer guest checkout. You risk losing them along the way without including this feature of digital payment gateway in the app! Keep this in mind: once people have purchased from you and become acquainted with your brand, ask them to create one later so that they feel a part of it more closely. Consider giving customers the option of signing in through social media profiles like Facebook or Twitter to reduce registration friction. This makes the login process faster while assuring customers you will only post something with their approval, as applicable. Social logins carry with them one major risk: They become shoppers' primary means of authenticating with your site if anything changes with that connection (for instance, if its terms of service change or they delete their account on a social network),meaning their ability to log into it could change. Therefore, if you allow people to authenticate with social logins, find other methods or get more contact information as backup plans in case the need arises.

Integrated Payment Process 

For larger websites and transactions, an integrated payment processor such as PayPal, Stripe, Google Pay, or Amazon Pay would prove more efficient. To do so successfully, however, an in-built solution would require minimal setup work before use. Some payment processors direct online shoppers away from your website and to an unrecognizable pay site that could disorient or alarm customers and force them to abandon their carts altogether. This could disrupt visual distancing and drive customers to leave the checkout. An integrated payment feature of digital payment gateway solution that processes customer information directly on your server allows for greater flexibility and customization - as well as offering them a smoother experience.

SSL Certificate

To keep customer personal and credit card data safe, every ecommerce website needs an SSL certificate as a standard security technology that ensures all data passed between the web server and browser remains private and secure. Without security on your website, hackers could gain access to customer information - and online shoppers wouldn't feel safe entering their data into it. Customers will know they've reached a secure website when they see an "https://" at the start of its URL rather than just "http://."

Return and Refund Policy

Online shoppers only get to experience your product after making a purchase decision, which can cause some consumers nervous and disincentivize purchases altogether. To alleviate this concern and ensure purchase, ensure your return and refund policy is easily available - whether part of the checkout process itself or even in your website footer. Make sure your return policy is concise, informative, engaging, and easily understood by all customers. Set clear expectations about whether customers will receive a refund or in-store credit; establish timeframes and conditions of returns. Define what condition the product must be in prior to accepting it back; as well as any fees, such as who will cover shipping. 

Provide Easy Access to Contact Information 

Online shoppers want to be sure that they can quickly reach you for support, particularly newcomers to your company. With an easy path leading them there, customers can purchase from you. They may receive more help to complete a transaction successfully. Include contact details such as your phone number (including availability hours),email address, street address, and social media accounts. Ideally, list this info as text (not as images) so it will get picked up by search engines in local searches. Some retailers also like to offer live chat capabilities; make sure that it integrates seamlessly with customer records so you can create smarter marketing strategies in the future.

Implement Multi Channel Payments

Multi-channel payments are rising as one of the promising features of digital payment gateway. Multichannel payments allow customers more options for paying, giving them greater flexibility in how they shop and pay - likely leading to increased revenues for your company. Avoid having to chase after multiple payment systems to organize payments quickly and analyze performance quickly across all avenues. Consider investing in a POS system that supports all the payment types that work best for your target market and has enough elasticity for adding new forms down the road. Achieving this goal will go far. There are various payment acceptance systems available today, such as digital wallets, phone and mobile payments, and ACH transfers. Your best bet should be to find one that supports a wide range of payment types instead of restricting you to only two or three methods of paying. While you might not need to consider every aspect right now, as time progresses, that could change. Overall, this helps expand your horizons and accept various credit cards and alternative payment methods in the long run.

Confirmation Email

To complete your ecommerce success, create a confirmation email that includes details about the order number, product, payment, and shipping information, as well as your return/refund policy if needed. Ideally, use an actual "from" address (rather than noreply@company.com) so a member of customer support can respond. Make the order confirmation page easy to print while offering guest customers the opportunity to create accounts at this stage as well. Establishing an ecommerce business can be exciting yet daunting at the same time. But with some careful planning, your store should soon be processing transactions smoothly and seamlessly.

Evaluate Cost Effectiveness

Each payment provider charges differently for credit card processing services, so it is important to do your research so as to avoid overpaying when comparing payment processing platforms. Modern payment processing software comes equipped with unique cost-cutting measures in addition to platform service costs, such as tip acceptance, inventory management, and auto-syncing with accounting programs like QuickBooks Online. Each of these can help reduce daily operating costs. Payment processors make this possible through the way they deploy their services. Still, it can also depend on their backend systems. By finding a company offering a payment processing platform with features tailored specifically to the needs of your business rather than providing generic one-size-fits-all solutions, you can maximize the effectiveness of your platform.

Examine Simplicity

When looking for the ideal payment processing system, ease of use should always be top of mind. In order to do this successfully, several aspects must be kept in mind in order to attain maximum simplicity. User-friendliness of key features and tools, as well as adaptability for processing payments in various environments, are all vital considerations. Simplicity also indicates reliability. The easy-to-navigate feature of digital payment gateway system enables staff members to quickly locate tools they need almost instantly and reduce wasted time spent on unimportant tasks. Simplicity and intuitive design are keys to long-term efforts that are sustainable and will have positive results for your business. A complex platform will severely decrease efficiencies, revenue, and customers for your enterprise. As your company matures and expands, having a system that adapts with you is key in meeting expected growth and changes.

