The unprecedented growth of the major e-commerce platforms has globally paved the way for the payment gateways and fueled the development of seamless and more efficient payment options for both the e-commerce platforms and their customers. The help of adaptive technology, integration of advanced payment solutions and most importantly extensive customization has led to the evolution of the e-commerce industry to an unparalleled height.
As for India, e-commerce is the most exciting and fastest-growing domain. By the year 2026, the Indian e-commerce market is expected to reach US 200 billion dollars growing at a CAGR of 19.42 percent. For more information about the Indian e-commerce market please visit payment gateway in India.
According to Forbes, e-commerce will soon hit the 4.2 trillion mark in the upcoming years. In order to keep up with the pace of this ever booming e-commerce industry, the e-commerce platform owners have the enormous responsibility of matching the pace of the industry while providing their customers with the most efficient services possible.
With this kind of high expectation, a single wrong decision can ruin any developing e-commerce platform. To avoid any catastrophic event in your e-commerce domain it is important to choose the best payment gateway in India which simultaneously offers a customized and personalized experience to your customers. This way you can also become part of the regionally billion (200 billion) and globally trillion (4.2 trillion) dollar industry.
According to a 2019 market report, due to the lack of personalization, the e-commerce industry lost around US 756 billion dollars.
What is a payment gateway in an e-commerce platform?
A payment gateway is a software application or platform that securely enables the transfer of credit and debit card information from the e-commerce website to a secured credit or debit card payment network for the processing of e-commerce payments. After which the software application returns the details of the e-commerce transaction as well as the response of that particular payment network back to the e-commerce platform.
The E-commerce industry very soon is expected to become a trillion-dollar economy.
Normally the online transactions or the online payment process may seem straightforward and quick but in reality, multiple processes work simultaneously to transfer the funds securely and flawlessly from the buyer to the seller or vice versa (For example, if the seller is processing a refund to the buyer.) Let us look at the ideal features while selecting the best payment gateway in India.
Most important factors to look out for while choosing the best payment gateway in India
Make sure your customers feel safe and secured
Multi-million dollar or billion-dollar online shopping platforms have taken the customers’ expectations one step ahead. That is why usual customers expect high-quality e-commerce websites with secured payment options even from small businesses. Similarly, if these small e-commerce websites are selling products online then they are directly or indirectly competing with the likes of Amazon, Flipkart, etc.
For example, some payment gateway in India allows the website owners to personalize and customize the whole payment experience while letting them use the brand’s logo, typeface and colour palette. In some cases, the website owners do not realize that they will be safely redirected to a third-party website and the whole transaction process will be completed within the same.
You also need to make sure that your payment gateway provider is certified with the security standards such as PCI-DSS. The PCI standard is administered by the Payment Card Industry Security Standards Council and approved by the different card brands.
A simple and secured payment integration process can help your e-commerce website.
Effective transaction guaranteed
According to a survey conducted on e-commerce platform consumers, more than 25 percent of the users will leave the platform and abandon the purchase if they are forced to register and create an account for the respective purchase. To boost your sales you need to make sure that your payment gateway provider also has the ‘guest checkout’ function in their platform.
Similarly, your payment gateway provider should also offer your customers a simple checkout process while removing the unnecessary form fields or making them optional.
Simple and easy integration process
When it comes to online payment gateway integration it is not as simple as a DIY (do it yourself) process. Most of the online payment gateways provide detailed instruction manuals on the integration with popular e-commerce websites such as Magento, Shopify, WooCommerce, etc.
The best solution, in this case, is a payment gateway system that does not affect the website’s UX and slows down the entire payment process. It is very important to select a payment gateway in India that can make the transaction process easy as well as smooth for the customers. The e-commerce website should make sure that there are multiple payment options available for the customers to select the payment method of their choice.
Availability of recurring billing method
Recurring bill is a payment method through which merchants can create an automatic billing cycle for their respective customers. This method of payment is absolutely necessary for businesses and companies with monthly payment plans.
For example, Netflix which is a subscription-based service uses a recurring bill payment method. If your e-commerce platform runs on a similar business model then make sure your payment gateway provider has a recurring bill payment method available in their list of services.
24*7 customer support
If you have a developing e-commerce platform then you already know the impact of customer support in this booming industry. A lot of payment gateways use the method of support tickets and emails to address any payment related problems. In this case, the customer needs to follow strict guidelines in order to fix the problems.
If you want to provide better services to your customers, it is recommended to look for a payment gateway in India that offers live technical support (within standard working hours if not 24*7) so the customers can be satisfied with your services while the issue gets resolved.
While you choose the best payment gateway in India make sure to check it aligns with your customer requirements, business needs and most importantly it has all the necessary security measures. If you get yourself a better payment gateway then it will not only increase the overall customer satisfaction, but it can also gain customers’ trust, increase longevity and not to mention you will receive more and more online recognition which can be the best thing possible for your e-commerce business.