Integrated Payment Platforms : The days of an application doing just one thing are long gone. Today, a piece of software doesn’t stand a chance among competitors if it doesn’t play well with popular apps. Instead, businesses rely on obsolete payment procedures such as trade credits, paper checks, and wire transfers. For many B2B eCommerce businesses, e-commerce payment processors offer security and traceability to avoid online fraud.
At the time, the rise of cloud computing, mobile devices, and software delivered “as a service” transformed the business landscape, with companies such as Uber and Airbnb taking the world by storm. Similarly, purchase habits are transforming.
An e-commerce payment gateway directly impacts conversion rates and the bottom line. Typically, a payment service performs various duties a POS device undertakes when paying for lunch at a retail store or online shopping. The payment gateway transactions involve customers, banks, and online stores to make payments with the transfer of credits possible.
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The terms payment gateway and online payment processors are non-interchangeable. A payment processor, often known as a payment service provider, is the channel between the seller’s bank and the customer’s bank. Online payment processors allow businesses to receive payments from customers.
If an eCommerce business contracts with a payment processor, the processor will need to set up a retail account to hold pending payments until finalized and passed on to the business’s bank account.
Payment gateway is software that processes payments within a security framework. Its goal is to encrypt transactional data, streamline the checkout process, and improve the customer experience.
Payment gateway companies facilitate various payment methods, integrate with eCommerce platforms, and administer multiple payment platforms. It also integrates ERP, tax management, and accounting software.
Furthermore, a payment processor requisites debit or credit card transactions and the payment gateway between the website and the payment processor.
Many payment processors offer gateway services, making it easy to manage payments with a great customer experience.
Why should you choose Integrated Payment Platforms?
If a piece of software conducts integrated payments, it allows customers to pay directly from the application. As customer expectations transform and payment options continue to evolve, integrated payment platform offerings will vary. Here’s why and how integrated payments benefit your business and services.
With integrated payment platforms, there’s less friction in the sales funnel. As every good user will tell you, a few steps in the payment process is always better. The more complex your transactional steps comprise the smaller chances of conversion and greater bounce rates.
A user engages in transactions without going to PayPal or another payment gateway with everything done over your website. It means the customer can navigate to their cart or add something to increase their order size.
Integrated payment platforms are secure. With each purchase, the customers handle their precious personal data. And every time you add a third party to the mix, there’s a possibility of a data breach or leak by an external source.
This is innately secure and makes the users feel better about handing over their data to you.
No more chasing the invoices. In SaaS settings, integrated payments through gateways like Stripe is nothing new. In a traditional transactional space, automated billing and recurring payments can create invoices and chase payments. If you have hundreds of clients to send invoices, this can be a major operation requiring lots of effort and time.
Integrated payments systems can streamline your invoice payment processes hassle-free. The flexibility of integrated payment systems and other business processes.
Automation is seamless and a huge timesaver. As it turns out, integrated payments platforms can save you money and let your customers navigate through your web interface easily. If you are an eCommerce owner, SaaS business owner integrating payments is the logical step to free more time and stand out from the competitors.