Look Out for Digital Security Measures

Finally, one of the most important features of digital payment gateway is security compliance. Each system must comply with key security measures. If you are planning to develop an eWallet application, you shouldn’t compromise with its security. Thinking of going with low level security to reduce eWallet app development cost may become a problem later. So make sure your app complies with high-end security certificates.  Any reliable payment processor will ensure they comply fully with the Payment Card Industry Data Security Standard (PCI DSS),no matter whether they provide services through conventional or integrated platforms.

Compliance ensures that payments are processed using secure channels to keep customers' financial data protected at all times. Since adding additional payment methods, various providers have also implemented security features like Transport Layer Security (TLS) and tokenization for encryption. Be sure to discuss security with any provider you consider before signing on to their services so as to protect your business from liabilities.

Top Payment Gateways Worldwide

Below is a list of leading payment gateways:

PayPal

PayPal is an ecommerce payment platform created to assist individuals and companies in sending and receiving payments without disclosing financial details. As one of the top-rated payment gateways, users can send or receive funds instantly with just an email address worldwide. Paypal makes shopping and selling via mobile phone simple in any merchant website or app across 203 countries and supports popular credit cards like Visa, Mastercard, Citibank, American Express, etc.

Amazon Pay

Amazon Pay is an easy, fast, and secure payment solution designed for Amazon merchants and shoppers. Available now in eight countries worldwide, payments come in two packages for shoppers - log in and pay, as well as pay with Amazon for merchants. Amazon Pay's payment gateway was designed to create an enjoyable shopping experience for online retailers and sellers alike. Packed with features and tools designed to attract customers and encourage more purchases, Amazon Pay streamlines customer checkout processes while increasing engagement through saved payment details for faster checkouts.

Skrill

Skrill is one of the premier payment gateways globally. Established in 2001, they understand today's payment processing and money transfer needs. They are an innovative payment solution provider that has gained many top companies as customers using their creative services for business operations. Skrill has received multiple top awards, such as the Deloitte Technology Fast 50 Award and the B2B EGP Award from top companies, making them one of the leading UK-based payment gateways that supports over 30 currencies to enable customers to purchase goods and services worldwide.

Stripe 

Stripe is a cloud payment gateway platform designed to accept and manage online transactions worldwide. Offering full solutions for processing online payments as well as features such as a custom user interface toolkit, embeddable checkout process, consolidated reports, and much more, Stripe provides complete solutions to process online payments around the world. Stripe is an efficient payment gateway that ensures an uninterrupted flow of funds into your business while connecting to its application interface, helping prevent frauds with superior security while increasing sales globally. Furthermore, this open API enables seamless integration into the ecosystem of any business ecosystem.

2Checkout

2Checkout is a global payment gateway that enables businesses to accept online payments from buyers worldwide. It features local payment options designed to make the payment process as straightforward and streamlined as possible for both merchants and their customers. 2Checkout Payment Gateway, located in the United States, supports multiple payment methods and transactions worldwide. Secure and dependable, over 50,000 merchants currently utilize it worldwide - supporting 8 payment methods, 15 languages, and 87 currencies worldwide markets.

Conclusion

Payment technology continues to evolve at an incredible rate, driven by customer demand for faster, safer payment solutions. Digital payment mobile app development services offered by JPLoft are flexible yet secure and with advanced analytics and personalization features to create an uncomplicated customer payment experience for businesses. Digital payment apps have become a crucial element of the modern finance and payments landscape, and they must succeed. The top 10 features of digital payment gateway mentioned above offer customers a more informed selection process when it comes to selecting which digital payment app will meet their individual needs best.

FAQs

What features of digital payment gateway ?

A future-ready payment app must offer support for multiple payment options, a secure payment gateway, advanced analytics and reporting capabilities, personalization features, as well as a user-friendly interface.

What is the Difference between Payment Processor and Gateway?

A payment processor facilitates two-party payments by relaying card payment information directly from customers' cards to banks (issuing bank and acquiring bank). Payment Gateways (PG) collect payment information from customers and transmit it directly to processors, then communicate the status of transactions between you and them.

 What are the Benefits of a Payment Gateway? 

 A payment gateway acts as a secure connection between your website and payment processors to facilitate accepting various forms of payments such as credit/debit/electronic checks, etc.

 How important is a payment gateway in eCommerce?

For your eCommerce store or website to be successful, finding a payment gateway that is reliable, secure, and user-friendly is of utmost importance. While there are many payment gateways on the market today, not all are created equally.

 What payment options should an app support?

 Future-ready payment apps should offer multiple payment methods, including credit/debit cards, mobile wallets, and cryptocurrencies.