Role of Payment Gateways in Increasing Online Sales

As the internet technology has taken the world by storm with its vast scope of activities, we are enjoying our simplified lives. We can order our food, clothes, travel tickets, movies tickets and what not on the internet. The whole shopping world is in front of us in the form websites or mobile apps. But a little pondering will make us understand that all this is not possible without the payment gateways that are e-commerce services that process direct or credit card payments between customers and merchants through secure internet connections. If you are a business owner keen to improve your sales then you will need a payment gateway because consumers choose those businesses that facilitate cashless payments. We at Accuprosys, the IT consultants in Hyderabad, understand your business and help you with payment gateway solutions.

How they work?

A payment gateway authorizes payments for online or offline stores by letting the customers submit their credit card details to the merchant and then to the merchant’s bank. The sensitive financial information passes through the gateway securely and it authorizes if the customer’s bank has approved the charge and then submits it for settlement. The transaction is completed when the amount to be paid is deducted from the customer’s bank account and credited to the merchant’s account.

Why do you need a payment gateway?

These days most sales happen online. So, how will the customer pay? The answer to this answers why you need a payment gateway. All your efforts into building a successful online business will go vain if you don’t have a secure payment option. Payment gateways provide secure payment options to customers and this helps you increase your online sales. Once you agree on the need for payment gateway solutions, you have to decide on the payment options also. You can accept payments through credit cards, debit cards, net banking and phone payments.

Benefits of payment gateway:

• Secure transactions – You along with the customer can rest assured of secure transactions on the internet with the payment gateways. All the sensitive financial information is also secured through encrypted systems.
• Increase the customer base – The availability of payment options through payment gateways helps in increasing the customer base all over the world because the online store will be accessible on the internet. 
• Comforts of online store - The option to sell online eliminates the need for big physical stores for businesses that do not want to sell offline.
• Working round the clock - Unlike the physical stores that close their operations at the end of the day, online stores have the advantage of selling 24/7, thereby increasing their sales volume.

If you are planning to venture into online business then you definitely need IT support to look after your payment gateway needs. Accuprosys has some of the best IT consultants in Hyderabad who can provide the IT support required to build payment gateway for your business.