Payment Gateway is a platform that allows you to receive payment from your customer offline or online. Which means, your customer doesn’t need to make payment to you manually via the cash deposit machine or cheque anymore. If they pay you through Internet banking, then all of the transaction data is stored in your Online Payment Gateway dashboard. Your customer doesn’t need to send you the slip screenshot anymore. And you don’t need to spend time to check manual in your online banking whether the transaction is genuine or fraud.
Nevertheless, below are some of the points that why you must have a Payment Gateway.
1. Another step of your business branding
Most of Online Business today accept credit / debit card payment. Take a look at Lazada or Zalora. They streamline all purchases through Online Payment Gateway. Having an Online Payment Gateway as platform for your customers increase your brand reputations. Bigger players are already using it. If your Online Business doesn’t have any integration with Online Payment Gateway, then you are left behind. It’s like you are far away behind because when it comes to payment purchase, your customer has to do it manually.
2. Majority of customers making purchase through credit card
According to research, 75% of customers prefer credit card as their payment method while shopping online. 67% prefer internet banking and 26% prefer PayPal. The reason why people prefer credit card is definitely because of point redeem. The more they spend using the plastic card, the more they collect points to redeem items.
3. Purchasing item using credit is easier than cash
People like to spend money. Shopping is not just a hobby but sometimes a passion for certain people. Purchasing item through credit is a lot easier than cash. Why? You need to have money to purchase via cash whereas you don’t need cash to purchase via credit. Which mean, your customer can buy your product even if their bank account is zero.
4. Faster transaction
Compare to traditional payment via Cash Deposit Machine, of course, Online Transaction Payment is faster. Your customer doesn’t need to spend time driving to bank to make payment to you. All they have to do is sit in front of their desktop or simply make payment from their mobile phone.
5. Credit Card user ratio
Based on a research, the number of Credit Card user among Malaysian is 1 to 3. If the Malaysian population is estimated at 30 million, the number of Credit Card user is almost 10 million. This year, the bank has approved almost 8.3 million Credit Card to 28.6 million users. Thus, the market of people with a Credit Card is extremely huge!
6. Secured purchasing transaction
The security behind Credit Card is safe and guaranteed by the banks. For example, take the 3D secure feature which only allows the cardholder to authorised the purchase via OTP that is sent to their mobile phone. This will ensure that the fraud risk is low because only the authorised person can make purchase.
7. Staggered payment from customer
Since you allow the option to make purchase via Credit Card, you actually have given your customer an opportunity to make staggered payment when buying your items. They pay staggered not to you, but to their bank.
8. Sell expensive items
Some of the business owner choose not to sell expensive items. This is because they knew that their customer couldn’t afford to make high amount payment due to insufficient cash. If you have Payment Gateway, you have opened a new opportunity for you customer to buy from you via credit. Thus, there is no more problems of selling expensive items.
9. Buying in bulk
The purchasing power of your customer increases. Instead of buying only one product, now with Payment Gateway that offers Credit Card transaction, they can buy your item in bulk!
10. Accept payment at anytime
Customers can purchase your item and make payment at any time. Compare to old traditional cash payment, they need to manage their purchase accordingly with some limitations. They say that everything is at your fingertips in this internet era.
11. Save your time
If you still receive payment manually, then you need to spend time to check all the transactions daily. This is tedious. If your sales volume is low, it is still manageable. You need more time to do unnecessary things which can be solved by system automations. Frankly speaking, what is the value of your 1-minute time?
12. No need to scan and email transaction receipt
You simplified your customers purchasing steps. With Payment Gateway, every purchasing data is recorded by the system. Thus, there is no need for your customer to spend time scanning and sending transaction receipt to you as a proof of purchase.
13. No more transaction receipt = no more fraud
The era of photoshopping transaction receipt for the proof of purchase has ended. With every purchasing data in the system, there is minimal amount of fraud receipt.
14. Guaranteed transaction
With Payment Gateway, every success transaction that comes to you is guaranteed. You don’t have to double check your transaction and wonder whether the money is transferred to you or not.
15. More online business has evolved to Payment Gateway
Majority of Online Business Owner now understands and know the importance of having a Payment Gateway. The business is more efficient and manageable, moreover expandable and reach more markets. This however has opened a vast opportunity to them to sells more. More sales means more profit.
16. Payment Gateway is now cheaper than ever
The cost of integrating your business with Payment Gateway is slightly higher before. Some says that they spend almost RM 2,000 to get a Payment Gateway. Compare to others, PayBats is cheap, affordable, efficient and simple to use!
Why do you need to pay more to get something similar?